The virtual dataroom (VDR) is a helpful tool to share, store and/or analyzing data by a variety of parties. Certain tasks, however, require something more. The due diligence process in M&A, for example requires a solution that’s more than just a secure storage area for documents. It also provides additional tools to aid in collaboration and project management. This type of VDR is commonly referred to as a lifecycle management solution and certain vendors provide solutions designed to help with the entire M&A deal process, including due diligence, NDAs, document expiry, reporting and much more.
The first step in choosing the best provider is looking at the types of documents and files you’ll be uploading, sharing, or reviewing with the software. It’s also important to determine what kind of features you may need, including security options like dynamic watermarking, to stop illegal copying and encryption of documents remote access revocation even after download, and the ability to create folders to limit access or control.
Another consideration is the cost. Certain data rooms have per-page pricing, which can be expensive if you have a large quantity of documents to share. Ideally, you’ll find a service that offers a free trial to test the software prior to signing up for an agreement.
Also, ensure that the service you choose provides a comprehensive audit trail that documents all user activities. This will allow you to track the amount of time each user spent on each document, as well as where they clicked on the file. Some providers offer statistics by users, or charts that can help you to understand the data.
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