Many industries use data room software to conduct due diligence, collaboration in mergers and acquisitions capital raising and legal disputes as well as other business reasons. Certain companies are required to share their files with third-party companies for legal reasons as well as others are subject to compliance regulations or simply require the storage of their sensitive data in a safe space. Either way, they all require secure storage and document sharing solutions.
If you’re required to collaborate with your partners, colleagues or clients your data room should be able to offer seamless access across all devices and platforms. A good VDR should be compatible with all browsers and platforms. It should also feature advanced search capabilities that are able to detect exact and partial matches in folders and documents. Look for features like two-factor authentication, audit logs and document version control.
You should be able create custom groups that have pre-set permissions that are suited to the needs of different projects and users. Some VDRs allow you to give Excel documents with special View permissions. The View Excel with Formulas option is one example. It allows the recipient to view only the formulas in the spreadsheet, while obscuring other information. Other useful features include dynamic watermarking security alerts, as well as a an intuitive and clear access hierarchy settings.
It’s crucial to have a well-organized task-management system for M&A deals that lets you assign tasks even when people are still in the dataroom. The system should be able to send reminders and status updates to ensure that everyone is aware. Finally you can add your company’s logo and design your workspace by adding themes, colors, and logos.
