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To find all the facts whether it’s due diligence for mergers and acquisitions, capital raising, or tendering, you’ll need to sift through tens, if not hundreds of thousands of confidential documents. The proper information available to the right people at the right time can accelerate the process of transaction and minimize risk. But, this information isn’t easily accessible and often hidden behind difficult to use file sharing tools that lack the auditing capabilities, the ability to set specific permissions for documents and dynamic watermarks necessary for business transactions that are strategic.

Data room management software is an excellent alternative. It offers a top down approach to organizing files. Users can organize documents into folders that are easy to navigate, based on the type of information being shared or project phase. The majority of providers allow users to search files based on a variety of criteria including keywords and optical character recognition (OCR).

A major feature is to be able to share and browse documents using high-definition. This ensures that all participants can see the data clearly regardless of the device they are using. Typically software for managing data rooms can also provide high-level security settings to control who is able to print, download and view documents in the virtual data space.

Some companies offer a customized plan based on the specifics of the transaction, whereas others focus on tools for M&A diligence or specialize in specific fields. For example, Firmex is a specialized platform that is used by financial and legal services companies to manage complex processes such as compliance, litigation and diligence.