A virtual data room is the best choice for sharing documents with a third-party without the risk of breach. This is why a data room is the most appropriate option for due diligence in M&A deals, fundraising, partnership negotiation and asset sales. Virtual data rooms vary in terms of security, usability, as well as pricing.
A virtual data room should provide a minimum of two-factor authentication as well as the ability to grant user-specific permissions to safeguard files from theft. Furthermore, the data room should secure files both in storage and during transfer. It is also essential to have features that permit you to control what the recipient can do with downloaded files, such as the ability to view only such as dynamic watermarks, dynamic watermarks, and other restricted view functions.
A data room should feature an easy-to-use interface that makes it easy to upload files, organize and share them. It should also support collaboration by offering a variety of tools for chat, Q&A, and live conference. It should also provide an app for mobile users to have access on the go. It is important to check user reviews before deciding on which service to pick. iDeals is the provider with the highest user ratings for usability. Citrix, Datasite and other providers are also well-received by their customers. It is also crucial to think about the features you’ll require for your specific project. For instance, if want to streamline your due diligence workflow consider features such as the ability to display an NDA/terms of use before opening access, automated document numbering and a PDF converter that does not require plug-ins.