Data rooms are spaces for housing data, usually of a secure or privileged nature. They can be physical data rooms, virtual data rooms, or data centers. They are used for a variety of purposes, including data storage, document exchange, file sharing, financial transactions, legal transactions, and more.
At PharmaVentures, a data room is used as a location to store essential documents that are needed during an M&A or Divestment transaction. It is an essential part of the due diligence process which interested buyers access prior to closing a transaction. We routinely use Virtual Data Rooms (VDR) from third party providers of which there are many. All provide similar functionality, but three essential features are the ability to permission document access to an individual user level, feedback on user activity and a copy of all activity that took place in the VDR as an audit trail.
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