Many industries use data room software for due diligence collaboration, mergers and acquisitions, capital raising as well as legal disputes and other business purposes. Some companies have to share their documents with third-party companies for legal reasons or for compliance reasons, while others are subject to compliance rules or simply need to keep their sensitive data in a safe space. Every company needs secure document storage and sharing solutions.
Whether you need to collaborate with partners, colleagues or clients or clients, your data room must be able to offer seamless access across all devices and platforms. A reliable VDR must support multi-platform use and be compatible with the majority of browsers. It should also come with advanced search features that are capable of finding exact and partial match in documents and folders. Look for features such as two-factor authentication, audit logs and document version control.
You should be able to create custom groups with pre-defined permissions to suit the needs of different projects and users. Some VDRs also permit you to assign specific View permissions to Excel documents. The View Excel with Formulas option can, for instance, allow the recipient to view only the formulas in the spreadsheet while hiding any other content. Other helpful features include dynamic security notifications, clear and intuitive access hierarchy and easy-to-use watermarking.
It is essential to have a solid task-management system for M&A deals that allows you to assign tasks while people are still in the dataroom. The system should be able send out reminders and status updates to ensure that everyone is kept up-to-date. You should also be able personalize your workspace with your company branding, including logos, colors and themes.
