A data room for businesses is a secure, digital storage space that allows businesses to share confidential documents with other parties during due diligence processes. A data room is a vital tool for companies who are undergoing M&As, capital raising rounds and strategic reviews.

A reliable online dataroom has an interface that is easy to use for both the CFO and the account with a basic level. It also allows users to quickly upload and access large quantities of documentation via one click. Its folder structure resembles the physical file system and is often organized logically to allow for efficient collaboration across files. Its extensive logging and reporting functionalities let administrators find out who has accessed which document page and when.

Many data rooms provide various customization options to meet the needs of each company. Certain data rooms provide customization options, like an option to deploy (cloud or on-premise) and pricing per storage or per page, and customizable logos, terms, and conditions, as well as the general design and layout of the data room. They also provide a range of tools, such as drag-and drop tools for bulk uploads, 25 file types and mobile applications. Certain vendors, like iDeals are renowned for their intuitive features including an intuitive user interface with automated workflow processes as well as industry-leading data room software review functionality such as drag-and-drop as well as full-text search and Microsoft Office integrations. They are also transparent in their pricing – there are no hidden charges or fees for additional features or storage. Customers can even test the service without cost prior to buying.