Many investment bankers and advisors think that all data rooms are exactly the same. In reality they vary in terms of their features and pricing. Some vendors offer a basic fee, while others charge additional in proportion to the number of features a client needs.
Some vendors, like iDeals or Intralinks focus on high-level protection which is beneficial to clients involved in M&A transactions. Both have granular access permissions and multi-factor authentication. They also allow document viewing, printing, and downloading restrictions based on 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.
Some companies focus on specific industries, like life sciences. They provide specialized security features like dynamic watermarking and a variety of customizable permissions. They ensure only the authorized people are able to access certain documents. They can also track who has downloaded and read documents which allows them to gain important insights.
The top online data rooms offer an intuitive interface and simple to use functions. They streamline the buying process for clients and save them hours of time. They offer a variety of features that allow users to work effectively. They have a Q&A section, which allows users to ask questions in real-time and get answers immediately. A consolidated report permits users to view all documents activity. Some vendors have multi-language customer service teams, which can be beneficial for those who are not English users.