When people think of data rooms they’re likely thinking of the due diligence process that is used for a merger or acquisition (M&A) deal in which both parties review the documentation that is critical to business. However, today data rooms are used for much more than M&As they also aid with equity and fundraising deals as well as company restructuring.
There are numerous types of software solutions for data rooms and it is important to choose one that suits your business. It should be simple to use and accessible from any place with secure logins and encryption technology. Tools to detect illegal downloads or access are also crucial.
Another key feature is the possibility of creating an organization structure that is compatible with the requirements of your project/due diligence and assigning reading and uploading tasks to internal team members as well as advisors and third parties. Access permissions for multiple users that can be customised at both the folder and document levels are also useful. Also, when it is time for the Q&A discussion section of an upcoming deal, you should look for the solution that comes with an intuitive and efficient editing tool that resembles a wiki. It makes it easy to create notes that can only be read by you (and not the other party).
The most reliable online data rooms provide a range of reports that provide administrators with an accurate picture of user activities, from which documents have been examined to whether they have been downloaded or printed. They should also allow users to export their data in a secured format for future use if needed. Choose a provider that provides 24 hours of technical and account management assistance.
