During M&A transactions, who is normally responsible for the data room management? I assume that the seller would sometimes do it but is it something that investment banks get involved in as well?
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In an normal sell-side process, the sell-side advisers/banks manage the logistics of the data room (setting up accounts, uploading documents/models, coordinating Q&A from the potential buyers etc.), which is just a subset of their broader role as a liaison between the buyers and the selling company. Almost all interaction between the buyers and sellers is actually done through the investment banks, or with the banks present.
FYI - managing the VDR can be very tedious, and is usually a core analyst task
^Yup. No way the seller actually manages the data room themselves - they're too busy trying to pull together files to answer the diligence requests from buyers. Managing a data room is simultaneously one of the most boring and tedious jobs and also a very important one (I've had way too many mini-freakouts from thinking I gave a competitor more permissions than they should have...).
Also, sometimes the lawyers get involved in managing the data room, but usually not.
In my experience, the seller's investment bank handles the data room, while management (seller) provides data in response to questions posed.
Always seller's advisor. I'm pretty glad we hired someone at our firm specifically for sorting data/data room management so I can mostly avoid it. Files we get from the clients are usually terrible.
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