A virtual dataroom can streamline M&A due-diligence and other sensitive document sharing processes by making it easier for bidders to interact with each other, reducing timeframes and increasing the probability of success. However it is true that not all VDRs are made equal. To choose the most suitable one for your needs, evaluate the following factors:
Simple-to-use and easy-to-use configuration
A simple and user-friendly interface makes sure that users from different departments can access and use the platform without needing to request training. Look for a vendor that provides 24/7 support so that any issues can be quickly resolved. You should be capable of searching your documents, view them with an excellent quality viewer and assign permissions easily. Avoid vendors that charge outrageous per-page or per-user model charges.
Advanced security features
Online data rooms that are secure offer advanced encryption and security to protect your information. Choose a data room provider with features such as multi-file redactions, AI contract analysis, watermarking and virus scanning. These capabilities allow you to conduct an extensive and secure due diligence with confidence.
Many vendors offer a complete lifecycle management tool that enables you to collaborate, communicate and manage your projects. This makes them ideal for M&As as well as other complex deals that require extensive documentation as well as collaboration among multiple teams. You should choose a vendor that provides an integrated project management system to simplify the entire process and make it more manageable and predictable. Look for a vendor who has a history of customer satisfaction, and who’s client list includes some of the top firms.