Many industries use data rooms software to facilitate collaboration and due diligence in mergers, acquisitions, capital raises legal disputes, and other business needs. Some companies are required share their documents due to legal reasons, while others need to adhere to compliance regulations or must store sensitive information in a secure location. Either way, they all need secure storage and sharing solutions for documents.
Your data room must provide seamless access to all devices and platforms, whether you are working with clients, colleagues, or partners. A good VDR will have support for multi-platforms and be compatible with a wide range of browsers. It should also come with advanced search capabilities that can detect exact and partial matches in folders and documents. Look for features such as two-factor authentication, audit logs, and document version control.
You should be able create custom groups that have pre-set permissions to meet the requirements of different users and projects. Some VDRs allow you to assign Excel documents with special View permissions. For instance, the View Excel with formulas option lets the user view the formulas within the spreadsheet, but keep other information hidden. Other helpful features webpage include dynamic security alerts, a clear and intuitive access hierarchy, and watermarking that is simple to use.
It is essential to have a solid task-management system for M&A deals that allows you to assign tasks while people are still in the dataroom. The system should also be able to send reminders and status updates to keep everyone updated. You should also be able to modify your workspace by adding your company’s branding, which includes colors, logos and themes.