Data room technology enables various business sectors to share documents securely during due diligence, M&A, partnering, asset sales and fundraising. These tools are frequently employed by investment bankers, private equity managers, accounting and legal companies.
Modern data rooms are cloud based and offer enterprise grade security regardless of whether you access them from a computer, tablet or smartphone. Users can also keep track of who is viewing which documents and for how long. They can also contain custom watermarks that display a company’s brand colors or logo and include the terms of usage that all users must accept before printing or downloading documents.
Modern data room vendors offer an array of features that allow users to personalize the look and feel of their virtual data rooms. These include drag-and-drop functionality. They also can feature indexing for simple navigation of documents and full-text search. They can be used to track the most popular documents and generate analytics reports for management.
Some of the most well-known companies that offer online data rooms include iDeals, Citrix and Datasite. Each of them has a strong reputation for access security and have several layers of protection. Citrix offers granular permissions and multi-factor authentication, while Datasite allows you to restrict access based on the time of day and IP address.
Many data rooms offer a unified user interface for desktop and mobile devices, as well as an intuitive search engine and advanced collaboration tools. They can help teams work more efficiently regardless of their location or device. Users can also use the tagging and find here annotation functions to quickly find important documents and share them with other users. 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.