A virtual data room is the most secure option to share documents with a third-party without the risk of breach. A virtual data room is the most suitable option for due diligence when it comes to M&A, partnerships, fundraising and asset sales. Virtual data rooms differ in terms on security, usability, as well as pricing.
A virtual dataroom should offer the minimum of two-factor authentication and granular access rights for users to protect the data from theft. Furthermore, the virtual data room should be able to encrypt files both in storage and during transfer. It is also important to have features that allow you to control what a recipient can do with downloaded files, including an option to only view files as well as dynamic watermarks and other restricted view functions.
A data room should have an intuitive interface that makes it simple to upload, organize, and share files. It should also facilitate collaboration by providing a variety of tools like chat and Q&A, as well live conference. It should also have an app for mobile devices to allow access while on the move. Reviewing user reviews is crucial before choosing a service. iDeals has the best user ratings when it comes to usability, whereas Citrix and Datasite are also well-received by their customers. Think about the features you’ll require for your project. If you’re looking to streamline the due diligence process such as, search for features like automatic document naming or an NDA/terms of service prior to granting access, and a PDF Converter that does not require plug-ins.