A data room is a virtual, secure storage area that allows companies to share confidential documents with third parties during due diligence. A data room is a crucial tool for companies going through M&A, capital raising rounds, strategic reviews and tenders.
A good online data space provides a user-friendly interface that is just as clear for the CFO as for accountants at the entry level. It lets users upload and access large volumes of documents in just one click. Its folder structure resembles the structure of physical file systems and is often organized logically to facilitate effective collaboration over files. Its extensive logging and reporting functions allow administrators to see who has accessed what document page and when.
Many data rooms come with several options for customization to suit the individual needs. For instance, some offer a selection of deployment options (cloud and on-premise) and per-page or per-storage pricing and customizable logos along with terms and conditions, as well as general data room design and feel. They also offer a range of tools such as drag-and-drop tools, bulk upload, 25 file types support, and mobile applications. Some vendors, such as iDeals are renowned for their intuitive features including a user-friendly interface with automated workflow processes as well as leading-edge functionality like drag-anddrop, full-text search and Microsoft Office integrations. There aren’t any hidden charges or charges for additional storage or features. Customers can even try the service for free prior to making a purchase.