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The most typical use for an online data room is for due diligence in M&A deals. The sell-side requires an secure platform to store all documents to be reviewed and the prospective buyer needs an easy access point to review them. A simple user-friendly VDR will help you close these deals.

A VDR can also be used to establish strategic partnerships or even take private companies public. These types of projects require extensive sharing of documents and collaboration between partners in different time zones and locations. Virtual data rooms allow for the rapid transmission of information that can help accelerate the decision-making process and facilitates seamless collaboration and communication between partners.

There are a myriad of companies that offer an online data room. Intralinks Merrill Corp Ansarada and Firmex are among the most well-known. Many of these vendors have no-cost trials or a low-cost plan. They typically charge based upon the amount of storage used or for how long the online data room is functional. Some law firms with sophisticated M&A practices offer an online dataroom to their clients.

The best online data rooms offer a simple and easy layout that is equally easy to comprehend for the CFO and entry-level accountant. They also enable for extensive deployment options and a single sign-on to all of a company’s projects. Some of the best providers also allow for customized branding of the virtual data room to reflect the company’s image and terms of service. They have dedicated support teams to assist with any questions or concerns.