While Dropbox and Google Drive are great for sharing files, data rooms offer more advanced features. They are designed to allow sharing of files in an the most secure. They can offer advanced options for auditing, permissions and watermarking that guarantees that only authorized parties can access and download important documents.
A virtual data room allows both parties to perform due diligence, using a controlled workflow for every document. This ensures that confidential information about business, such as patents or financial results, is only seen by interested buyers. All conversations are kept on the platform. It also helps prevent leaks and minimizes the risk of sensitive information getting into the improper hands.
Other crucial features of a data room include activity audit logs, that provide a thorough review of who has accessed a particular document and when. This allows M&A team members to keep track of the levels of interest, and then decide whether to continue or continue with negotiations. Furthermore, data room reports assist in keeping teams on track by providing a summary of the activities of the group (e.g. who has registered, who seen and/or edited which documents and when).
A virtual dataroom enables users to swiftly sort through thousands of files using a powerful search engines. This includes full-text search, Optical Character Recognition, filtering using labels, a variety of logical operations and more. Furthermore, the ability to automatically index and number folders and documents makes searching and organizing huge volumes of data easy.
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