Business transactions involve large amounts of confidential documents which need to be shared and reviewed in a secure way. The information is usually sensitive and teams have to review documents simultaneously to complete due diligence. In the past, sharing physical copies of these documents required several parties to travel and pay money to review the documents together. Virtual data rooms allow these teams to access the files from anywhere, without travel, which reduces costs and allowing businesses to close deals faster and efficiently.

Virtual data rooms are accessible from many different providers however, they’re not all made to be the same. Some are more suited to specific transactions and industries than others, and some offer more advanced functionality as well as consulting services.

The best online deal room solutions let users view documents with a fast high-quality and quality viewer. They also support a variety of file formats. They also offer a variety of permissions and reports on viewing of documents and user activity. Several of these virtual deal rooms are SEC as well as FINRA-compliant. They also prioritize security. FirmRoom is one of them which provides a free trial as well as the flat-rate price model rather than a per-page pricing method.

Investment banks require software that is simple to use for high-stakes deals and protects their sensitive data. They need to speed up the M&A diligence process, communicate a management presentation with prospective buyers in a matter of minutes, and make sure that investor communications are secure with remote control of data and insight dashboards. They also need to monitor and monitor the progress of different tasks, such as creating reports, reviewing documents and completing questions and answers.