Intellectual property is one of the most valuable assets that businesses own. Although it is usually intangible, its value may be much greater than the physical equipment and real estate that a company owns. As such, protecting and managing this data is critical. Finding a company with top-of-the-line security will help you secure your data. A service that is able to seamlessly upload and edit your files is also crucial. A provider that can provide 24/7/365 customer support and is backed by the best reputation for uptime is vital.
The goal of an online data room is to alleviate the stress caused by due diligence by providing a central location for the exchange of sensitive and confidential data between parties involved in a transaction like an M&A or fundraising public offering (IPO). The types of documents likely to be stored in the virtual data room are financial records, contracts, IP documentation, research notebooks, or other records of invention designs, design protocols clinical trial reports and patent office records.
In the past, this type of data would have been stored in a physical space where buyers had to make appointments and travel to physically look over these documents. Nowadays, a lot of companies utilize a virtual data room in order to keep and access these documents. The platform is a cost-effective alternative to creating and maintaining physical space. In addition to providing access to and storage of documents, the software offers options like customizable templates, options to efficiently sort and manage documents, settings for permissions tools for tracking and analytics as well as watermarking of downloaded files.