Many industries utilize data room software to conduct due diligence collaboration as well as mergers and acquisitions, capital raising and legal disputes, among other business reasons. Some companies are required share their documents due to legal reasons, while others have to comply with compliance requirements or must store sensitive data in a secure area. Whatever the reason, they all need secure document sharing and storage solutions.

Your data room must have access to all devices and platforms, whether you work with clients, colleagues, or partners. A great VDR must be compatible with all browsers as well as multi-platform. It should also feature advanced search functions that are capable detecting exact and partial matches within folders and documents. Also, look out for features such as two-factor authentication and audit logs.

You should be able to create custom groups that are pre-set with permissions to suit the needs of different users and projects. Some VDRs allow you to assign Excel documents with specific View permissions. The View Excel with Formulas option, for example, allows the user to see only the formulas of the spreadsheet while hiding the rest of the content. Other features that are useful include dynamic security alerts, clear and easy access hierarchy, and easy-to-use watermarking.

It’s essential to have a robust task-management system for M&A deals that allows you to assign tasks while people are still in the dataroom. The system should be able send out reminders and status updates so that everyone is aware. Finally you should be able to incorporate your company’s logo and personalize your workspace using themes, colors, and logos.

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