The name suggests that the software designed for data rooms is intended to protect confidential documents that are used in business transactions. The information is often important and requires secure access to stop competitors from getting it. To this end, the best vendors in this category provide features such as multi-factor authentication, granular user permissions and advanced IRM to guard the information from unauthorized access. They also provide features like mobile device management, security for users impersonation and activity monitoring to keep track of users’ activities.
The most effective virtual data rooms are created to support business-critical processes and are optimized to work with a variety of platforms and devices, such as tablets, desktops and smartphones. They also facilitate seamless integrations with other applications such as email and chat. They are available as cloud, on-premise and hybrid deployment models to meet the needs of different workflows. The software is easy to install and designed to simplify processes which makes it ideal for small and midsize businesses who want both efficiency and simplicity.
Some of the most highly rated data rooms are Intralinks Virtual Data Room, iDeals Solutions and Datasite. They offer a range crucial capabilities that are suitable for M&A, capital market transactions as well as due diligence and other transactional processes that are strategic in nature. Intralinks enables dealmaking efficiency through digital platforms that offer high-risk storage, file-level security and centralized administration controls, and easier access via a robust IRM. It also comes with 24/7 support in multi-lingual languages, pre-configured solution templates and an intralinks designer that aid in the speedy start-up of projects and best practices implementation.