Choosing a Data Room for Due Diligence

A data room allows both sides of a business deal to review business-critical documentation in an online repository. It is commonly used to conduct due diligence in M&As but can be useful for fundraising and equity IPOs, bankruptcy proceedings and other transactions that may financially or reputationally impact either the other.

The best virtual data rooms are secure and easy to use. They allow for granular control of access permissions based upon role and folder/document level and detailed activity logs that make reporting on compliance easy. They also include useful features like scroll-through document viewing, adaptive interfaces and multilingual settings that allow users to access their devices from any operating system.

When choosing a space for data for due diligence, search for a provider with an ample More Bonuses capacity for storage that can accommodate the full range of your business’s requirements. Text documents occupy less space than high-res images or technical drawings, however the amount you require will be contingent on the number and variety of files you need to be uploaded and stored.

Be sure to check if the application offers advanced tools such as e-signature or comments that are granular or precise. These tools can help speed up the process of due diligence and make it easier to close deals. They are also useful for other projects where you require reviewing multiple files at the same time or share notes with colleagues. In these scenarios it is crucial that the documents aren’t only accessible, but also able to be printed or saved as PDFs.

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