Virtual data rooms are a common way to share sensitive documents such as intellectual property documents, litigation files, financial documents, etc. They provide granular activity tracking that enables users to view the documents that have been used by whom, which assists in security audits. VDRs allow more participants to take part than physical datarooms, which reduces travel costs and enables organizations to close deals quicker.
M&A due diligence is one of the most frequently used applications of a VDR that requires storing, reviewing and providing access to extensive documentation. In this situation it is advisable to use a VDR such as DFIN’s Venue designed for this purpose and designed for M&A due diligence, is the best option. It provides advanced features such as AI functions that increase the accuracy and efficiency, auto-indexing and digital watermarks as well as full-text search as well as auto redaction. It also helps streamline workloads by automation, and offers single sign-on, a customizable user interface and a full-featured reporting.
Another key feature to look for in the VDR is the precise tracking of activity that positively affects the M&A due diligence process and allows users to gain greater insight into the document’s activity. Other key features of a quality VDR include in-app chat phone and email multilingual support, and help centers with product videos. A good VDR also offers flexible pricing plans like per-page and per-storage. It will also include an effective collaboration suite which includes annotations, Q&As, and the capability for tasks to be assigned. This allows you to ensure that your team members have the tools they need to complete their tasks, even when they’re working remotely or in different time zones.