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What to Look For in Data Rooms

The majority of people consider data rooms to be part of the due diligence process of a merger or purchase (M&A) where both parties go through business-critical documents. However, these days, data rooms are used for more than M&As – they also help with equity and fundraising deals and also for company restructuring.

There are numerous types of software solutions for data rooms and it is crucial to choose the one that best suits your business. It should be simple to start and accessible from any place in the world using secure logins, encryption technology, and tools to detect unauthorised access or downloads.

Another key feature is the capability to create a folder structure to match your project/due diligence requirements and easily assign reading and uploading tasks for internal team members, advisers or third parties. Granular access permissions that can be customized at both the both the folder and document levels are also good. Also, when it is time for the Q&A discussion section of the event of a agreement, look for solutions that include an intuitive and effective wiki-style editing tool that makes it easy to add notes that are only viewable by you (and not the other party).

The top data rooms online offer a suite of reports that provide administrators with an accurate picture of user activities, from the number of documents examined to whether they have been downloaded or printed. They should also permit users to export data in an encrypted format for future use, if required. Find a service that offers 24 hour technical support and account management.