Data room software is an online platform where documents that are time-sensitive can be shared and collaborated on, for instance, when merging and buying companies and capital raising. It helps to streamline due diligence and other transactions, as well as engage prospects during sales processes by presenting content.
Data rooms have a wide range of features that go above and beyond the standard tools for sharing files. When selecting a service, be sure to look for features such as two-factor authentication and granular permissions, dynamic watermarking and IP and time limits. You should also check whether the tool meets ISO 27001 and HIPAA standards.
Certain vendors provide additional features that set their service above the rest. For instance, they offer a drag-and-drop uploader that allows users to upload multiple files with one click. Others offer advanced search tools with optical character recognition (OCR) and labels and tags. Some provide customized NDAs which require that all users sign a consent to the terms of use before they are able to access the room.
Citrix is a highly-praised vendor that provides a variety of reliable, secure and user-friendly VDR tools. Its platform is used by businesses in many different sectors such as law firms and investment banks, as well as commercial real estate brokers. The customer support is accessible 24/7 and has a good reputation for being friendly and knowledgeable.
Confiex is another well-known online data room provider that is suitable for a broad range of deals and is extensively utilized by financial advisors, biotech and pharmaceutical companies, and other professionals in the industry. Its virtual repository is fully encrypted, features dynamic watermarks to block unauthorized dissemination, and provides an two-step verification process. Its interface is simple to use and offers a variety useful reporting tools.