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A data room is an electronic space that is secure and safe for confidential documents. These are often used for due diligence during business transactions, IPOs, and court processes. Data rooms are also employed by companies that need to collaborate on projects that are shared with multiple parties.

In the past physical rooms were the primary way to conduct due-diligence during the course of a transaction. They were costly and required a great deal of planning to coordinate meetings in person. With the help of a virtual room due diligence is quicker and much easier. A virtual data room is a cloud-based file sharing tool that enables participants to access files from anywhere in the world and without the need for an in-person meeting. A virtual data room comes with advanced features, including document tracking, version control, and easy collaboration.

It’s important to get all the right people together in one place, regardless of whether you’re working on an acquisition or looking to raise money. It can be frustrating and time-consuming as well as inefficient. Email is notoriously unorganized way to communicate documents, and with phishing attacks on the rise it’s more crucial than ever to switch to an improved method of due diligence.

With PandaDoc you can build your own data room in mere minutes and use it to speed up the process of preparing documents. You can upload any number of documents to a dataroom, and then use guided signatures to collect all the necessary signatures. Start today!