In the past few years, the technology for data rooms has advanced at a rapid pace. Businesses are now using it to facilitate both one-time transactions and regular deal-making. These new software platforms are dominating the deal-making landscape and have replaced traditional communication channels such as face-to-face meetings and phone calls. It is important to understand how these tools work to ensure you get the most benefit and avoid any negative impacts.

A virtual dataroom is a storage facility that allows you to safely store and share documents with an easy-to use interface. Many providers provide more than only document management and organization features. They also offer additional tools to help make the due diligence process run smoothly. You can choose a pre-designed request template, assign work and chat with other users and collaborate, as well as create a user access and permissions profile to ensure that confidential information only reaches those who need to see it.

Redaction tools are a crucial feature to take into consideration. A reliable redaction program allows you to remove sensitive information quickly and easily from files without having to examine them manually. Manually removing data is laborious and increase the chance of missing single or a number of instances. This could have a major impact on the outcome of the deal.

Storage capacity is another consideration and is usually determined by the quantity of files, as well as the size of each. iDeals is a flexible, robust solution that can hold up to 25TB of storage and provides a range of tools to help with due diligence. This includes the capability to view documents in their native format without plugins, scroll-view capabilities with multilingual support as well as a mobile user interface.