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What to Look For in Data Rooms
Most people are familiar with data rooms as a due diligence process of a merger or purchase (M&A) where both parties review business-critical documents. Data rooms are now being used for a variety of purposes beyond M&As. They can also assist with equity transactions, fundraising and restructuring of companies.
There are many types of software solutions for data rooms and it’s important to find one that meets the needs of your company. The ideal is for it to be easy to begin and be accessible from anywhere in the world with secure logins and encryption technology and tools to identify unauthorised access or downloads.
Another important feature is the capability to create a folder structure to match your requirements for due diligence or project and easily assign tasks for reading and uploading to team members within the organization advisors, as well as third-party partners. Access permissions can be customized at the level of the folder and document. When it is the Q&A phase of a potential deal, look for an easy and efficient editing tool in the wiki style that lets you add notes that are only accessible by you (and not anyone else).
The best online data room offers the ability to provide administrators a complete view of user activity. This includes the type of documents were seen, as well as whether they had been downloaded or printed. Users should be able to export data in encrypted format, if needed. Additionally, you should look for a provider that offers continuous support for account management and technical issues that is available 24 hours a days 365 days a year.