As an M&A advisor, you know the process of due diligence is often lengthy and document-heavy. Your clients require access to information quickly and efficiently. You should suggest virtual rooms with features such as view as well as user permissions that are easy to use and modern user interfaces. This will help users get through the process and, perhaps, more importantly, save time and money.
Activity reports are another thing to look for in a VDR. They will let you know who’s been viewing, saving, printing or downloading documents. This can help you ensure that your internal controls are in place and safeguards the privacy of sensitive information. A good VDR lets you add watermarks to your documents or deactivate the print and download functions completely. These are crucial features to consider during due diligence and can prevent leaks.
In the end, make sure that you ensure that the VDR is compatible with your client’s preferred platforms and devices. This is particularly important when there are more than one team member working on a deal. A great VDR should be equally functional on iOS and Android, Windows, and macOS, without the need for any additional plugins.
Lastly, read reviews of the VDRs you’re thinking of buying before making a decision. It’s important to know which ones were written by actual users who have had a positive experience, what their experience been like, and how helpful they found the vendor. It is also important to be aware of which vendors have third-party certifications like ISO 27001, SSAE 16 and ISAE 3402 and the location of their servers.