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designed to streamline and aid in due diligence processes Data room software facilitates the use of procedures that are secure for all users. The software allows companies to safely store confidential documents and share them with other parties as part of M&A transactions and stock exchange listings. It also aids companies in procurements, capital acquisitions, outsourcing projects and restructuring.

In contrast to a physical data room which requires everyone from the top management to the stakeholders to travel to the same location, a virtual data space is accessible from anywhere on the globe through the internet. This enables all participants to have access to the data immediately and efficiently and saves time. Digital documents stored in data rooms online are not affected by natural disasters such as storms or fires, and can be accessed so long as the internet works.

The functionality to search for in a reliable data room solution is an advanced search function which detects complete and partial matches across all folders, documents as well as PDFs, using labels, tags, and optical character recognition. You can create a document index, automatically numbering files, and add dynamic watermarks that appear when files are viewed or printed.

Be sure that the provider you select has a range of security options, such as two-factor authentication and customizable NDAs. Some vendors offer extra security with a data encryption system that safeguards the entire repository. Most reputable vendors also offer a free trial of 30 days.