Deals in business typically contain large quantities of confidential documents that need to be protected and shared. The information is usually sensitive and teams must scrutinize documents at the same to ensure that they are in compliance. In the past, physically sharing these documents required a lot of travel and expense for several parties to examine them together. Virtual data rooms enable these teams to access documents remotely, without having to travel. This cuts down on costs and lets businesses close deals more quickly.
Virtual data rooms are accessible from a variety providers however, they’re not all created equal. Some are more suited to specific transactions and industries than others, while some provide more advanced functionality and consulting services.
The top deal rooms online let users view documents with a superior viewer that is fast and supports a range of file types. They also offer a variety of permission options and provide data on document viewing and user activity. Several of these virtual deal rooms are SEC as well as FINRA-compliant. They also prioritize security. FirmRoom is one such provider that provides a free trial and the flat-rate price model instead of a per-page cost method.
Investment banks require software that is simple to use in high-risk transactions and protects their sensitive data. They must speed up the M&A due diligence process, communicate management presentations to prospective buyers in seconds and secure investor communications by using remote data control tools as well as insightful dashboards for insight. They must also manage and track progress on different tasks, including making and reviewing reports, looking over documentation and completing Q&A.