Many industries utilize data room software for due diligence, collaboration, mergers and acquisitions, capital raising and legal disputes, among other business purposes. Certain companies need to share their documents with third parties due to legal reasons or for compliance reasons, while others are subject to compliance rules or simply need to store their sensitive data in a safe space. Either way, they all require secure storage and sharing solutions for documents.
Your data room should have access to all devices and platforms, whether you work with clients, colleagues, or even partners. A reliable VDR must be compatible with all browsers and multi-platform. It should also include advanced search capabilities that can identify exact and partial matches in folders and documents. Also, look out for features such as two-factor authentication and audit logs.
You will be able to create custom groups with pre-set permissions to accommodate different needs of project and user. Certain VDRs also allow you to grant special View permissions for Excel documents. For instance, the View Excel with formulas option lets the user see the formulas within the spreadsheet, but keep other data secret. Other useful features include dynamic security alerts, a clear and logical access hierarchy and watermarking that is simple to use.
For M&A deals, it’s vital that you have a reliable task management system that can assign tasks to people while they’re still in the data room. The system should also be able to send reminders and status updates to keep everyone on the same page. Lastly, you can add your company’s branding and customize your workspace with themes, colors and logos.