The best software for data rooms is a collaboration platform that offers security and scalable content sharing. Some of the most popular options are Box, iDeals, and SecureDocs. They claim to provide the easiest interfaces for users and provide 24/7 customer assistance. They also do not offer features that are important for document sharing in secluded business environments, including granular settings and audit trail.
Many M&A transactions require a large number of documents that must be reviewed by numerous parties. To avoid security breaches and compliance violations, companies need to provide external parties with a safe environment in which they can access confidential information. A virtual data room (VDR), is the answer.
A VDR lets you share data securely with multiple parties, while restricting their access to specific folders or files. The granular permission settings can be defined in accordance with roles, project phases and types of documents. In addition the audit trail of a VDR shows who has been interacting with documents and the activities that occurred within the platform.
A renowned VDR provider, iDeals, offers simple but powerful tools that can be used for M&A due diligence as well as other document sharing purposes. It is easy to use and has a low learning curve, which means that users are able to quickly become acquainted with the capabilities of the platform. It supports different file formats and offers a flexible price model. Uploads via drag-and-drop are also possible. Its security measures include a two-step verification process and encryption of data, and it provides a 14-day free trial for all its plans.