Deals in the business world often contain large quantities of confidential documents that must be protected and visit the site shared. The data is often time-sensitive and requires teams to examine the documents simultaneously to complete due diligence or make important decisions. In the past, sharing physical documents meant a lot of travel and expense for many parties to review them together. Virtual data rooms allow teams to access files from anywhere, without having to travel. This lowers costs and enables businesses to close deals faster.
Virtual data rooms are accessible from a variety providers However, they’re not all created identical. Certain providers of virtual data rooms are better suited for certain transactions and industries, while others offer more advanced capabilities.
The best online deal room solutions let users view documents in a fast high-quality and quality viewer. They also support various file types. They also offer a variety of permissions and reports on viewing of documents and user activity. A majority of these virtual deal room providers are SEC and FINRA compliant and place security as their top priority. FirmRoom is one such provider that offers a no-cost trial as well as an affordable flat-rate pricing model rather than a per-page pricing approach.
Investment banks need software that is simple to use and secures sensitive information for high-risk transactions. They need to speed up the M&A diligence process, communicate a the management presentation with potential buyers in just a few seconds, and ensure investor communications are safe with remote control of data as well as insightful insight dashboards. They must also manage and monitor progress on various tasks, like creating and reviewing reports, reviewing documents, and completing Q&A.