A data room in the UK is a secure online document storage platform that can be used to transfer and share confidential documents. It is typically used during the due diligence process during a deal but it is also being used for various other reasons, such as business restructuring and fundraising.
Data rooms are designed to simplify and aid in the due diligence process. They permit companies to share sensitive documents with potential business partners and investors in a secure, user-friendly and easy-to use environment. They can be used to support an array of business transactions, such as mergers and acquisitions, joint ventures, capital raising as well as restructuring, listing on stock exchanges and debt financing.
Users can be invited to join using either a custom or pre-defined list of email addresses, based on their roles or contributions to the project. They can then be granted or restricted access to folder groups, individual documents, or the whole contents of the data room. This permits only those who are authorized to access the data to do so. Users can view the audit trail of their actions to see who has viewed what information and when. This is crucial for legal reasons.
Secure features include watermarking and role-based access, as well as antivirus scanning and data encryption. The system can be configured to meet specific compliance standards in the biotechnology, legal, and medical fields, including ISO 27001 and GDPR, GCP and HIPAA. This can improve the efficiency and reduce operating costs.