A virtual data room is the best choice for sharing documents with a third-party without the risk of breach. This is why a data room is a great choice for due diligence in M&A deals as well as fundraising, partnership negotiation and asset sales. Virtual data rooms vary in terms of security, usability, as well as pricing.
A virtual data room must provide a minimum of two-factor authentication and users with granular permissions to secure the files from theft. Furthermore, the data room should secure files both in storage and during transfer. It is important to include options that allow you to limit the ability of Virtual Data Room recipients to use downloaded files. These include a viewer-only feature, dynamic watermarks, and other restricted viewing options.
A data room should feature an easy-to-use interface that makes it easy to upload, organize and share files. It should also support collaboration by offering a variety of tools for chat, Q&A, and live conferencing. It should also provide an app that can be downloaded for mobile access while on the move. It is essential to read reviews of customers before deciding which provider to choose. iDeals is the provider with the highest user ratings for usability. Citrix, Datasite and other providers are also well-received by customers. It is also crucial to think about the features you’ll require to complete your project. For instance, if wish to simplify your due diligence process search for features such as displaying an NDA/terms-of-use prior to giving access for documents, automated document numbers and a PDF converter that does not require plug-ins.
