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When people think of data rooms they’re probably thinking of the due diligence process that is used for a merger or acquisition (M&A) deal in which both parties review the documentation that is critical to business. Data rooms are now being used for more than just M&As. They also assist with equity deals, fundraising, and company restructuring.

There are a myriad of types of software solutions for data rooms, and it is crucial to select the right one for your business. It should be easy to use and accessible from anywhere with secure logins and encryption technology. Tools to detect illegal downloads or access are also essential.

Another important feature is the ability to design a folder structure to match your requirements for due diligence or project and quickly assign reading and uploading tasks for team members in the internal organization advisers, third party partners or other team members. Access permissions can be tailored at the level of folders and documents. When it comes to the Q&A phase of a potential deal, you should look for an application that is user-friendly and effective editing tool in the wiki style, which lets you add notes only accessible to you (and not anyone else).

The most reliable online data room offers a suite reports that give administrators a complete picture on the user’s activities. This includes what documents were examined, aswell depending on whether they were printed or downloaded. They should also allow users to export their data in a secured format for later use in the event of a need. Also, find a service that provides continuous technical and account management assistance which is accessible 24 hours a day all year long.