Data room providers provide interest groups, firms and corporations with an online platform that allows them to upload, track and distribute information. This streamlines the process of creating and maintaining business relationships including mergers, acquisitions, and joint ventures, as well as streamlining the core processes and transactions that rely on effective document sharing.
The scope of features offered by different vendors differs however, most data rooms have a few basic ones. The ability to instantly access the past records is helpful when referencing previous deals and analysing performance. The ability to alter user permissions is essential for improving governance. Many providers provide activity reports that provide information on who accessed documents, how long they were viewed, and by whom. This can help users monitor security and activities.
One of the most widely used virtual data room providers is Firmex the service has been in operation for over 12 years and supports more than 100,000 projects that range from financial transactions to M&A. Firmex is famous for its security approach which provides detailed permissions for groups, users, and documents, dynamic watermarking to avoid an unauthorised distribution and the ability to deny access to documents remotely even after they’ve been saved, or printed.
Another popular data room provider is Brainloop that offers an intuitive and flexible interface. Users can work on documents in real-time alongside other users and collaborate on projects by using the tools for collaboration. It has a variety of options for customizing, including the capability to create white-labeled websites and customize the appearance and feel of the platform with images, avatars, and brand colors. The tool is also ISO27001 certified and comes with an on-click NDA for the highest level of security.