Data room technologies enable a wide range of business areas to share documents securely during due diligence, M&As partnerships, asset sales and fundraising. These tools are typically utilized by investment bankers, private equity managers, legal and accounting companies.
Modern data rooms are cloud-based and provide security that is enterprise-grade even when accessed through your personal computer, tablet or mobile phone. They also allow users to track who views what files and for how long. They can also add custom watermarks displaying the logo of a brand or company’s colors, and conditions of use that all users must agree to prior to printing or downloading documents.
Modern data room vendors offer many features to customize the look and feel of their virtual data rooms. These include drag-and drop functionality. They can also feature indexing to facilitate document navigation simpler and easier to search using full-text. They can be used to monitor the documents that are most viewed and provide analytics reports to the manager.
iDeals Citrix, and Datasite are among the most popular online data room companies. All three have a solid reputation for security and offer numerous layers of protection. For example, iDeals offers multi-factor authentication and granular access rights. Citrix provides a user security impersonation feature, and Datasite allows you to limit access based on IP address.
Other features common to many data room platforms are a unified interface for both mobile and desktop computers with a simple search engine and advanced collaboration tools. These tools help teams collaborate more effectively, regardless of the location or device. Users can also use the annotation and tagging functions to quickly locate important documents and share them with others. 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.