27 Sep How to Set Up a Virtual Data Room
Virtual data rooms provide an efficient way to share documents with other parties in due diligence and other M&A transactions. However, how effective the solution is is contingent on how it’s installed and utilized.
Choose a VDR provider that has been built with sharing seriousness in mind. It should provide a wide variety of tools that allow users to upload and share files in bulk. It should also allow administrators to create folders and create document indexes. It should include a powerful search tool that allows users to find documents quickly. The ideal solution is to enable users to print documents and download PDF files with watermarks. Administrators should be able monitor when documents are printed and downloaded.
Consider whether a vendor offers one-time use transactions or an annual subscription when selecting the vendor. A subscription that is annually renewed allows for greater flexibility and lower cost of ownership. It also eliminates any chance of price increases that may occur during the term of the contract.
A good VDR will work with multiple browsers and platforms like Mac and Linux. It should be able handle any format of file. In addition, it should be easy to alter the appearance and feel of a virtual data space by applying customized branding.
Check that the VDR is equipped with security features that can block unauthorised access to your data. The service provider will, for instance, offer multi-factor authentication, as well as security impersonation for users. In addition, it should allow administrators to set a session timeout that will shut down the user’s session following the specified time of inactivity.