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The best data rooms provide secure platforms to share confidential data collaborate on mergers and purchases, due diligence, contracts negotiations, and many more. Cloud-based tools are accessible that accommodate multiple file formats, and include features such as the ability to grant users granular access rights advanced search functionality, advanced search features and security certifications. They also provide mobile access. They can help M&A teams improve workflows, reduce the necessity for physical meetings and reduce project delays caused by document retrieval and confusion regarding the process of versioning.
Using a virtual data room provider to conduct M&A can also reduce security risks. Many VDRs come with oCR and technology for text recognition that allows users to turn scans of images and documents into searchable, editable files with just a single click. They can also monitor the activities of users using a variety of reporting capabilities. This makes it easier to track who has viewed which files and when, improving accountability and transparency.
In addition to the security features discussed above, it is important to find a data room service provider that has an easy and clean interface. Find vendors that allow customization of the terms and conditions, logos, and the general look of the data room. Be aware of the pricing structure for the service. Some VDRs have a monthly flat fee, while others offer per-storage and/or per-page pricing options.
Datasite, part of Donnelley Financial Solutions, is the leader in VDRs for the banking, financial service and investment banking segments. Its secure cloud platform, which is available for both Mac and Windows, offers a number security options, including multi-factor authentication and session timeouts.
