A virtual dataroom can streamline M&A due diligence and other sensitive document-sharing processes by making it easier for bidders to participate with each other, reducing timeframes and increasing the likelihood of success. There are many VDRs however they’re not all made in the same way. To select the right one to meet your needs, look at the following factors:
Configuration is intuitive and easy to use.
A simple and comprehensive user interface allows users from all departments to access and use the platform, without needing to be trained. You should choose an online vendor that provides 24/7 assistance to ensure that any issues will be addressed quickly. You must also be able to access your documents using an advanced viewer, search them and easily assign permissions. Avoid vendors that charge outrageous charges per page or per user.
Advanced security features
Online data rooms that are secure offer advanced encryption and security that protects your data. Find a service that offers multi-file redaction AI contract analytics and virus scanning, watermarking and access control that is based on role. These features let you conduct an extensive due diligence process with confidence.
Many vendors also provide full lifecycle management system that allows you to communicate, collaborate and manage projects. This makes them perfect for M&A and other complex deals that require extensive documentation and collaboration between many teams. It is important to choose the company that has an integrated project management system to streamline the entire process and make it more predictable and manageable. Look for a vendor who has a track record of customer satisfaction and their client list includes some of the top companies.