Deals in business typically require large amounts of confidential documents that have to be securely shared and reviewed. Data is often time-sensitive and teams must look over documents at the same to complete due diligence. In the past, sharing physical copies of these documents required several participants to travel and spend money to look over them together. Virtual data rooms allow teams to access documents online, without having to travel, thereby reducing costs and allowing businesses to complete deals more quickly and efficiently.
Virtual data rooms are available from a variety of providers However, they aren’t all created identical. Some are more tailored to specific industries and transactions than others, and a few offer more advanced functionality and consulting services.
The most effective online deal room solutions let users view documents in a fast high-quality and quality viewer. They also support various file types. They offer a variety of user permissions and statistics on document viewing. A number of these virtual deal room providers are SEC and FINRA certified and have security at the top of their list. FirmRoom is one such provider which provides a free trial as well as a flat-rate price model rather than a per-page price approach.
Investment banks need software that is easy to use and secures sensitive information for high-risk transactions. They need to speed up the M&A due diligence process, communicate management presentations to prospective buyers in seconds, and ensure security of investor communications with remote control tools for data and informative insight dashboards. They also need to track and monitor the progress of different tasks, such as preparing reports, reviewing documentation and complete Q&A.
