While apps like Dropbox or Google Drive are fine for general file sharing however, when it comes down to sensitive information that may be shared during an M&A process or IPO data rooms provide many more advanced features. In contrast to the free file storage platforms they are set up to share files in a highly secure environment. They can also provide advanced authorization settings, auditing capabilities and watermarking that ensures only authorized parties can view and download the files needed.
A virtual dataroom lets both parties to carry out due diligence, and has a workflow that is controlled for each document. This makes sure that confidential business information, such as patents, financial results, or product development can only be seen by buyers who are interested and keeps any conversations contained within the platform. This helps to prevent leaks and also reduces the risk of sensitive information being accessed by the improper hands.
Other crucial features of a data room include activity audit logs, that provide a thorough look at who has visited a specific document and when. This permits M&A teams to track interest levels and decide whether to keep negotiations going or move ahead. In addition, data room reports assist in keeping teams on track by providing a record of the activities of the group (e.g. who has been logged in, who viewed and/or edited which documents and when).
A virtual data room enables users to sift through a vast array of files through a robust search engine. This includes full-text searching, Optical Character Recognition, filtering by label, a wide range of logical operations and more. The ability to automatically number and index folders and documents makes it easy to find and organize large amounts of data.
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