When most people think of data rooms, they’re probably thinking of the due diligence process for merger or acquisition (M&A) deal in which both sides review business-critical documentation. However, these days, data rooms are used for more than M&As They also assist with equity and fundraising deals as well as restructuring of companies.
This is why there are now a variety of software for managing data and it’s essential to select one that best meets the requirements of your company. Ideally, it should be easy to start and be accessible from anywhere in world with secure logins, encryption technology and tools to identify unauthorised access or downloads.
Another essential feature is the capability to create a folder structure to match the requirements of your project or due diligence and quickly assign reading and uploading tasks for members of your team advisers, third party partners or other team members. Access permissions for multiple users that can be customised at both the folder and document levels are also beneficial. When it comes to the Q&A stage of a possible deal, look for an easy and effective editing tool in the wiki style, which allows you to make notes that are only visible to you (and nobody else).
The best online data room comes with a variety of reports that give administrators a comprehensive view of the user’s activities. This includes the type of documents were examined, aswell in the event that they were printed or downloaded. They should also permit users to export data in encrypted format for future use, if required. Additionally, you should look for a service that provides ongoing technical and account management support that is accessible 24 hours per day all year round.