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When most people think of software for data rooms they typically imagine it as a tool used to conduct due diligence of M&A deals. But there are alternatives for businesses to utilize this software to share information in a secure manner. It is crucial to find an option that will provide security, scalability and the ease of use for all your needs for sharing files. The cost should be affordable to your business so that budget limitations don’t hinder you from using the software.

The best virtual data rooms can help your business reach its goals, and reduce the stress that comes with high-stakes transactions. When you are looking for a service ensure that you read reviews of the service from multiple sources, and also look at testimonials from users about how it has helped others in similar situations. Also, check out the list of features and determine if they can satisfy your data storage and collaboration needs now and in the future.

For instance, some providers have tools that allow for granular access permissions on both the folder and document level that can be tailored to match your team’s needs. This can help prevent sensitive data from falling into in the wrong hands, and reduces the possibility of data leaks. It is also recommended to select a provider with a feature that allows for watermarks, which will deter theft and prevent unauthorized file sharing or editing.

Firmex is one example. It offers a dataroom designed to help banks with their due diligence process by offering secure file sharing efficient communication, as well as important insights. It can be used by investment bankers, lawyers and other financial professionals to facilitate meetings, present goals and conduct due diligence on mergers and acquisitions. It provides a variety of specific features, including a central repository for documents with secure file transfer, automated due diligence procedures which can reduce the time spent each day for users.