Many industries use data rooms software to facilitate due diligence and collaboration for mergers, acquisitions capital raises and legal disputes as well as other business-related purposes. Some companies are required to share their documents for legal reasons while others must comply with compliance regulations or have to store sensitive information in a secure place. Every company needs secure documents storage and sharing solutions.

If you are looking to collaborate with your partners, colleagues or clients, your data room must be able to provide seamless access across all devices and platforms. A reliable VDR will have support for multi-platforms and be compatible with all browsers. It should also come with advanced search capabilities that detect exact and partial matches between folders and documents. Consider features like two-factor authentication, audit logs and document version control.

You should be able to create custom groups with pre-defined permissions that are suited to the needs of different users and projects. Some VDRs allow you to give Excel documents special View permissions. For instance the View Excel with formulas option allows the recipient to view the formulas within the spreadsheet, but keep other data hidden. Other useful options include dynamic watermarking, security alerts, as well as a clear and intuitive access hierarchy configuration.

For M&A deals, it’s essential that you have a robust task management system that can assign tasks to individuals while they’re in the data room. The system should be able to send out reminders and status updates so that everyone is informed. In addition you should be able to incorporate your company’s logo and design your workspace with themes, colors, and logos.

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