The most reliable data rooms offer secure platforms to share confidential documents to collaborate during mergers and purchases due diligence, contract negotiations, and many more. These cloud-based applications support a variety types of files and offer features such as granular user permissions and advanced search capabilities and a variety security certifications, as well as mobile access. They help M&A teams improve workflows, reduce the necessity for physical meetings and decrease the time delays caused by document retrieval and misunderstandings regarding the concept of versioning.
A virtual data room can reduce cybersecurity risk. Many VDRs come with oCR and technology for text recognition that allows users to convert scans of documents and images in editable, searchable files in just a single click. They can also track viewer activity with a variety of reporting capabilities. This allows you to monitor who has viewed which files and when, improving accountability and transparency.
In addition to the security features mentioned above, it’s important to select a virtual data room provider that offers an intuitive and user-friendly interface. Look for vendors that allow customization of the terms and conditions, logos and general data room look. Also, consider the cost structure of the service. Some VDRs offer a monthly flat fee, while some offer per-storage or per-page pricing.
Founded as a division of the Donnelley Financial Solutions company, Datasite is a top VDR provider in the financial services, banking and investment banking industry. Its secure cloud platform is available on both Mac and Windows systems, and offers numerous security features including multi-factor authentication session timeouts and session timeouts as well as file-level permissions and granular viewing permissions.