A virtual dataroom streamlines M&A due-diligence as well as other sensitive document sharing processes by making it easier for bidders to interact in a shorter time frame and increasing the probability of success. Not all VDRs however, are made to be the same. Consider the following criteria to help you choose the right VDR for your requirements:
Easy-to-use and intuitive configuration
A simple and user-friendly interface allows users from all departments to utilize the platform without requiring any training. It is recommended to choose a vendor that offers 24/7 assistance to ensure that any issues can be addressed quickly. You should be capable of searching your documents, browse them using an excellent viewer, and assign permissions easily. Avoid vendors that charge outrageous costs per page or per-user model.
Advanced security features
Online data rooms that are reliable provide advanced encryption and security to secure your data. Choose a service with multi-file redaction, AI contract analytics, virus scanning, watermarking and access control based on roles. These features allow you to conduct an extensive and secure due diligence with confidence.
Many vendors also provide full lifecycle management software that enables you to communicate, collaborate and manage projects. This makes them perfect for M&As or other deals that require extensive documentation and collaboration among multiple teams. Look for a vendor that offers a project management solution designed to simplify and control the entire process. Choose a vendor that has a track record of customer satisfaction, and their client list includes the best companies.