A virtual dataroom (VDR) is an application that allows you to share confidential documents and is used often in M&A due-diligence. It also assists in other projects that require large documents exchanges, such as real estate transactions and investment management. The most suitable VDR provider for your business and project depends on the needs of both. Here are some important factors to be considered:
A reliable VDR is compatible with all major operating systems and devices. It will be simple to use and come with many useful features. This includes an interactive dashboard as well as instant messaging and the possibility of editing Excel or Word files on 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 an important feature to look for. You should be able to assign viewing download, printing and viewing permissions to each individual file. You should also be able monitor activity using detailed reporting and analysis.
A few of the top VDR providers will provide you with access to technical assistance from experts which is essential when you’re managing multiple projects that have tight deadlines. When you’re dealing with M&A due diligence or just trying to close the deal it’s important not to be caught out by technical issues that could delay the transaction. It is important to inquire whether the vendor provides phone support, and also how helpful and knowledgeable their agents are.