Data rooms are a type of online storage system that allows information to be shared and hosted. This is typically done during due diligence for M&A transactions, in which everyone involved must have access to documents and information. These tools give companies access to important documents without risking legal liability or risking an infringement.
The best virtual data room is one that offers a clear and simple interface, and offers a range of options to use during the transaction process. This includes features that provide specific analytics on who’s using what documents, view only access and a variety of permission settings. Additionally, a reputable service will also provide a number of support options including live chat, email and phone.
During the selection process it is important to choose a service that provides a free trial of their platform for up to 30 days. This lets you try out the software and confirm that it’s a great match for your project before you sign up for a subscription.
Some providers even provide complete lifecycle management capabilities that allow you to not only store your data, but also streamline processes and communications both internally and externally. This can make the difference between a deal’s success or not.