Data room technologies permit a variety of business areas to share documents securely during due diligence, M&A, partnering, asset sales and fundraising. These tools are often utilized by investment bankers, private equity managers, legal and accounting firms.
Modern data rooms are cloud-based and offer security that is of the highest standard, even when accessed using your personal computer, tablet or mobile phone. Users can also track who has viewed which documents and how long. They can also contain custom watermarks that show the colors of a company’s logo, and also contain the terms of service that all users must accept before downloading or printing documents.
Most modern data room vendors also offer a range of options to customize the appearance and feel of their virtual data rooms, such as drag-and-drop functionality. They also have indexing, which makes navigation of documents easier and full-text searching. They are able to track the most popular documents and generate analytics reports for management.
iDeals Citrix, and Datasite are among the most popular online data room providers. They all have a great reputation for security of access and offer multiple layers of protection. Citrix provides granular permissions and multi-factor authentication. Datasite lets you limit access by time and IP address.
Many data rooms provide a single user interface for desktops as well as mobile devices, as well as an intuitive search engine, and advanced collaboration tools. They can help teams collaborate more effectively regardless of location or device. Users can also use the tagging and annotation functions to quickly find important documents and share them with other users. They can also take advantage of the redaction capabilities that many modern data rooms offer, which black out portions of files so that personally-identifiable information stays private.