The virtual data room (VDR) has long been an important contribution to any place that data is stored, shared or analysed by a variety of parties. However certain tasks require more. Due diligence in M&A requires a solution which is more than just secure storage of documents. It also needs to provide additional tools to collaborate and manage projects. This type of VDR solution is sometimes referred to as a lifecycle management solution. Certain vendors offer solutions that can be used to assist all aspects of the M&A process, including due diligence, NDAs, and document expiry.
The first step to choose a service is to look at the kinds of documents and files you’ll uploading, sharing, or reviewing with the software. It’s also important to determine the features you’ll require, including security options like dynamic watermarking to prevent illegal copying, encryption of documents remote access revocation, even after download and the ability to create folders that limit access to or permissions.
Cost is a different factor to take into consideration. Some data rooms use per-page pricing that can be costly for large quantity of documents to share. It is best to find an organization that provides the opportunity to try the software before signing up to the plan.
In the end, you’ll need to make sure your chosen provider has a robust audit trail that documents all activity of users. This will allow you to track the amount of time each user spent on each document and where they clicked on the file. Some providers will provide reports for each groups of users, or different charts to assist you in my explanation understanding the stats.