Data room technology allows a variety of business areas to securely share documents during due diligence, M&A, partnering, fundraising and asset sales. Investment bankers and private equity managers and legal and accounting firms often use these tools.
Modern data rooms are cloud-based, and provide security that is of the highest standard, even when accessed via a personal computer, tablet or mobile phone. They also let users monitor who is viewing what documents and how long. They may also include customized watermarks that display the colors and logo straight from the source of a company’s logo and contain terms of use that all users must agree to before printing or downloading documents.
Most modern data room vendors also have a variety of options for customizing the appearance and feel of virtual data rooms, including drag and drop functionality. They can also include indexing to make navigation between documents easier and full-text search. They can also be used to keep track of the most popular documents and provide analytics reports to management.
Some of the most well-known vendors for online data rooms are iDeals, Citrix and Datasite. Each of them has a strong reputation for security of access and offer several layers of protection. Citrix offers granular permissions and multi-factor authentication, and Datasite allows you to restrict access by the time of day and IP address.
Many data room platforms offer a unified user interface that works on desktops and mobile devices, as well as an intuitive search engine and advanced collaboration tools. These tools can help teams work more efficiently together, regardless of location or device. Users can also utilize tagging and annotating functions to quickly access and share important documents. 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.