Private equity firms are responsible for a lot of sensitive information that requires tight security and easy collaboration. The most prominent projects require communication securely with internal and external stakeholders as well as investors regardless of whether they are raising funds, conducting due diligence or closing deals. A virtual data space helps you manage these processes without the necessity for physical meetings and email threads, and gives your team a smooth experience using features such as document tracking at the page level and specific permissions.
A VDR also provides an infrastructure that allows you to share documents and files with many parties at once. You can invite users with different access rights depending on their roles in the project and the contribution they make, and you can manage their activity on your data room. This enables you to reduce the number of redundant users, increase team efficiency and increase transparency.
Dropbox provides a simple user interface and free storage but does not have the advanced features of a VDR. It’s not able to build a virtual workspace with a logo, and it’s not equipped with features necessary for M&A or due diligence such as audit trails, eSignature, and transactions.
A great alternative is iDeals that provides an efficient and secure collaboration platform that combines the convenience of a cloud file-sharing service with advanced security and document management features. You can easily organize and search documents using iDeals using a user-friendly interface that streamlines workflow. It also comes with other useful tools, too that include two-factor authentication, timed access expiration, and IP-address restriction, which makes sure that your documents remain private.