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Data room technology allows various business sectors to share documents securely during due diligence, M&A, partnering, fundraising and asset sales. Investment bankers and private equity managers, as well as accounting and legal firms frequently make use of these tools.
Modern data rooms rely on cloud and offer enterprise grade security, even when accessed from a computer, tablet or smartphone. Users can also track who has viewed which documents and for how long. They can also include customized watermarks that show the logo of a business or brand colors, as well as conditions of use that all users must be able to agree to before printing or downloading documents.
Modern data room vendors provide a range of features to personalize the look and feel of their virtual data rooms. They include drag-and-drop capabilities. They can also include indexing to make it easy to navigate documents and full-text search. They can also be used to track the documents that are most viewed and provide analytics reports to the manager.
Some of the most popular providers of online data rooms are iDeals, Citrix and Datasite. All three have a good reputation for security of access with numerous layers of security. For example, iDeals offers multi-factor authentication and granular authorizations. Citrix provides a user security impersonation function and Datasite allows you to restrict access based on time and IP address.
Other features common to many data room platforms are the unified interface that works for desktop and mobile devices and a simple search engine and advanced collaboration tools. These tools allow teams to work more efficiently together, regardless of their location or device. Users can also make use of 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.
