https://www.onecorpcompany.com/data-rooms-for-due-diligence-and-how-to-use-it
Online data rooms house a repository of documents that can be accessed via the Internet. Secure access is granted through a user identification and password. It offers cost savings over traditional physical data rooms as well as a myriad of advantages, including simple search functionality and collaboration capability.
The seller must upload relevant documents to an online dataroom so that they are viewed and accessed by the buying side. Due diligence is an important element of the M&A procedure, and failing to provide a complete set can slow down or even end a deal.
M&A VDRs come with a range of features. From simple drag-and-drop uploading files, to optical character recognition which indexes and creates a logical structure for the data room using index numbers. Some M&A VDR providers offer specific permissions for documents which allow users to define access restrictions for each folder and file. Other options include multi-factor authentication, which allows users to verify their identity in several steps, for example, by entering a single-use SMS.
A reputable online data room service will have support personnel available around the clock to answer any queries. Some providers offer a phone or chat service, while others offer various support channels like email and live video conferencing. They also offer detailed help guides and a Q&A area where users can ask experts any question.