The virtual dataroom (VDR) is a great tool to share, store and/or analysing information by multiple parties. Some tasks, however, require something more. Due diligence in M&A requires a solution that is more than just an appropriate place to store documents. It should also provide additional tools for collaboration and project management. This type of VDR solution is sometimes referred to as a lifecycle-management solution. Some providers provide solutions designed to aid in all aspects of the M&A process, such as due diligence, NDAs and document expiry.
When deciding on a software vendor, the first thing to do is consider the type of documents and files you’ll be uploading or reviewing or sharing. It’s also important for you to consider the kind of features you may need including security options such as dynamic watermarking to prevent illegal copying, document encryption remote access revocation, even after downloading and the ability to create folders to restrict access to or permissions.
Cost is a different factor to take into consideration. Some data rooms offer per-page pricing, which can be expensive when you have a large number of documents you want to share. In the ideal scenario, you’ll find the service that gives you a trial for free to test the software before committing to the purchase.
You’ll also want to ensure that the service you choose offers a robust audit trail that records every single user’s actions. This will allow you to observe the time that each user spent on each document, and where they clicked on the file. Some companies provide statistics by user group, or charts that help you better understand the information.
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