Many industries use data rooms software to conduct due diligence collaboration with mergers and acquisitions capital raising, legal disputes and other business purposes. Certain companies are required to share their documents with third parties due to legal reasons as well as others are subject to compliance regulations or simply want to keep their sensitive data in a safe space. All businesses require secure document storage and sharing solutions.
If you’re looking to collaborate with your partners, colleagues or clients, your data room must be able to offer seamless access across all devices and platforms. A good VDR should be compatible with all browsers, and multi-platform. It should also include advanced search capabilities that detect exact and partial matches within folders and documents. Also, look out for features such as two-factor authentication and audit logs.
You will be able to create custom groups with pre-set permissions to accommodate different project requirements and users. Certain VDRs also allow users to set up special View permissions to Excel documents. For instance the View Excel with formulas option allows the user to see the formulas within the spreadsheet, but keep other information from being secret. Other helpful options include dynamic watermarking, security notifications, and clear and intuitive access hierarchy settings.
For M&A deals, it’s important to have a solid task management system that can assign tasks to people even if they’re in the data room. The system should be able to send reminders and status updates to ensure that everyone is kept informed. In addition, you are able to include your company’s branding and customize your workspace with logos, colors and themes.