Most people think of data rooms as the due diligence process during the process of a merger or acquisition but they’re also used in other business transactions like fundraising or initial public offerings (IPOs) and legal proceedings. You’ll need a virtual data room administration program that allows you to collaborate, share and store confidential documents in a safe environment. It can also aid in the speedy process of due diligence for any business transaction.
A great feature to look for in the VDR is a powerful search tool that can locate any document in a matter of minutes. It should include a range of filters and features such as labels, tags, optical character recognition (OCR) and auto index numbering. Additionally, it should allow users to download a secure PDF of any document with just one click.
You should also consider a tool which lets you modify the appearance of a data space and include a watermark that you can customize that appears on every document when it is printed, downloaded or viewed. This way, you can prevent screen captures and other infringements of privacy and security.
A good data room will have a tool for task management that lets you assign users from outside to read and edit documents. It should offer a comprehensive overview of each task and its status so you can monitor the progress of your work.
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