Deals in the business world involve large amounts of confidential documents which must be shared and reviewed in a secure way. Often, the data is time-sensitive and requires teams to look over the documents at the same time to complete due diligence or make critical decisions. In the past, physical sharing of these documents required several parties to travel and invest money to look over them together. Virtual data rooms allow these teams to access documents remotely, without the need to travel. This helps cut costs and lets businesses close deals more quickly.
There are a variety of virtual data room providers but not all of them are created in the same way. Some virtual data room providers are better suited for specific transactions and industries, while others offer more advanced capabilities.
The best online deal room solutions allow users to view documents in a quick, high-quality viewer and support a variety of file types. They offer a variety of access rights and analytics for document viewing. Several of these virtual deal rooms are SEC and FINRA-compliant and prioritize security. FirmRoom is one of these providers that offers a no-cost trial and also a flat-rate pricing model, rather than a per-page price method.
Investment banks require software that is easy to use for high-risk deals and protects their sensitive data. They should speed up the M&A diligence process, make a the management presentation with potential buyers within seconds, and make sure investor communications are secure using remote data control and insightful insight dashboards. They should also be able to manage and track the progress of different tasks, including preparing reports, reviewing documentation and complete Q&A.