While Dropbox and Google Drive are great for sharing files, data room storage has more advanced features. As opposed to free file storage services they are set up to share files in a secure environment and can offer advanced authorization settings, auditing capabilities and watermarking that ensures only authorized individuals can view and download the required files.

A virtual data room allows both sides to conduct due diligence with a managed workflow for every document. This ensures that sensitive information about business, such as financial performance or patents, is only accessible to interested buyers. Any conversations are also kept on the platform. This helps prevent leaks and also reduces the possibility of sensitive information getting into the wrong hands.

Other essential features of the data room include activity audit logs that provide a thorough look at who has visited a specific document and when. This allows M&A team members to keep track of the interest levels and decide whether to keep the negotiations going or proceed with negotiations. Data room reports also help teams stay on track by providing a summary of the group’s activities. who has been logged into the data room, who has viewed and/or edited which documents and when).

A virtual data room also lets users search through a huge number of files through a robust search engine. This includes full text searches, Optical Character Recognition (OCR) filtering using labels, a variety of logical operators, and more. Furthermore, the ability to automatically index and number folders and documents makes organizing and finding massive amounts of data a breeze.

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