To gather all the information, whether it’s due diligence for mergers and acquisitions, capital raising or tendering, you’ll have to go through tens or even hundreds of thousands, of confidential documents. When the appropriate information is in right hands at the right time it can accelerate the transaction and minimize risk. However, this information isn’t readily accessible and often hidden behind inconvenient file sharing tools which don’t have auditing capabilities, specific permission settings for documents and dynamic watermarks required to facilitate strategic business transactions.
Data room management software is a superior alternative. It offers a top down approach to organizing files. Users can easily organize documents into folders that are simple to navigate based on what type of information is being shared or the project phase. Many providers will also offer the ability to search for files using many different criteria including keywords, to optical character recognition (OCR).
A key feature is the ability to share and view documents with high-definition. This guarantees that all parties can clearly see the data regardless of the device they are using. Data room management software typically permits granular security settings to determine who is able to print, view and download documents within the virtual data space.
Certain providers provide a custom plan based on the specifics of the transaction, while others focus on tools for M&A diligence or specialize in specific fields. Firmex is an example. It https://giantdataroom.com is a specialized platform that financial and legal service companies use to manage complex processes such as compliance, litigation, and diligence.