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Most people are familiar with data rooms as a due diligence procedure of the merger or purchase (M&A) in which both parties look over business-critical documents. Data rooms are now being used to assist with more than M&As. They also help with fundraising, equity deals and company restructuring.

As a result, there are now many different types of software for managing data and it’s essential to select one that meets the needs of your company. It should be easy to use and accessible from anywhere with secure logins and encryption technology. Tools to detect unauthorized downloads or access are also crucial.

Another feature that is important is the ability to create an organization structure that is compatible with the requirements of your project or due diligence and assigning reading and uploading tasks to internal team members, advisors or third parties. Access permissions can be tailored at the document and folder levels. And when it is the Q&A discussion phase of an upcoming agreement, look for the solution that comes with an intuitive and effective wiki-style editing tool that makes it simple to add notes that can only be viewed by you (and not the other party).

The best online data room comes with an array of reports that provide administrators a complete view of the activity of users. This includes what documents were viewed, as well as whether they had been downloaded or printed. They should also permit users to export their data in encrypted format for later use if needed. Choose a provider that offers 24 hour technical and account management assistance.