A data room is a virtual place that allows business partners to securely share and look over sensitive documents. The data room is used most often in the due diligence phase of a merger or acquisition, however, it can also be utilized to support the fundraising process, divestitures and business restructuring. A virtual dataroom consolidates information and simplifies the review process, which is able to help in ensuring that a deal is successful.
The top VDRs have full control of the access rights granted to files and folders within the data room – making sure only those who have the right to access specific content are granted access. They also provide customizable user activity audit logs that allow for simple and effective management of projects. Look for a vendor with an easy-to use interface that works with a variety of operating systems and devices. The ability to export the entire content of a dataroom into the format of zip files is a feature that should be included in order to streamline workflows.
A reputable virtual data room should provide ample storage space to meet the needs of your business, and the option of upgrading as you expand. It should also offer a variety of integrations with a robust rights management system as well as efficient drag and drop capabilities. It is also essential to choose a provider that provides account management and technical support 24/7 to ensure any issues can be resolved quickly. This is particularly important if you’re working with a team of people who are located in different time zones.