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The best software for managing data rooms is a collaborative platform that offers both security and scalable sharing of content. Some of the most popular options are Box, iDeals, and SecureDocs. They claim to provide the simplest user interfaces and 24/7 customer service. They also do not offer features that are essential to share documents in sensitive business environments, such as specific settings and audit trails.

Many M&A transactions require a huge number of documents that must be reviewed by a multitude of parties. To prevent security breaches and compliancy violations, companies must provide external parties an appropriate environment in which they can easily examine privileged information. This is where a virtual data room (VDR) is a must.

A VDR lets you share your data securely with multiple parties, while restricting access to specific folders or files. Permissions can be granularly set based on roles and project phases. The audit log of a VDR shows who has accessed documents and what actions were taken within the platform.

iDeals is a top VDR provider that offers easy-to-use but robust tools for M&A due-diligence and other document sharing purposes. It is easy to use and has a low learning curve, meaning that users can quickly become acquainted with the platform’s capabilities. It also supports a wide variety of file formats, features a flexible pricing model, and supports drag-and-drop uploads. Its security features include a 2-step verification process and data encrypting. All plans come with a 14-day trial period for free.

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