Many industries use data rooms software to facilitate due diligence and collaboration in mergers, acquisitions, capital raise, legal disputes, and other business reasons. Certain businesses are required to share their documents for legal reasons, while others have to comply with compliance requirements or need to store sensitive data in a secure area. Either way, they all require secure document sharing and storage solutions.

Your data room must provide seamless access to all platforms and devices, regardless of whether you’re working with clients, colleagues, or even partners. A good VDR will have support for multi-platforms and be compatible with most browsers. It should also feature advanced search features that are capable of detecting exact and partial matches in folders and documents. Also, look for features such as two-factor authentication and audit logs.

You should be able to create custom groups with pre-set permissions that are set for different project requirements and users. Certain VDRs allow you to assign Excel documents specific View permissions. For instance, the View Excel with formulas option lets the user view the formulas of the spreadsheet, while keeping other data secret. Other helpful features include dynamic watermarking security notifications, as well as clear and easy access hierarchy setup.

It’s essential to have a solid task-management system for M&A deals that lets you assign tasks while employees are still in the dataroom. The system should also be able to send reminders and status updates to keep everyone updated. You should also be able modify your workspace by adding your corporate branding, including logos, colors, and themes.

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