Taking the pressure off having to complete business transactions using physical data rooms, virtual data rooms (VDRs) were one of the most up-and-coming industries of 2013. Providers such as Imprima offer a highly-effective, cost-saving and convenient tool for organisations undertaking online due diligence, restructuring, insolvency, repositories and IPO transactions.
The industry standard certification is ISO/IEC 27001, and should be held by any VRD provider you are thinking about working with. If possible, seek hosts who offer bank-level encryption, as the last thing you want is for your private corporate documents to end up in the wrong hands.
During complicated document sharing and exchanging, keeping an eye on permissions can be difficult. If possible, choose a provider that lets the seller create access restrictions and designate login IDs and passwords – this way, only certain parties will have access to various files and folders.
Sellers should be able to set documents as read-only, restrict printing, limit copying, add watermarking and prohibit copying of files.
As with any business deals, timescales, budgets, interested parties and various other factors are prone to change, so it pays to plan ahead and choose a host who can act quickly and offer flexibility when you need it most.
As sellers can implement and amend access restrictions, these should be easy to manage should they need to upgrade or downgrade limitations to the buyer.
Being web-based, your chosen VDR should let you upload, share and view files from all manners of devices – whether you are working in the office on your PC, or on the train on your tablet.
The interface should be easy to understand for both the selling and buying parties, and let users organise files into folders quickly and safety.
For the seller, being able to observe buyer behaviour, interactions and analytics is also very useful. Information including which documents each user viewed, how many times it was opened, and how long it was open for are always beneficial to know, as the seller will have an indication of whether a deal is close to completion.
Due to the globalisation of many companies, a lot of business transactions need to be approved by speakers of various languages. Choosing a VDR with bilingual project managers and a multilingual user interface will help the process run smoothly across multiple countries in numerous time zones.