Data room technologies allow a wide range of business fields to securely share documents during due diligence, M&As partnership, asset sale and fundraising. Investment bankers and private equity managers as well as accounting and legal firms often make use of these tools.
Modern data rooms are cloud-based and offer security that is enterprise-grade even when accessed through the personal computer, tablet or mobile phone. Users can also keep track of who has viewed what documents and for how long. They can also contain custom watermarks that show the colors of a company’s logo, and also contain the terms of usage that all users must accept before printing or downloading documents.
The most modern data room providers also have a variety of options for customizing the appearance and feel of their virtual data rooms, such as drag-and-drop functionality. They also can feature indexing for easy document navigation and full-text search. They can be used to track the most popular documents and provide analytics reports to managers.
iDeals Citrix, and Datasite are some of the most popular online data room vendors. They all have a good reputation for security, with numerous layers of protection. Citrix offers granular permissions and multi-factor authentication, while Datasite allows you to restrict access based on the time of day and IP address.
Many data room platforms also offer a unified user interface for desktops as well as mobile devices, an intuitive search engine and advanced collaboration tools. These tools allow teams to work more efficiently, regardless of the location or device. Users can also use the functions of tagging and annotating to quickly access and share important documents. 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.