Many industries use data room software to conduct due diligence, collaboration, mergers and acquisitions, capital raising and legal disputes, among other business needs. Some companies are required share their documents due to legal reasons while others must adhere to compliance regulations or need to store sensitive information in a secure location. Either way, they all need secure document sharing and storage solutions.
If you’re looking to work with partners or colleagues the data room you choose to use must be able to offer seamless access across all platforms and devices. A good VDR should support multi-platforms and be compatible with the majority of browsers. It should also feature advanced search functions capable of finding exact and partial matches within folders and documents. Look for features like two-factor authentication, audit logs, and document version control.
You should be able to create custom groups that have pre-set permissions that are suited to the needs of various projects and users. Some VDRs allow you to give Excel documents special View permissions. For instance the View Excel with formulas option lets the user view the formulas in the spreadsheet while keeping other data hidden. Other helpful features include dynamic watermarking security alerts, and a clear and intuitive access hierarchy settings.
For M&A deals, it’s important that you have a reliable task management system that can assign tasks to people even if they’re still in the data room. The system should also be able to send reminders and status updates to keep everyone up-to-date. In addition, you should be able to incorporate your company’s branding and customize your workspace by adding themes, colors, and logos.
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