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Data room software, as the name implies, is designed to store confidential documents and used in business transactions. Information is often valuable and needs to be secured from competition. To this end, the top vendors in this field offer features such as multi-factor authentication with user permissions that are granular and advanced IRM that protect the information top article from unauthorized access. They also provide features such as mobile device management, security for users impersonation and activity monitoring to monitor users’ activities.

The most effective virtual data rooms are built for business-critical processes and are optimized to work with a variety of devices and platforms, including desktops, tablets and smartphones. They allow seamless integration with other applications like chat and email. They are available as hybrid, on-premise, cloud and cloud deployment models to meet the needs of different workflows. The software is simple to install and designed to make processes simpler which makes it ideal for small and midsize businesses that require both simplicity and functionality.

Some of the best-rated data room providers are Intralinks Virtual Data Room (VDR), iDeals Solutions, and Datasite. They offer a range of business-critical features that are ideal for M&A transactions as well as capital market transactions and due diligence, in addition to other transaction processes that are strategic in nature. Intralinks facilitates efficient dealmaking by using the use of a digital platform which provides high-risk data storage and file-level encryption as well as centralized administrative control and simple access with a powerful IRM. It also comes with a 24/7 multilingual support line with pre-configured templates for solution creation and an intralinks designer that assist in speeding up the process of project start-ups and the best practices for implementation.