Many industries use data rooms software for due diligence and collaboration for mergers, acquisitions capital raise legal disputes, and other business needs. Certain companies need to share their files with third parties for legal reasons as well as others are subject to compliance regulations or simply require the storage of their sensitive data in a secure space. Whatever the reason, they all need secure document sharing and storage solutions.
Whether you need to collaborate with partners or colleagues your data room should be able to provide seamless access across all devices and platforms. A great VDR should be compatible with all browsers, and multi-platform. It should also include advanced search capabilities that can detect exact and partial matches in folders and documents. Also, look out for features like two-factor authentication and audit logs.
You will be able to create custom groups using pre-set permissions to accommodate different needs of project and user. Certain VDRs allow you to give Excel documents with specific View permissions. For instance, the View Excel with formulas option lets the user see the spreadsheet’s formulas while keeping other data hidden. Other useful features include dynamic watermarking security notifications, and clear and intuitive access hierarchy setup.
For M&A deals, it’s important that you have a reliable task management system that is able to assign tasks to people while they’re still in the data room. The system will also be able send reminders and status updates to keep everyone informed. Finally, you can add your company’s branding and customize your workspace using themes, colors, and logos.
