If a company is looking to enter the market of a new one, it needs to submit confidential documents for scrutiny by potential investors and buyers. Traditionally, these documents were submitted in paper form but the most efficient data rooms software allows for sharing documents online by storing them. This makes it easier to access documents and lowers costs since the paperwork doesn’t need to be printed, handled, or transported.
The best data rooms software will also prevent competitors from accessing confidential information by making it difficult to print or copy documents. In addition, it helps preserve the integrity of a document by preventing edits and redactions to a file. This means that the information will be accessible only to those who have the proper credentials.
When selecting the right software for your data room, there are plenty of features to be considered. Some of the most important include the ability to drag and drop files and bulk uploads and a sophisticated search function with filters, tags and optical character recognition for PDFs and images, and a simple and clear access hierarchy configuration. It is also beneficial to have dynamic watermarks that will be displayed on documents when it is viewed or downloaded.
A good virtual dataroom designed for investment bankers should also provide a trial period for free, and a flexible pricing structure. iDeals offers a 30 day free trial and an unlimited period of preparation. It doesn’t charge a monthly fee until the project has been completed. This is essential to ensure that your company can stress-test premium capabilities without taking on any financial commitments.