Description

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Virtual data rooms are available in all shapes and size, and come with a range of features which make them useful for a range of business processes and projects. However, despite the appearance, not all are created equal. Even small differences in function can make the difference when your project is in the midst of being completed. It is important to evaluate your options and select the VDR that can provide the features you require.

Whether you are trying to streamline processes that are mission-critical and transactions, or to facilitate M&A due diligence, the virtual data room could help you achieve your goals. Here are some factors to take into consideration when evaluating VDRs:

Find the VDR that supports the file extensions you require to upload your documents. Some providers also provide additional services to ensure that the transaction goes smoothly, including consulting and training. While these services aren’t needed, they can help save time and money if your firm is engaged in a complex or high-value transaction.

Make sure you choose a VDR partner with solid security features to safeguard uploaded files from disclosure and access by unauthorized persons. Features like encryption, multi-factor authentication, and audit trails are essential to ensuring that sensitive data remains safe.

Find a VDR that has detailed permissions for groups, users, and documents to ensure the right people can access the right document at the appropriate time. It should also provide features to prevent unauthorized downloads such as dynamic watermarking locks to IP, and expiration of access to documents. It will also allow you to cancel remote access even after the downloaded files are opened.