Private equity firms are accountable for a variety of sensitive information that requires tight security and quick collaboration. High-profile projects must communicate securely with stakeholders within the company and investors whether they’re raising funds, conducting diligence or closing deals. Virtual data rooms allow you to manage these processes without the need to organize physical meetings or send email threads. They also give your team members a simple experience by offering features like document tracking on a page and the ability to grant granular access.
Additionally, the VDR is an efficient platform for sharing files and documents with multiple parties simultaneously. You can invite multiple users, with varying access rights according to their contribution or role to the project, and monitor the activities of each on your data room. This helps you reduce the number of redundant users, increase team efficiency and improve transparency.
Dropbox provides a basic interface and free storage, but lacks the advanced features of a VDR. For instance it’s not able to create a brand-named virtual space, and also does not have features that are essential for M&A and due diligence, like transactions, audit trails, and the ability to sign electronically.
A good alternative is iDeals that provides a secure collaboration platform that combines the ease of cloud-based file-sharing services with advanced document management and security features. The interface of iDeals is intuitive that makes it simple to organize and search documents. It has a wealth of other useful tools, too, including two-factor authentication, timed access expiration and IP-address limitation, which ensures that your documents are kept private.