If you’re a company seeking a virtual dataroom provider, it is important to select one that comes with all the features you require. To ensure you’re choosing the correct virtual data room, you should look for features that allow your due diligence process to run smoothly and efficiently.
If you’re conducting due diligence for several potential acquirers or investors you’ll want to ensure that all parties have the ability of reviewing documents at the same time without making copies. This is a challenge in physical documents, which is why the virtual data room the ideal solution for M&A transactions.
You’ll require a virtual dataroom with a Q&A feature. This allows parties to submit questions and receive answers from your team through an encrypted platform. Some VDR providers provide this functionality as a service, while others charge an additional fee for it.
Another feature to look for is a dashboard that displays key statistics about your project. This can be useful for keeping track of your progress with due diligence and determining if you’ve achieved your goals. The dashboard will help you determine when you should stop your due diligence and if your plan needs to be redesigned.
The final aspect to consider is the ease of use. You should ensure that the virtual data room is easy to use for all users. Review reviews on trusted platforms like G2 and Capterra to find out what actual customers have to say about a vendor’s interface and how simple it is for different users.