When most people think of data rooms, they’re probably thinking of the due diligence process that is used for a merger or acquisition (M&A) deal in which both parties review the documentation that is critical to business. However, these days, data rooms are used for more than M&As They also assist with fundraising and equity transactions as well as company restructuring.
This is why there are now a variety of data room software solutions and it’s crucial to choose one that is suitable for the requirements of your company. The ideal is for it to be easy to start and be accessible from anywhere in the world, with secure logins, encryption technology and tools to block unauthorized access or downloads.
Another crucial feature is the ability to design an organization structure that is compatible with the requirements of your project or due diligence and quickly assign reading and uploading tasks for members of your team advisers, third party partners or other team members. Access permissions that are flexible and can be customized at both the level of the document and folder are also good. When it is the Q&A stage of a potential deal, look for a solution with an intuitive and effective editing tool in the wiki style that allows you to add notes that are only accessible by you (and no one else).
The best online data room comes with an array of reports that provide administrators a complete overview of user activity. This includes what documents were viewed, as well as whether they had been downloaded or printed. They should also allow users to export their data in a secure format for future use in the event of a need. In addition, search for an organization that provides continuous technical and account management assistance which is accessible 24 hours per day 365 days a year.