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Online Data Room (ODR) is a platform that lets users to store and share sensitive documents. It provides secure access to documents on any device and eliminates the need for physical meetings, thereby increasing efficiency and productivity. The most reliable online data rooms are simple to use and offer features such as search functionality, document tagging and customization, NDA support, and many more.

Due diligence is a crucial process for every business transaction and requires sharing confidential information with multiple parties. In the past, this required large, paper-based files that could easily be lost or stolen, however today virtual data rooms enable companies to conduct due diligence remotely without being concerned about security breaches or confidentiality.

The most frequent use of an online data room is to facilitate mergers and acquisitions. During this time buyers require access to many documents. A virtual data room makes it easier for buyers to examine these documents, removing the need for them to travel to the office of the seller. This reduces the total cost of the transaction.

Many companies make strategic alliances to produce goods or services, enter new markets, or raise funds. These partnerships frequently involve contracts and require frequent document exchanges. A secure online data space can help companies share sensitive contracts their partners so that they can work together quickly and effectively while protecting intellectual property as well as other important information. Many virtual data rooms also monitor the activities of each user in the room providing administrators with a better understanding of how a partner is working with the files.