What to Look for in Data Room Management Software

What to Look for in Data Room Management Software

Data rooms are commonly utilized in mergers and acquisitions to conduct due diligence, however they can also be used to raise funds, for initial public offerings (IPOs) and legal processes. You’ll need a virtual data room management software that allows you to collaborate, share and store confidential documents in a secure environment. It can also help you expedite due-diligence for any type business transaction.

A powerful search engine is a key characteristic of a VDR that will allow you to locate any document in seconds. It should offer a variety of filters and features, including labels, tags and optical character recognition (OCR). Additionally, it should allow users to download a secure PDF of any document with a single click.

It is also recommended to look for a tool which lets you modify the appearance of a data space and include a watermark basics that you can customize that is displayed on each document that is printed, downloaded, or viewed. You can prevent screenshotting, as well as other breaches of security and privacy.

Lastly, a good data room should have a task management tool that enables you to assign editing and reading tasks to external users. It should give you an entire overview of every task and its status to allow you to keep track of the progress.