In order to complete its service offering for legal and deal-making professionals, Closd is launching its next generation data room solution. A data room is a software solution that allows to upload, share and remotely review a large number of highly confidential documents, particularly in the context of legal and financial due dilligence.
The Closd data room offers a European alternative to traditional market players. The solution combines the simplicity of a document sharing solution with the features and security of the market’s leading data room solutions.
The Closd data room simplifies, accelerates and transforms the due diligence experience in M&A, Private Equity, Venture, Restructuring, Real Estate, etc., while providing an optimal level of security and a revolutionary user experience. Find out more about this new interface.
Already equipped with an ultra-secure document management feature, Closd now offers a complete data room solution, separate from the legal project management tool, to go even further in the digitalization and acceleration of your due diligence processes.
The tools are complementary, and can be purchased together or independently. For more information, contact our sales team.
Closd now offers a new type of data room projects, in addition to the existing collaborative projects in the platform. Our offer is flexible according to your needs: you can choose the duration and the volume of storage you want.
The Closd data room includes the following modules:
- Documents (data room)
- Participants (user management)
- Q&A (new)
- Activity logs (new)
- Automated bible generation
- Data room set up (new)
Features of Closd’s next generation data room
Document management and organization
The Documents tab of the data room allows you to add files and folders, create tree structures, automatically number your folders and files for auditing purposes, and also provides a time-stamped index of files and folders.
The interface displays and allows you to customize a set of information, such as access rights for a folder or file, privacy and security settings, or a shortcut to the question associated with a file.
Easily share your files and set precise access rights to simplify your due diligences and reduce the volume of emails exchanged.
The data room integrates directly with the electronic safe solution provided by our partner Arkhineo. The electronic safe option offers a long-term archiving solution with probative value for your data room documents.
Add participants to your data room, manually or via an Excel import, and create groups to simplify access rights. A simple drag and drop allows you to easily change a participant from one group to another.
It is also possible to hide groups from each other or to hide participants within the same group, which makes it possible, for example, to invite several potential buyers to the same data room without seeing each other. This avoids having to create as many data rooms as there are buyers.
The Q&A module provides access to a dashboard with all the questions related to the documents in the data room in the form of a list, organized into 4 categories:
- total number of questions
- awaiting for a response
- awaiting closure
- questions closed
It is possible to import a list of questions from an Excel template. You can also export your Q&A to attach it to the operation documentation.
To create a question, project managers must provide the following information:
- the content of the question
- the category of the document (for example: corporate, financial, commercial, etc.)
- the document or file to which the question is attached (optional)
- the user to whom you wish to share this question (who will be able to see and answer it).
Project Managers receive a notification when a question is asked, validated, etc. These notifications can be changed in the data room Settings and in each user’s profile.
Activity logs correspond to a history of events and actions performed by users on the data room.
Accessible to project managers, the logs include for instance the following events:
- uploading a file
- consultation of a file
- renaming a file
- moving a file
The list of these events can be filtered by date and by user. It is also possible to export the results of the queries. This feature allows project managers to identify suspicious user behavior, for example, or to decide in case of a dispute regarding the sharing of a document.
The Bibles module allows you to save precious time by downloading all or part of the data room in a Zip folder (depending on your access rights). An index of the folders and files in the data room is automatically included in the bible.
Parameters and watermarking
The data room settings tab allows you to perform several actions:
- First of all, it allows to determine precisely the access rights of the data room participants (possibility of loading or creating files for example);
- It also allows you to prevent users from downloading files, and to activate the display of watermarks. The document available for viewing only will display an overlay of text including the file name, name, email address and IP address of the user, as well as the date and time of viewing. The purpose of this feature is to immediately identify the user in case of a leak.
This section also allows you to monitor usage statistics and to follow in real time the number of files added and the storage space used.
Forget about heavy and complex data rooms: Closd allows you to simplify your due diligence processes and optimize collaboration with your stakeholders on all transactions in a simple and intuitive way. Contact us to learn more about Closd’s data Room.