Deals in business often involve large quantities of confidential documents that have to be shared in a secure manner and reviewed. The information is usually sensitive and teams have to review documents simultaneously to complete due diligence. In the past, sharing physical copies of these documents required multiple participants to travel and spend money to look over them together. Virtual data rooms enable these teams to access documents remotely, without having to travel. This lowers costs and enables businesses to close deals faster.
There are a variety of virtual data room providers however not all of them are created in the same way. Some are more suited to specific transactions and industries than others, while some offer more advanced functionality and consulting services.
The best online deal room solutions allow users to view documents in a fast, high-quality viewer and support various file types. They also offer a range of permission options and provide statistics on document viewing and user activity. A number of these virtual deal rooms providers are SEC and FINRA conforming and place security at the top of their list. FirmRoom is one of these providers which provides a free trial and also a flat-rate pricing model, instead of a per-page cost approach.
Investment banks require software that is easy to use for high-stakes deals and protects their sensitive data. They should speed up the M&A diligence process, make a the management presentation with potential buyers within minutes, and make sure that investor communications are secure using remote data control and insight dashboards. They also need to manage and monitor progress on various tasks, such as making and reviewing reports, reading documents and filling out Q&A.
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