Questions to Ask When Assessing Virtual Data Rooms

A Virtual Data Room is a secure, cloud-based archive for sharing and storing documents. They are used for everything from M&A through capital raises, audits strategic reviews and tenders. Material outcomes depend on the quality of these documents. These are the questions you need to be asking when you are evaluating the viability of a VDR service.

Attorneys, regulators, and banks have shared files in physical rooms for a number of years at set times. These documents are easily exchanged over the internet.

It doesn’t matter if you’re a PE/VC-based firm who is managing multiple deals simultaneously or a corporate M&A dealmaker seeking to speed up due diligence, the right VDR will benefit your business in a scalable way. Look for VDRs that allow users to import files from storage platforms like Google Drive, Box or OneDrive. Additionally, they can be integrated with your e-Signature provider and allow you to sign contracts through the platform, instead of emailing drafts back and forth or using a third-party electronic signature service.

The best modern VDR providers provide advanced document processing and search features which means you will be able to locate information quickly. This includes optical character recognition (OCR) and full text search, along with the ability to combine the contents of multiple documents into a PDF file. Most also offer 24/7 multilingual phone and chat support.

The most important thing to consider is a pricing structure that is based on projects. Instead of charging based on the number of people accessing a VDR over the course of the project, reputable companies will charge based on the amount and size of storage that is used. This will stop costs from escalating out of control as the project progresses.

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