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What to Look For in Data Rooms

Many are familiar with data rooms as a due diligence procedure of a merger or purchase (M&A) in which both parties review documents that are critical to business. Data rooms are now being used for more than just M&As. They also assist with equity deals, fundraising, and company restructuring.

There are many types of software for data rooms and it’s essential to select one that best meets the requirements of your business. It should be simple to get started and be accessible from any place in the world with secure logins, encryption technology and tools to block any unauthorized access or downloads.

Another key feature is the ability to design a folder structure to match your project/due diligence needs and easily assign tasks for reading and uploading for team members in the internal organization advisers, third party partners or other team members. Access rights can be adjusted at the document and folder levels. When it is the Q&A discussion stage in the data rooms event of a deal, look for solutions that include an intuitive and efficient editor that is wiki-like and makes it easy to add notes that can only be viewed by you (and not the other party).

The most reliable online data rooms offer the ability to provide administrators a complete view of user activity. This includes what documents were viewed, as well in the event that they were downloaded or printed. Users should be able to export data in encrypted format, if required. Additionally, you should look for a company that provides ongoing technical and account management support that is available 24 hours a days all year round.