Data room providers provide interest groups, firms and corporations with an online platform that allows them to upload information, track and distribute it. This can help streamline the process of building and maintaining business partnerships, including mergers and acquisitions, as well joint ventures, and streamlining the core procedures and transactions that rely on the efficient sharing of documents.
Each vendor offers a different set of features, however the majority of them offer basic ones. The ability to instantly access previous records is useful when you want to reference previous deals and analysing performance, and the ability to alter the user's access rights is crucial for optimizing governance. Many providers also offer reports on activity to reveal who has accessed the documents and the length of time they were viewed for, allowing users to keep track of activity and security.
Firmex is among the most well-known virtual data room providers. It has been operating since 2012 and has helped facilitate more than 100,000 projects that range from M&A to financial transactions. Firmex is renowned for its security-focused approach. It includes precise user, group, and document permissions and dynamic watermarking that prevents unauthorized distribution, and the ability to revoke document access remotely even if they've been printed or saved.
Brainloop is another popular data room provider. It offers an intuitive, flexible interface. Users can work on documents in real-time with colleagues and collaborate on projects using the tool's collaborative tools. It has a variety of options for customizing, including the possibility to create white-labeled URLs, and to customize the look and feel of the platform with avatars, images and colors for the brand. The tool also comes with ISO27001 certification and on-click NDAs to ensure the highest security.