Many industries use data rooms software to conduct due diligence, collaboration with mergers and acquisitions capital raising, legal disputes and other business reasons. Some companies are required to share their documents for legal reasons, while others need to comply with compliance requirements or must store sensitive information in a secure location. Whatever the reason, they all require secure document sharing and storage solutions.
If you’re required to work with partners, colleagues or clients or clients, your data room must be able to offer seamless access across all devices and platforms. A great VDR should provide multi-platform support and be compatible with most browsers. It should also come with advanced search features that are capable of discovering exact and partial matches in documents and folders. Also, look out for features such as two-factor authentication and audit logs.
You should be able to create custom groups that are pre-set with permissions to suit the needs of different projects and users. Certain VDRs permit you to grant Excel documents with special View permissions. The View Excel with Formulas option for example, permits the recipient to view only the formulas in the spreadsheet while hiding other information. Other useful features include: dynamic security alerts, a clear and easy access hierarchy, and easy-to-use watermarking.
For M&A deals, it’s crucial to have a solid task management system that is able to assign tasks to people even if they’re still in the data room. The system should be able send out reminders and status updates so that everyone is informed. In addition you are able to include your company’s logo and personalize your workspace using themes, colors, and logos.