Company sales typically create data rooms that provide the prospective buyer with important information for assessing the transaction or the object of purchase. While conference rooms used to be stocked with a large number of folders for weeks, nowadays smaller and medium-sized transactions are increasingly using electronic data rooms. These data rooms are created by transferring the documents essential for the assessment of a transaction, such as founding documents, articles of incorporation, land registers, balance sheets, personal data, sales data, supplier data, etc., from what is usually in paper form to electronically readable form by so-called data room providers. The providers make it possible to view documents in electronic form in secure areas of the Internet. The costs for these data rooms depend on their size, the number of stored documents and information as well as the duration of the retention of the data space. Although the providers of the data rooms offer the reading of the information into the data rooms, it is advisable to involve an external consultant in setting up these data rooms. First, it has to be clarified to what extent data should be processed in electronic form. As part of a reasonable time and cost management should be determined in advance with the help of an experienced consultant, which documents are needed at all. Once the population of data has been determined, they are to be classified into subject areas and divided into a data room structure. In turn, these structures must be provided with read, print, copy, and edit permissions for each user of the Dataroom. Finally, further tiered access permissions should be granted so that information can be offered in a sealed form to the parties interested in buying. Finally, not every first impression and every interested buyer should be exposed to all internal and trade secrets. Once the system has been thoroughly programmed, individual users of the purchaser, usually tax consultants, accountants, and business consultants, must be granted access to the Dataroom and those users must be enabled in accordance with the intended user privilege.

During use of the Dataroom by these consultants, questions often arise about how the Dataroom can be used, how some information is to be interpreted or more information is requested. This coordination work should also be transferred to an experienced consultant, who manages the data room.

The advantages of such data rooms are that, especially in auctions where several bidders simultaneously bid for one company, the same information can be made available to all parties at the same time. The transaction speed can be significantly increased by using an electronic data room. Instead of providing the data on demand to any interested party, there is a quasi-well-prepared library that can be opened to anyone interested. In addition, the consultants can also work from their workplaces so that the burden on the company can be reduced by visiting new consultants. Another advantage is that you can usually monitor visitors to the Dataroom: you can use statistics to determine the duration of Dataroom use, or see which topics are obviously of interest to the individual Buyer and his or her advisor when buying a business.