Data room technology allows the widest range of industries to share documents securely during due diligence, M&As partnerships, asset sales and fundraising. These tools are typically used by investment bankers, private equity managers, accounting and legal firms.
Modern data rooms are cloud based and provide security for enterprise even when accessed via devices like tablets, computers, or smartphone. They also enable users to keep track of who is viewing what files and for how long. They can also feature custom watermarks that display the company’s colors or logo and include the terms of service that all users must agree to before printing or downloading documents.
Modern data room vendors offer many features to alter the appearance and feel of their virtual data rooms. These include drag-and-drop functionality. They also have indexing for easy document navigation and full-text search. They can also be used to keep track of the most popular documents and provide analytics reports to management.
iDeals Citrix, and Datasite are among the most popular online data room companies. They all have a great reputation for access security with numerous layers of security. Citrix provides granular permissions and multi-factor authentication, and Datasite lets you limit access depending on the time of day and IP address.
Other features that are common to many data room platforms are unidirectional interfaces for desktop and mobile devices and a simple search engine, and advanced collaboration tools. These can help teams collaborate more effectively regardless of location or device. Users can also use tags and annotating functions to quickly access and share important documents. 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.