When shopping for a VDR provider, make sure to explore their very own security and compliance features. This is critical as the best platform can easily negate common pitfalls of data leakage and misuse. It can also be the difference among a successful organization deal and one that goes sour. Seek for a platform which has some of the optimum security certification in the industry and complies with regulatory standards just like FedRAMP, FINRA or HIPAA.
The most common use case for VDRs is definitely the due diligence method during M&A procedures. This can involve looking at a large number of documents that contain private information. Utilizing a VDR may simplify the task by providing a location to store, review and share records. It can also make the entire virtual data room review M&A process more efficient through the elimination of time-consuming functions like contacting drafts back and forth or putting your signature on documents by using a third party eSign service.
Another feature most companies consider may be the ability to deal with contractual contracts within a VDR. This includes non-disclosure agreements (NDAs), supplier long term contracts and merger documents. Some providers can generate automated workflows that provide eSignatures to be completed directly in the system with a few clicks. This is considerably quicker and more protected than matching through email, fax or a third-party eSign service. A lot of providers also include text realization and OCR to further accelerate the process. Finally, they may deliver an email-in feature that enables on-the-go users to publish files by way of their email, rather than the need to log into the platform.