A data room is an online secure repository that is that is used to store confidential documents, and to provide restricted access to view and evaluation. It’s a powerful tool that can be used in any kind of project that require document sharing as well as professional storage and management of files that range from M&A to tenders and capital raising.

In contrast to standard cloud storage solutions, the information shared in a data room could be extremely confidential and sensitive and any loss of this information could potentially be devastating to an organisation. Data rooms are protected by enhanced security protocols that block unauthorized access. This is not possible with traditional cloud storage.

The most frequent use for using a data room is due diligence during an enterprise transaction. This can involve a thorough review of tens or thousands of highly sensitive documents. It is crucial that the right people are able to conduct this review in a safe environment. A virtual data room can assist.

When choosing a data storage space, you should check the authenticity of the certificates issued by the provider and search for features like multi-tier authorizations and granular control on user activity. Also, look for reporting tools such as Q&A and reporting tools. Also, you should look into software review platforms to find out what others have to say about their experiences with a particular service.

iDeals has a great interface and offers support for due diligence. We’ve used it for several transactions and recommend it to anyone looking for an easy way to share sensitive information.