Data room providers equip companies, interest groups, and corporations with a secure online platform to share, upload information, track, and distribute information. This makes it easier to streamline the process of forming and maintaining business partnerships, including mergers acquisitions, joint ventures, and streamlining processes and transactions that are dependent on effective document sharing.
Each vendor offers its own set of features, however the majority offer a few basic features. The ability to access instantly old records is helpful in referencing deals from the past and analysing performance, and the ability to alter the user’s access rights is crucial for optimizing governance. Many providers also provide activity reports to show who has accessed documents and the length of time they were viewed for, allowing users to monitor the security and activity.
One of the most used virtual data room providers is Firmex which has been operating for 12 years and facilitates more than 100,000 projects ranging from financial transactions to M&A. The firm is known for its security-focused strategy and includes detailed user groups, document and user permissions and dynamic watermarking that prevents unauthorized distribution, and the ability to remove access to documents remotely, even if they’ve been saved or printed.
Brainloop is another popular data room provider. It provides an intuitive, flexible interface. Users can work on documents in real-time alongside colleagues and collaborate on projects by using the tools for collaboration. It offers a range of options for the practice of data rooms for the oil and gas industry customization, such as the capability to create white-labeled URLs, and to customize the look and feel of the website with avatars, images and brand colors. The tool is ISO27001 certified and comes with on-click NDAs to ensure the highest level of security.