Data room providers provide companies, interest groups and corporations with an online platform that is secure to upload, share and track information. This simplifies the process of building and maintaining business relationships including mergers, acquisitions, and joint ventures, as well as streamlining the process of core transactions that depend on efficient document sharing.

Each vendor offers its own set of features, however the majority offer basic features. It is essential to be able to access the past records quickly when making deals or analyzing performance. The ability to customize user permissions can also help improve governance. Many providers also provide activity reports that show who has accessed the documents and how long they were viewed for, which helps users monitor the activity and security.

One of the most widely used virtual data room providers is Firmex, a service that has been operating for over 12 years and supports more than 100,000 projects which range from financial transactions to M&A. The service is well-known for its security approach, which includes detailed permissions for users, groups and documents, as well a dynamic watermarking to stop any unauthorized distribution and the capability to revoke the practice of data rooms for the oil and gas industry access to documents remotely even if they’ve been saved or printed.

Brainloop is another popular data room provider. It offers a flexible, intuitive interface. Users can collaborate with their peers in real-time and work on documents with the tools for collaboration that are part of the tool. It comes with a range of options for customizing, including the ability to create white-labeled URLs, and to customize the appearance and feel of the platform using avatars, images, and brand colors. The tool is also ISO27001 certified and comes with an on-click NDA to ensure the highest level of security.