As the due diligence process for M&A transactions gets more complicated, companies are turning to virtual data rooms (VDRs) for a quick, secure way to share and review documents. But how do you select the most appropriate VDR that will meet your company’s unique requirements?
Begin by determining your goals. Then, you should focus on a handful of VDR providers that align with your needs. Visit their websites and look through reviews from users. You should look for more a interface that is modern and streamlined with efficiency and simplicity.
Check that the VDR is fully connected to your other tech tools after narrowing your options. A well-integrated platform will allow you to quickly move from one application to the next and speed up your due diligence and other workflows.
The VDR’s filing system must be considered. Top-down filing systems make an orderly folder structure and subfolders that help users navigate easily through the files. This format is a great choice for larger projects as well as companies that have to arrange data by department or project stage.
Be sure to look at the security features each provider offers. Compromised data can be costly and put thousands, if not millions of people at risk. During your shopping, eliminate any vendors that aren’t ISO 27001 compliant and feature two-factor authentication in order to minimize password theft, as well as digital watermarking capabilities to prevent replication of documents. The best VDR providers provide 24/7 customer support in multiple languages that can help you understand the features and functions of their services.