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Steps to Choose Data Room Software For M&A Due Diligence

The virtual data room (VDR) has been around for a long time and has made a valuable contribution to anywhere that data is stored, shared and/or analysed by a variety of parties. Certain tasks require more. Due diligence in M&A requires a solution that is more than storage space that is safe for documents. It also has to provide additional tools to collaborate and manage projects. This type of VDR is often called a lifecycle management system and certain vendors provide solutions designed to aid in the complete M&A deal process, which includes due diligence documents, NDAs documents, expiry dates, reporting, and more.

When selecting a software provider the first thing you should think about is the type of files and documents you will be uploading, reviewing, or sharing. Consider what features you need like security options like dynamic watermarking that prevents illegal copying, document encoding, remote access revocation, even after downloading, and the possibility of creating folders to restrict access to or the ability to use.

Cost is another factor to consider. Some data rooms charge per page, which can get expensive for sharing many documents. Ideally, you’ll find a provider that offers an opportunity to try the software before signing up to an agreement.

You’ll also want to ensure that your chosen provider offers an audit trail with rigor that tracks the entire user’s activities. This will allow you to see how long each person spent on a particular document, what clicks were made on the file and the like. Some providers even provide reports based on groups of users, or different charts to assist you in understanding the stats.

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