Data rooms are commonly employed in mergers and acquisitions to conduct due diligence, however they can also be utilized to raise funds, for initial public offerings (IPOs), and legal procedures. It is essential to locate a virtual data room administration software that allows you to collaborate, share and archive confidential documents in a secure environment. It will also assist in speeding due-diligence in any type of business transaction.
A robust search tool is a crucial characteristic of the VDR that allows you to locate any document in seconds. It should include a range of filters and features, such as tags, labels and optical character recognition (OCR). It should also permit you to download a PDF encrypted of any type of document with just one click.
You should also search for a tool that lets you customize the appearance of your data room and include a watermark that you can customize that is displayed on each document when it’s printed, downloaded or looked at. This means you can stop screen-shots and other violations of privacy and security.
Lastly, a good data room should also include an application for managing tasks that allows you to assign reading and editing tasks to users outside of the room. It should provide you with an overview of each task’s status, so that you can keep track of the progress.