Data rooms are a type of cloud storage used to host and share information in an online environment. This is typically done during due diligence for M&A transactions, where all parties need access to documents and other information. These tools let companies gain access to important documents without exposing them legal liability or risking any breach.
The most effective virtual data rooms are those that provide a user-friendly and simple interface and have various features that can be utilized during the transaction. This includes features like granular analytics of who is accessing what documents, view-only access, and a variety permissions. A reputable provider will offer multiple support options, including live chat, phone, and email.
During the selection process it is important to choose a service that offers a free trial of their platform for up to 30 consecutive days. This allows you to try out the software and confirm that it’s a great fit for your project before you commit to the purchase of a subscription.
Some providers even provide complete lifecycle management capabilities in their platform, allowing you to not just store your data, but also streamline processes and communications both internally and externally. This can make all the difference in the closing of a deal.