The best data room software is a collaboration platform that can provide security and scalable sharing of content. Box, iDeals and SecureDocs are among the most popular options. They claim to offer the simplest user interfaces and 24/7 customer service. However, they are lacking elements that are essential for document sharing in sensitive business environments, such as access settings with granularity and audit trails.
Many M&A transactions require a substantial amount of documents to be reviewed by numerous parties. To avoid security breaches or compliancy violations companies must provide external parties a safe environment in which they can easily access privileged information. A virtual data room (VDR) is the solution.
A VDR allows you to share data securely with multiple parties, while restricting their ability to access specific folders or files. Permissions can be granularly set depending on roles and phases. A VDR’s audit log shows who has accessed documents and what actions were performed within the platform.
iDeals is a leading VDR provider that provides simple, yet comprehensive tools for M&A due-diligence as well as other document sharing requirements. It is a user-friendly platform that has a short curve that allows users to quickly learn about its capabilities. It also supports a wide range of file formats, comes with flexible pricing models, and supports drag-and drop uploads. Its security measures include a two-step verification procedure and encryption of data, and it offers a 14-day trial for all its plans.