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Choosing the Right Data Room Software for Business Progress

In high-risk business transactions such as M&As, IPOs, or fundraising rounds, it can be difficult to conclude a deal without all the details. To obtain all the information, you’ll need to sift through tens or thousands of confidential documents. And ensuring the right people read this information, while also keeping sensitive data out of the dangerous hands is a major challenge.

That’s where a virtual information room (VDR) comes in. A VDR is a secure place to keep and share all of that confidential information, providing an easier due diligence for potential buyers or investors.

Choosing the right virtual data room software to meet your specific requirements is vital, as is having adequate support options. A good online VDR can provide 24/7 support via live chat, email and phone. They should also offer various training materials and forums.

A comprehensive activity log will help you keep records of the documents and users who use your data room. It will reveal who has viewed which document at what point. This can help avoid confidential information falling into the wrong hands after a transaction has been completed or access is restricted.

Another important feature to look out for in a data room is the ability to upload documents in 25+ formats. iDeals supports these formats and allows you to easily structure your data room, to ensure that your stakeholders are able find the information they require faster. The optical character recognition and full text search options help you find relevant information faster.

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