Many industries use data rooms software for collaboration and due diligence for mergers, acquisitions capital raises legal disputes, and other business needs. Some companies must share their files with third parties due to legal reasons or for compliance reasons, while others are subject to compliance rules or simply require the storage of their sensitive data in a secure space. All of them need secure storage and sharing solutions for documents.

Your data room continue reading this should be able to provide seamless access to all devices and platforms, whether you’re working with clients, colleagues or partners. A reliable VDR should provide multi-platform support and be compatible with a wide range of browsers. It should also include advanced search functions that are capable finding exact and partial matches in folders and documents. Also, look out for features like 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 projects and users. Some VDRs allow you to give Excel documents specific View permissions. For instance, the View Excel with formulas option allows the user to see the formulas of the spreadsheet, while keeping other information from being secret. Other useful options include dynamic watermarking, security notifications, as well as clear and easy access hierarchy settings.

It’s crucial to have a well-organized task management system for M&A deals that lets you assign tasks while people are still in the dataroom. The system should be able to send out reminders and status updates so that everyone is informed. You should also be able personalize your workspace by adding your company’s branding, which includes logos, colors and themes.