A virtual dataroom can streamline M&A due diligence and other sensitive document-sharing processes by making it easier for bidders to engage in a shorter time frame and increasing the probability of success. However there are many differences between VDRs. VDRs are created equal. Take note of the following factors to help you select the best VDR for your needs:
Simple to use and simple configuration
A simple and comprehensive user interface makes sure that users from different departments can access and utilize the platform without needing to request training. Look for a company that provides 24/7 support, so that any issues can be swiftly solved. You should also be able to browse your documents using a high-quality viewer, browse them, and easily assign permissions. Avoid vendors who charge high per-page or per user model fees.
Advanced security features
Online data rooms that are trustworthy provide advanced encryption and security that protects your information. Choose a vendor that has multi-file redaction, AI contract analytics, virus scanning, watermarking and access control based on roles. These tools allow you to conduct a thorough due diligence process with confidence.
Many vendors also offer a full lifecycle management software that lets you to collaborate, communicate and manage projects. This makes them ideal for M&As or other deals requiring extensive documentation and collaboration across a variety of teams. You should seek out a provider that offers an integrated project management system to simplify the entire process and make it more manageable and predictable. Find a provider who has a proven track record of customer satisfaction and who’s client list includes some of the most reputable firms.