Data room software is an online space where documents that are time-sensitive can be shared and worked on, such as in mergers and acquisitions and capital raising. It helps businesses streamline due diligence and other transactions. It also helps provide prospects with relevant content during sales processes.
Data rooms have a wide range of features that go above and beyond the standard file sharing tools. Be sure to look for two-factor authentication, granular permission settings, dynamic watermarking and time and IP access restrictions when choosing the best option. Verify that the tool is compatible with ISO 27001 or HIPAA standards.
Certain vendors provide additional features that set their service above the rest. Some providers offer drag-and-drop uploaders which allow users to upload multiple documents at one click. Others offer advanced search tools with optical character recognition (OCR) and tag and labeling options. Lastly, some offer customized NDAs that require users to agree on the terms of usage before they are able to access the data room.
Citrix, a company that is highly recognized for its VDR tools and services, is known for providing various secure VDRs that are reliable, user-friendly and easy to use. Its platform is used by many different businesses such as law firms and investment banks. The customer support is available 24/7 and has earned it a good reputation for being helpful and knowledgeable.
Confiex is another well-known online data room provider that is suitable for a broad range of transactions. It is widely used by financial advisors biotech and anonymous government contractors, pharmaceutical companies, and other professionals from the industry. Its virtual repository is fully secured, has dynamic watermarks that prevent the dissemination of information that is not authorized, and also provides an two-step verification process. The interface is easy to use and includes an array of useful reporting tools.