When people think of data rooms they’re probably thinking of due diligence, the process used in merger or acquisition (M&A) deal where both parties review the documentation that is critical to business. However, these days, data rooms are used for much more than M&As they also aid with equity and fundraising deals and also for company restructuring.
There are many different types of software solutions for data rooms, and it is essential to select the right one for your business. The ideal is for it to be easy to start and be accessible from any location in the data rooms world with secure logins, encryption technology and tools to block unauthorised access or downloads.
Another essential feature is the ability to create an appropriate folder structure to meet your project/due diligence needs and easily assign reading and uploading tasks for members of your team, advisers or third parties. Access permissions for multiple users that can be customized at both the both the folder and document levels are also a good idea. When it comes to the Q&A stage of a potential deal, you should look for an option that has an intuitive and efficient editing tool in the wiki style that lets you add notes that are only visible to you (and not anyone else).
The most effective online data rooms provide a variety of reports that provide administrators with a comprehensive view of user activities, from the number of documents viewed to whether any have been printed or downloaded. They should also allow users to export their data in encrypted format for later use in the event of a need. Additionally, you should look for a provider that offers continuous technical and account management support which is accessible 24 hours per day all year round.