What to Look for in a Data Room Solution

If you’re in search of a data room solution to speed up your M&A process or speed up due diligence, the most effective virtual data room software should offer a variety of functions. Look for a platform that is simple to use, doesn’t have a lengthy learning curve, and works with any operating system or device. It should offer 24/7 customer support and be available whenever you require it.

Datarooms should have a drag-and-drop feature that allows uploading documents in bulk and create an index in just one click. They should also include advanced search capabilities. These include search tags filters, labels and optical character recognition tools that allow full-text searching among all documents. They should also have the capability to merge documents to create a single PDF file.

The ideal vendor for a virtual data room should provide a variety of security features that can protect sensitive data from unwanted eyes. iDeals, Citrix and Datasite are the top three vendors in this area with multi-factor user authentication and a custom deal workflow mobile device management and granular access permissions.

Administrators can invite users to iDeals datarooms in mass. They can also set security options for sign-ins and set access permissions, including the ability to print and view secure PDFs. Admins can also control user rights and track changes through detailed audit logs. Additionally, they can create colored reports of top activity to gain a comprehensive snapshot of group activity. These reports reveal the number of members invited and the number of users who have logged in, the number of authorized and accessed documents, as well as Q&A questions posted.

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