A virtual dataroom streamlines M&A due-diligence and other sensitive document sharing processes by making it easier for bidders to engage by reducing the timeframes and enhancing the success rate. However it is true that not all VDRs are created identical. To choose the most suitable one for your needs, consider the following criteria:
Easy-to-use and intuitive configuration
A simple and comprehensive user interface means that users from all departments can use the platform without having to request training. You should look for a vendor who offers 24/7 assistance to ensure that any issues will be quickly resolved. You should also be able to look at your documents with a high-quality viewer, search them, and easily assign permissions. Avoid vendors who charge astronomical fees per page, or per user.
Advanced security features
The most trusted online data rooms offer advanced encryption and security measures to secure your information. Choose a provider that has features like multi-file redactions, AI contract analysis, watermarking and virus scanning. These features let you conduct a thorough and secure due diligence process with confidence.
Many vendors also offer full lifecycle management software that enables you to communicate, collaborate and manage projects. This makes them perfect for M&A as well as other complicated deals that require extensive documentation and collaboration between various teams. Choose a company that offers a solution for managing projects designed to simplify and control the entire process. Find a vendor that has an established track record of satisfaction with customers and a client base that includes the top firms.