A virtual data room (VDR) allows you to securely share sensitive documents and is often used in M&A due diligence. It can also be useful for other projects that require an extensive amount of document exchange, like real estate deals or investment management. The choice of the best VDR service is based on your industry and needs. Here are a few factors to take into consideration:
A reliable VDR will be compatible with all major ma data rooms operating systems and devices. It will be simple to use and have 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.
It is also important to look for permission settings. You should be able assign viewing, printing and downloading permissions to each individual file. You must also be able to keep track of activity using detailed reports and insight.
Some of the best VDRs provide professional technical assistance. This is extremely valuable when you are juggling several projects and tight deadlines. It’s not a good idea to allow any technical issue to delay the process, whether you’re conducting M&A due diligence or simply trying to close a deal. It’s a great idea to inquire whether the vendor offers phone support and how competent and helpful their staff are.