Virtual data rooms are an efficient method of sharing information with third parties during due diligence or other M&A transactions. How effective the solution can be is contingent on how it is set up and utilized.
Choose an VDR that was designed with sharing quality as a primary goal. It should provide a range of tools that allow users to upload and share documents in bulk. It should also permit administrators to quickly create folders and create document indexes. It should also include an advanced search feature which helps users locate documents. Ideally, the service should let users print documents and download PDF files with watermarks. Admins must be able track the time that documents are printed as well as downloaded.
Check if a vendor offers a single-use transaction or an annual subscription when you choose the vendor. A subscription that is annual offers more flexibility and lower cost of ownership. It also eliminates the possibility of price increases that might occur during the term of the contract.
A good VDR will work with multiple platforms and browsers including Mac and Linux. It should be able to handle any format of file. It should also be able to alter a virtual dataroom’s appearance and feel with personalized branding.
Check that the VDR has strong security features that block the unauthorized access of data. The provider will, for instance, offer multi-factor authentication, as well as impersonation of virtual data room the user. Additionally, it should allow administrators to configure a session timeout that will automatically close the user’s session upon an amount of time inactivity.