The most effective software for managing data rooms is a collaborative platform that provides security and scalable sharing of content. A few of the most popular options are Box, iDeals, and SecureDocs. They claim to have the most user-friendly user interfaces, and 24/7 customer assistance. However, they also lack elements that are essential for document sharing in sensitive business environments, such as access settings that are granular and audit trails.
Many M&A transactions require a significant quantity of documents to be reviewed by a multitude of parties. To prevent security breaches and violations of compliance, businesses must provide external parties with a secure environment in which they can easily examine confidential information. That’s where a virtual data room (VDR) is essential.
A VDR lets you share information securely with multiple parties, while limiting access to specific folders or files. The granular permission settings can be set based on roles, project phases and types of documents. The audit log of a VDR shows who has accessed documents and what actions were performed within the platform.
iDeals is a leading VDR provider that offers simple, yet comprehensive tools for M&A due-diligence and other document sharing functions. It is simple to utilize and has a quick learning curve so that users are able to quickly get acquainted with the capabilities of the platform. It supports a variety of file formats and offers a flexible price model. Drag-and-drop uploads are possible. Its security features include a 2-step verification process and data encryption. All plans include a 14-day trial for free.