Deals in business require large amounts of confidential documents which must be shared and reviewed with security. Information is usually time-sensitive and teams must look over documents at the same to ensure that they are in compliance. In the past, sharing physical documents was a significant amount of travel and expense for many parties to examine them together. Virtual data rooms permit these teams to access files remotely, without the need to travel, thus reducing costs and enabling companies to complete transactions more quickly and efficiently.
Virtual data rooms are available from many different providers, but they are not all made equal. Some virtual data room providers are better suited to certain transactions and industries, while others offer more advanced functionality.
The top deal rooms online let users browse documents using a high-quality viewer that is fast and supports a range of file types. They offer a variety of permissions and analytics on document viewing. A lot of these virtual deal room providers are SEC and FINRA compliant and place security at the top of their list. One such service is FirmRoom, which has an initial trial for free and a flat-rate pricing model instead of a per page approach.
Investment banks require software that is simple to use in high-risk transactions and protects their sensitive data. They need to speed up the M&A due diligence process, share management presentations with potential buyers in a matter of minutes and protect investor communications using remote data control tools and helpful insight dashboards. They also need to track and monitor the progress of various tasks, such as the preparation of reports, reviewing documentation, and completing questions and answers.