What to Look For in Data Rooms

When most people think of data rooms they are probably thinking of due diligence as a process in merger or acquisition (M&A) deal where both parties review critical business documents. Data rooms today are used for more than M&As and can also assist in fundraising and equity deals and company restructuring.

There are a variety of software solutions for data rooms and it’s important to select the right one for your business. It should be simple to access from anywhere with secure logins and encryption technology. Tools to detect unauthorised access or downloads are also essential.

Another key feature is the capability of creating a folder structure that matches your requirements for due diligence or project as well as assigning reading and uploading tasks to team members within the internal organization, advisors or third parties. Access permissions that are flexible and can be altered at the level of the document and folder are also useful. When it is time to move to the Q&A discussion phase of a potential deal, choose an option that has an intuitive and efficient editing tool that resembles a wiki. It makes it easy to record notes that are only viewable by you (and not the other party).

The top data rooms online provide a range of reports that provide administrators with a complete view of user activities, from the number of documents looked at to whether they’ve been downloaded or printed. Users should be able to export their data in encrypted format if they need to. In addition, search for an organization that provides continuous technical and account management support that is accessible 24 hours a science and technology day all year long.