A virtual data room (VDR) allows you to securely share sensitive documents and is commonly utilized in M&A due diligence. It is also useful for other projects that require an extensive amount of documents exchange, like real estate deals or investment management. The best VDR provider for your project and industry is determined by the needs of both. Here are some key factors to take into consideration:
A reliable VDR is compatible with all major operating systems and devices. It will be simple to use and include many useful features. There are additional features such as instant messaging, a dashboard and the ability edit Excel or Word documents within the platform. A secure fence view is another handy function that blacks out parts of a file so that personally-identifiable information remains private.
Permission settings are another important feature to look for. You should be able assign viewing, printing and downloading permissions to each individual file. You should also be able monitor activity with detailed reporting and analysis.
Some of the best VDR providers will give you access to technical assistance from experts that is extremely helpful when you’re trying to manage multiple projects that have tight deadlines. It doesn’t matter if you’re dealing M&A due diligence or simply trying to close the deal, you don’t want to be caught off guard by an issue with your technology that could impede the transaction. It’s important to ask whether the vendor has phone assistance, and how friendly and knowledgeable their representatives are.