A virtual data room simplifies M&A due diligence and other delicate document sharing processes by making it easier for bidders to communicate with more bidders, while also increasing the rate of success. There are many VDRs, however they’re not all created identical. Use the following guidelines to help you choose the best VDR for your requirements:
Configuration is intuitive and easy to use
A simple and user-friendly interface allows users from all departments to access and use the platform without needing training. Look for a company that provides 24/7 support so that any issues can be swiftly solved. You should also be able to access 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
The most reliable online data rooms have advanced encryption and security measures to secure your information. Choose a data room service with features like multi-file redactions, AI contract analysis, watermarking and virus scanning. These capabilities allow you to conduct a thorough due diligence process in a safe manner.
Many vendors also have a full lifecycle management software that enables you to collaborate, communicate, and manage projects. This makes them perfect for M&As and other complicated deals requiring extensive documentation and collaboration among multiple teams. Look for a vendor that provides a project management system designed to simplify and control the entire process. Find a company that has a history of customer satisfaction and who’s client list includes some of the most reputable companies.