Many industries use data rooms software for due diligence collaboration with mergers and acquisitions capital raising as well as legal disputes and other business-related purposes. Some companies must share their data 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. In any case, they all need secure storage and sharing solutions for documents.
If you’re looking to collaborate with your partners or colleagues your data room should be able to offer seamless access across all devices and platforms. A reliable VDR must be compatible with all browsers and platforms. It should also feature advanced search functions capable of finding exact and partial matches within folders and documents. Look for features like two-factor authentication, audit logs and document version control, too.
You should be able create custom groups that have pre-set permissions that meet the requirements of various projects and users. Some VDRs permit you to grant Excel documents with special View permissions. The View Excel with Formulas option, for example, allows the user to only view the formulas of the spreadsheet, while obscuring other content. Other useful features include dynamic security notifications, a clear and logical access hierarchy and easy-to-use watermarking.
It’s vital to have a robust task-management system for M&A deals that lets you assign tasks when people are still in the dataroom. The system should also be able send reminders and status updates to keep everyone up-to-date. Finally, you can add your company branding and customize your workspace by adding themes, colors, and logos.