The best virtual data rooms feature features that make it easier for users to view and access documents. They have a table of contents, drag and drop capabilities, folder and subfolder structures and search functionality. They also feature an extensive file sharing and viewing permissions (e.g., editing only, view only, full downloading and uploading fencing view to stop screen prints and unauthorised viewing, remote data wipe, and much more) to provide greater security.
Another consideration is whether a VDR provides advanced functionality such as Q&A or document versioning, to simplify due diligence and ensure projects stay on in the right direction. Some, such as FirmRoom go further, offering request management, which allows you to synchronize all communications and diligence requests all in one location, customised for sellers and buyers.
Finally, a great VDR offers a custom dashboard that displays the most recent activities and alerts to keep everyone up-to-date. It should also offer features that can speed up the process by eliminating obstructions and ensuring continuous distribution without interruption. This includes a list of all potential participants and separating them by role or participation to help accelerate the invitation process.
The goal of any data room is to provide all of the information required to make an agreement while keeping confidential data from falling into the hands of a thief. Be aware that sharing too much data can be a problem. Investors could be distracted by irrelevant information or make decisions based upon incomplete or inaccurate information in the event that you provide too many.
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