When most people think of data rooms they’re likely thinking of the due diligence process that is used for merger or acquisition (M&A) deal where both parties go through business-critical documentation. But, nowadays, data rooms are used for more than M&As and can also assist in fundraising and equity deals as well as restructuring of companies.
There are now a variety of software solutions for data rooms and it is essential to choose one that best meets the requirements of your business. It should be simple to access from anywhere with secure logins and encryption technology. Tools to detect unauthorised downloads or access are also crucial.
Another essential feature is the ability to create an appropriate folder structure to meet the requirements of your project or due diligence and quickly assign reading and uploading tasks for internal team members advisers, third party partners or other team members. Access permissions that are flexible and can be altered at the level of the document and folder are also good. When it comes to the Q&A stage of a potential deal, look for a solution with an intuitive and effective editing tool in the wiki style, which allows you to create notes that are only visible to you (and not anyone else).
The most reliable online data rooms offer a suite of reports that provides administrators with a comprehensive view of user activity, from what documents were examined to whether they have been downloaded or printed. They should also permit users to export their data in a secured format for later use in the event of a need. In addition, search for a provider that offers ongoing technical and account management assistance that is accessible 24 hours a day all year long.