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Many industries use data rooms software for due diligence, collaboration, mergers and acquisitions, capital raising as well as legal disputes and other business-related purposes. Some companies have to share their documents with third parties due to legal reasons and others are subject to compliance rules or simply need to keep their sensitive data in a secure space. Every company needs secure document storage and sharing solutions.
If you’re required to collaborate with your partners or colleagues, your data room must be able to provide seamless access across all platforms and devices. A reliable VDR should be compatible with all browsers as well as multi-platform. It should also feature advanced search capabilities that are able to detect exact and partial matches in folders and documents. Also, look out for features such as two-factor authentication and audit logs.
You should be able to build custom groups using pre-set permissions for various users and project needs. Some VDRs allow you to assign Excel documents special View permissions. The View Excel with Formulas option for example, permits the recipient to view only the formulas in the spreadsheet while hiding the rest of the information. Other useful features include dynamic watermarking security notifications, and clear and intuitive access hierarchy configuration.
It’s essential to have a solid task-management system for M&A deals that allows you to assign tasks when people are still in the dataroom. The system will also be able send reminders and status updates to keep everyone informed. It is also possible to modify your workspace by adding your company’s branding, which includes colors, logos, and themes.