The most effective software for data room is a collaborative platform that offers both security and scalable content sharing. Box, iDeals and SecureDocs are some of the most well-known options. They claim to offer the simplest user interfaces and 24/7 customer support. They also lack the features essential for document sharing in sensitive business environments, like specific settings and audit trails.

Many M&A transactions require a large amount of documents to be reviewed by dozens of parties. To avoid security breaches and compliance violations, companies need to provide external parties with a safe environment in which they are able to easily my company review privileged information. That's where a virtual data room (VDR) comes in.

A VDR lets you share data securely with several parties, while limiting access to specific folders or files. The permissions can be defined in accordance with the roles, phases of the project, and document types. A VDR's audit log reveals who has accessed the documents and what actions were taken within the platform.

A renowned VDR provider, iDeals, offers simple yet robust tools that can be used for M&A due diligence as well as other document sharing purposes. It is easy to utilize and has a quick learning curve, so users are able to quickly become acquainted with the capabilities of the platform. It also supports a broad range of file formats, comes with an adjustable pricing structure, and supports drag-and-drop uploads. Its security features include a 2-step verification process and data encryption. All plans come with a 14-day trial period for free.