Virtual data rooms are becoming increasingly popular as a means to share documents with authorised parties, particularly due to the growing popularity of remote working and hybrid working. These platforms function as a shared data repository and are frequently used during due diligence processes. They are also useful for other business functions such as restructuring and fundraising.
When selecting a VDR provider, be sure to look for features that can help you keep the process running smoothly and on time. For instance, think about the amount of storage space you require based on the amount of documents you expect to upload, and also check whether or if a provider will allow you to resize files as needed. Look for a provider that can offer granular access permissions and a thorough audit trail that records every time someone opens or views a document. Some providers also include features like watermarks that hinder leakage after downloading.
It’s crucial to have a secure platform that allows you to share and combine documents during a due diligence procedure. This is why it’s important to find out if the provider offers Q&A functionality to allow potential buyers to ask questions directly to the seller’s team. This can help you save time and energy by not having to chase for answers or set up meetings.
It’s also worth looking for a service that provides technical and product support. This will ensure you get the most from your VDR and will solve any issues as fast when they arise.
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