A data room for business is a safe, virtual storage space that allows businesses to share confidential documents with other parties during due diligence processes. A data room is an essential instrument for companies undergoing M&A, capital raising rounds or strategic reviews, as well as tenders.
A good online dataroom offers an interface that is easy to use for both the CFO and the basic account. It allows users to upload and access large volumes of documents in just one click. Its folder structure is similar to physical file systems, and is often designed to facilitate collaboration on documents. Its robust logging and reporting functions let administrators know who has accessed which document page and when.
Many data rooms provide various options for customization to meet the needs of each organization. For instance, some rooms offer various deployment options (cloud and on-premise) per-storage, or per-page pricing, as well as customizable logos as well as terms and conditions and general data room appearance and feel. They also provide a range of tools, like drag-and drop tools for bulk uploads, 25 file types, and mobile apps. Some vendors, like iDeals are known for their user-friendly features, such as a user friendly interface as well as automated workflow processes and world-class features such as drag and drop, full-text searching and Microsoft Office integrations. They also are transparent with their pricing – there are no hidden charges or fees for additional storage or features. Customers can even try the service without cost prior to purchasing.