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The majority of people associate data rooms with the due diligence procedure of a merger or purchase (M&A), where both parties review documents that are critical to business. However, these days, data rooms are used for more than M&As – they also help with equity and fundraising deals and company restructuring.
As a result, there are a variety of data room software solutions and it’s crucial to choose one that fits the needs of your company. Ideally, it should be easy to get started and be accessible from any location in the world using secure logins, encryption technology and tools for detecting any unauthorized access or downloads.
Another important feature is the capability to create an appropriate folder structure to meet your project/due diligence needs and quickly assign uploading and reading tasks for team members in the internal organization advisers, third party partners or other team members. Access permissions that can be customized at the both the folder and document levels are also good. And, when it is time to move to the Q&A discussion section of a potential deal, you should look for a solution that includes an intuitive and efficient editor that is wiki-like and makes it simple to add notes that can only be read by you (and not the other party).
The best online data rooms provide a range of reports that provides administrators with a complete picture of user activity, from what documents have been examined to whether they have been downloaded or printed. Users should be able to export data in encrypted format if necessary. Look for a provider who provides 24 hours of technical support and account management.