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Top data rooms offer secure collaboration, sharing and storage at any location. They have access control that is granular, dynamic watermarking clicking trails, as well as reporting to ensure the highest level of security. They also offer a centralized document storage and an easy-to-use interface for workflow management. These features help businesses perform more efficiently and lower the risk that sensitive information from business be misused by a third party.

Legal professionals are responsible for a large number of sensitive documents that contain confidential business information, that must be shared with selected third parties in order to conduct due diligence or for other purposes. Traditionally due diligence procedures are conducted in physical rooms, but these days, they are conducted online, with the help of virtual data rooms. These data room solutions allow lawyers and law firms to work from any device at any point in the world. They offer secure cloud storage, simple access for all stakeholders, and a high level confidentiality and transparency.

Banks and investment institutions have a large number of sensitive documents they need to provide on a regular basis. They are frequently involved in complex transactions, such as M&As and IPOs. Therefore, they require electronic data rooms that have advanced encryption and access control capabilities. They also require a user interface with a simple interface as well as 24/7 access and a robust customer service.

Startups are typically on the run with a strict schedule. They require a VDR platform with a minimal learning curve that is simple to use and doesn’t cost a lot. Additionally, they should make sure that the platform they choose conforms to GDPR and other regulations for data protection. They also require advanced search features, which use metadata and optical characters recognition (OCR) to search folders or documents for exactly or partially matched matches.