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For merger and acquisition due diligence, capital raising or tendering, gathering all the relevant information before making crucial decisions demands going through tens or thousands of confidential documents. If the relevant information is in appropriate hands at the right time, it can help to speed up the process and reduce risk. But this information isn’t always easily accessible and is frequently hidden behind inconvenient file sharing tools that don’t offer auditing capabilities, document-specific permission settings and dynamic watermarks necessary for strategic business transactions.

An alternative is to utilize data room management http://www.giantdataroom.com/what-is-virtual-data-room-software software which provides a top-down approach to organizing files, allowing users to easily organize their documents into simple folders in accordance with the type of information being shared or the process. The majority of providers also provide the ability to find files using a variety of criteria including keywords, to optical character recognition (OCR).

A major feature is to be able to share and view documents with high-definition. This guarantees that all parties can clearly see the data regardless of the device they are using. Data room management software typically allows for high-level security settings that determine who can print, read and download files in the virtual data space.

Certain providers provide a custom plan based on specifics of the transaction, while others focus on tools for M&A diligence or specialize in specific industries. For instance, Firmex is a specialized platform used by legal and financial services firms for complicated processes such as compliance and litigation, as well as diligence.