Virtual data rooms are becoming more popular as a way to share documents with authorized parties, especially in light of the growing popularity of remote working and hybrid working. These platforms serve as a collaborative data repository and are often used in due diligence processes. They can also be useful for other business functions including restructuring and fundraising.
When selecting the right VDR provider, you should look for features that can help your team keep the process efficient and on time. For instance, think about the amount of storage capacity you will require based on the amount of documents you anticipate uploading, and confirm whether or if a provider will allow you to alter the size of file folders as needed. Search for a provider who can offer granular permissions to access documents as well as a robust audit log that documents each time a document is viewed or opened. Some providers provide features like watermarks that discourage leakage after downloading.
If you’re undergoing a due diligence process, the ability to assemble and share documents via a secure platform is crucial. It’s important to check whether your service provider provides an option for Q&A so that buyers can direct their questions to the team from the seller’s side. This will save you time and resource by not having to chase for answers or set up meetings.
It’s also worth looking for a provider that provides technical and support for their products. This will help ensure that you make the most of your VDR and resolve any issues that arise.