What to Look For in Data Rooms
When people think of data rooms, they’re likely thinking of due diligence as a process in merger or acquisition (M&A) deal in which both sides review business-critical documentation. Data rooms are used for more than just M&As. They can also assist with equity transactions, fundraising and company restructuring.
As a result, there are now a variety of software for data rooms and it’s crucial to choose one that meets the needs of your company. It should be easy to use and accessible from any location with secure logins and encryption technology. Tools to detect unauthorized downloads or access to your data are also important.
Another essential feature is the ability to create an appropriate folder structure to meet your project/due diligence requirements and easily assign tasks for reading and uploading for members of your team as well as advisers and third parties. Granular access permissions that can be customised at both the folder and document levels are also good. When it comes to the Q&A phase of a potential deal, choose a solution with an intuitive and efficient editing tool in the wiki style that lets you add notes that are only visible to you (and not anyone else).
The best online data room provides the ability to provide administrators a complete picture on the activity of users. This includes the type of documents were viewed, as well in the event that they were downloaded or printed. They should also permit users to export data in a secure format for later use in the event of a need. In addition, search for a service that provides ongoing support for account management and technical issues which is accessible 24 hours per day 365 days a year.