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When people think of data rooms, they’re probably thinking of the due diligence process that is used for a merger or acquisition (M&A) deal in which both parties review the documentation that is critical to business. Data rooms are now being used for a variety of purposes beyond M&As. They can also assist with equity transactions, fundraising and company restructuring.
As a result, there are a variety of data room software solutions and it is essential to choose one that is suitable for the requirements of your company. The ideal is for it to be easy to begin and be accessible from any location in the world with secure logins, encryption technology and tools for detecting unauthorized access or downloads.
Another key feature is the ability to create an appropriate folder structure to meet the requirements of your project or due diligence and easily assign tasks for reading and uploading for internal team members advisors, as well as third-party partners. Access permissions that can be altered at the level of the document and folder are also good. When it is the Q&A stage of a possible deal, choose an option that has an intuitive and efficient editing tool that is in the wiki style, which allows you to add notes that are only accessible by you (and only you and no one else).
The most effective online data rooms provide a range of reports that provide administrators with a complete picture of user activity, ranging from which documents have been looked at to whether they’ve been printed or downloaded. They should also permit users to export their data in a secure format for future use, if required. Look for a provider who provides 24 hours of technical and account management help.