If you’re a company in search of an online data room service, you’ll want to choose one that offers all the essential features you require. Look for features that make your due diligence process more efficient and easy.
If you’re conducting due diligence with multiple investors or potential acquirers you’ll want to ensure that each participant has the ability to review documents simultaneously, without making copies. This is difficult to do in physical documents, making a virtual data room an ideal option for M&A transactions.
You’ll want a virtual dataroom that includes a Q&A section. This lets parties ask questions and get answers from your team through a secure platform. Certain VDR providers offer this feature as a service, whereas others charge an extra cost for it.
Another feature to look for is a dashboard that provides the most important information about your project. This is helpful for tracking the progress of your due diligence and determining if you’ve achieved your objectives. The dashboard will help you decide when you should end your due diligence and if your approach needs to be adjusted.
The final aspect to consider is the ease of use. Make sure the virtual data room you choose is simple to navigate for all users. Read reviews from reliable platforms like G2 and Capterra. Learn what real customers think of the interface of the vendor and how easy it can be for different users.