A data room is a repository online that enables businesses and other parties to share sensitive documents. It is a great option for M&A transactions as well as other business processes involving massive amounts of paperwork. It also aids in collaboration and makes it easier to manage and store files. Look for a dataroom that is user-friendly, comes with advanced features, and has good customer support.
A majority of the top-rated data rooms provide a broad array of features designed to simplify operations for businesses. The most popular features is document security, which includes dynamic watermarks, fence view and remote wipes, access controls using multi-factor authentication and time or IP restrictions and activity reports revealing who used which files and at what time. A majority of providers also offer drag-and drop large-scale download and upload capabilities that support any file format.
There are also data room services that are made for specific industries and kinds of M&A deals. SecureDocs for instance, claims to be the simplest data room to use, with a quick installation and basic features such as Q&A and customisable NDAs. Another option is FirmRoom which is loved for its intuitive interface and flexible features including access to data at a granular level.
When selecting a data room provider, it is important to check whether the vendor has certifications, and what other users have to say about their experience using the service. Capterra, for example, is a good place to begin. It is also possible to ask colleagues and friends for recommendations.