Choosing the right virtual data room (VDR) service is essential to success in M&A due diligence or other business transactions. Look for an interface that is user-friendly, particularly for those who are new, as well for training or support.
Certain VDR providers also have analytics tools that allow administrators to track how long each user has spent on a specific document page. This is important since it discourages users from leaking information. It can also help the admin track who is most interested in a potential deal.
A quality VDR should have an easy-to-use interface that is suitable for both accountants at the entry level and CFOs. The ideal interface would be able to be customized and offer a variety of deployment options. It should also include an overview of recent notifications and activity. It should be possible for each project to have its own space with different levels of access to the documentation and information.
The most important element of any data room online is security. Look for providers that offer secure online storage facilities, advanced encryption for files (including two-step verification), and disaster recovery options that include geographically dispersed data centers and top data room providers backup power. Also, look for certifications, such as ISO 27001, HITRUST, HIPAA and SOC 2, which demonstrate the strictest standards for data management.