A virtual data room is a great tool for M&As, due diligence internal sharing and storage or fundraising. It assists in closing deals faster, simpler and more secure. There are several key attributes to look for in a service provider, for example, 24/7 support for customers and device-agnostic sync with privacy and security settings as well as data redaction and DocuSign integration.
One of the best features is single sign-on, which allows users to sign in one time and gain access to multiple secured systems without having to re-enter credentials. The top vendors also offer SAML 2.0 integration with identity management solutions like Active Directory Federation Services, Okta, Ping Identity and OneLogin. Drag-and-drop uploads are another option which makes data entry simple and fast. For search, optical character recognition full-text searches enable you to locate keywords across documents of all kinds and formats. Document tagging can be useful. It allows you to categorize your documents by date or subject, so that they my website are easier to find in the future.
Q&A modules are another useful tool that can be utilized to communicate concerns and queries to the other parties. For bankers who work in investment this feature can to streamline communication and allow you to communicate your goals prospective buyers more effectively. Task management is essential since you can assign tasks to your colleagues, establish deadlines, and track the progress of each task through the dashboard.
Review reviews from customers on independent review platforms such as Capterra to determine the best provider for you. Find reviews that emphasize the ability of the company to meet both sell-side and buy-side needs during M&A transactions. Be aware of the flexibility of customizing the data room, including the colors, logos, and backgrounds as well as white label URLs.