While services such as Dropbox or Google Drive are fine for daily sharing of files however, when it comes down to sensitive data that might be shared in an M&A process or IPO data rooms provide the most advanced features. These data rooms are specifically designed to share documents in an conditions that are extremely secure. They are able to provide advanced options for auditing, permissions and watermarking that ensures that only authorized users can download and view the necessary documents.
A virtual data room allows both parties to perform due diligence, using a controlled workflow for every document. This ensures that sensitive information about business, such as patents or financial performance is only available to interested buyers. Any conversations are stored within the platform. This helps to prevent leaks and also reduces the possibility of sensitive information getting into the improper hands.
The audit logs for activity are another important aspect of the data room. They provide a comprehensive overview of who accessed the document and at what time. This allows M&A team members to monitor interest levels, and decide whether to continue or continue negotiations. Furthermore, data room reports can help keep teams in order by providing a record of group activities (e.g. who has logged in, who has viewed and/or edited which documents and when).
A virtual dataroom also enables users to quickly sift thousands of files through the use of a a powerful searching engine. This includes full-text searching, Optical Character Recognition, filtering by label, a wide range of logical operators and more. The ability to automatically number and index folders and documents also makes it easy to find and organize large quantities of data.
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