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When people think of data rooms, they’re probably thinking of the due diligence process that is used for merger or acquisition (M&A) deal where both parties review the documentation that is critical to business. However, today data rooms are used for more than M&As they also aid with equity and fundraising deals and company restructuring.
There are a variety of software solutions for data rooms and it is important to choose the one that best suits your business. It should be simple to use and accessible from any place with secure logins and encryption technology. Tools to detect unauthorised access or downloads are also crucial.
Another important feature is the capability of creating an organization structure that is compatible with your project/due diligence requirements and assigning uploading and reading tasks to internal team members as well as advisors and third parties. Access permissions that can be customized at both the both the folder and document levels are also useful. And when it comes to the Q&A discussion stage in an upcoming agreement, look for solutions that include an intuitive and efficient editing tool that is wiki-like, making it easy to create notes that can only been viewed by you (and not the other party).
The best online data room offers a suite reports that give administrators a complete overview of user activity. This includes what documents were looked at, as well in the event that they were printed or downloaded. Users should be able to export data in encrypted format, if required. Choose a provider that offers 24 hour technical and account management assistance.