Virtual data rooms come in all sizes and shapes, and have a variety of options that make them suitable to a wide variety of projects and business processes. But, despite appearances, not all are created equal. In fact, minor differences in functionality can make a big difference when your project is in the balance. It is crucial to look through your options and select the VDR with the capabilities you need.
Virtual data rooms can help you meet your goals whether you’re looking for a way to simplify mission-critical procedures and transactions or help with M&A Due Diligence. Here are some things to think about when looking into VDRs:
Find an VDR that supports the file extensions that you require to upload your documents. Some providers provide additional services to ensure your transaction goes smoothly, such as consulting and training. These are not required however they can save you time and money if your firm is involved in complicated or high-value transactions.
To protect uploaded documents against disclosure or access by unauthorized persons, choose a VDR with strong security features. Features such as encryption, multi-factor authentication and audit trails are vital to ensuring that sensitive information remains safe.
Search for the VDR with specific permissions for groups, users and documents to ensure that the right people can access the right document at the right time. It should also include features that block downloads by unauthorized users like dynamic watermarking or locking to IP. It should also allow you to remotely revoke access after downloaded files have been opened.