How to Select a Data Room Service

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A data room service is a secure, virtual environment that permits the sharing of information during due diligence, M&As, financing, bankruptcy and other business transactions. The information shared in these scenarios could be confidential or sensitive, so it is crucial to protect this information. The use of a data space to share files will save time and money over physical or electronic documents. However, selecting the best data room service will require some work upfront to determine which features will be most beneficial to your specific situation and requirements.

There are a variety of providers of data rooms, each offering a slightly different set of features. Some focus on security, some on the user experience and communications, and some offer the combination of both. A few popular options include Firmex, VDRSimple, iDeals, Intralinks, and Merrill Datasite.

Most data rooms offer granular access permissions that secure confidentiality and ensure that users only view relevant material. Some also provide multiple factor authentication, along with time and IP access restrictions to stop unauthorized downloads or usage. Some also offer internal team messaging that reduces the necessity for external tools to communicate such as email. They also help to reduce redundant communications.

A few providers have added value by providing additional services that help speed up the due diligence process, like document scanning, transcription and eDiscovery. These are typically added costs, but they can be worth it for smaller companies or for transactions that are more complex.

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