A lot of advisors and investment bankers assume that all data rooms available online are identical, but in reality their features and pricing models are different. Some companies have a flat cost, whereas others charge extra depending on the number and type of features that a client requires.
Certain vendors, such as iDeals or Intralinks focus on high-level security, which is good for clients involved in M&A transactions. Both have granular access privileges and multi-factor authentication. They also allow document viewing, printing, and downloading restrictions based on the time and IP address. Other features that are important include optical character recognition, drag-and drop uploading as well as automatic index numbering and advanced search.
There are other providers who focus on the specific needs of various industries, including the life sciences. They have security features specifically designed for them like dynamic watermarking and customizable permissions. These features ensure that only appropriate people are able to access certain documents. Additionally, they can track who has read and downloaded documents to gain valuable details.
A lot of the top data rooms available online have user-friendly interfaces that are easy to use. They make the process easier for the client and can save them hours of time. They also have a robust set of features to help users collaborate effectively. They have an area for Q&A that lets users ask questions in real-time and receive immediate answers. A consolidated report enables users to view all documents activities. Some vendors have multi-language customer support teams, which can be beneficial for those who are not English users.