A virtual data room that is the most advanced in the industry has the tools required to help M&A professionals complete transactions in a controlled manner. They can store and access files and documents with confidence and without the need to switch between several platforms. In addition they can be confident that the platform meets and goes above industry standards for document security.
For instance, they must have a secure online repository with redundancy in the data center and virus scanning to ensure their information is secure from hackers. They also need to have security certifications, such as ISO 27001, SOC 1/2/3 and GDPR. Advanced permission settings are another aspect to be considered. They enable teams to control who can view what files and how many they can download, view and print or save. They should also consider features such as watermarking and dynamically hidden pages to safeguard sensitive information.
They must have an easy-to-use interface and reliable performance to ensure that the platform will not slow down or crash when users upload large amounts of documents. Other features worth looking for include 2-factor authentication, external integrations, and activity tracking. The latter is helpful in the identification of potential roadblocks as well as monitoring the level of collaboration.
The most highly rated VDRs are SmartRoom, Firmex and Securedocs. SmartRoom is used primarily in investment banking, M&A and structured finance which offers faster upload speeds of up to 5MB per second, a smart lock that permits revoking document access even after downloading the document, as well as built-in redaction as well as integration with DocuSign, as well as dedicated project managers. The software is user-friendly, and it offers a free two-week trial. Firmex is a cloud-based software used in the financial industry to manage mergers, acquisitions and due diligence. It is a multi-level security virtual dataroom that comes with sophisticated functionality and a price that is affordable.
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