A leading virtual data room is equipped with the necessary tools to help M&A teams to complete deals in a controlled environment. They can access and store files and documents with confidence without having to switch between several platforms. In addition they can be confident that the platform meets and exceeds the industry standards for document security.
To protect their information from hackers, they must for instance, have a secure online repository with redundant data centers and virus scanning. They also need to have security certificates such as ISO 27001, SOC 1/2/3 and GDPR. Other features to consider are advanced permission settings, which allow teams to control who can see what and how much they can see, save, download or print each document. They should also offer features like watermarking or dynamically hidden pages that safeguard sensitive information.
They should have an easy-to-use interface and dependable performance to ensure that the platform will not slow down or crash when users upload a lot of documents. Two-factor authentication, integration with other systems and activity tracking are among the most important features. This can be useful in finding potential roadblocks and to assess the level of collaboration.
The top-rated VDRs are SmartRoom, Firmex and Securedocs. SmartRoom is used in investment banking, M&A, and structured finance, allows faster upload speeds of up to 5MB/second, a secure lock that allows for revocation of document access after downloading, integrated redaction, DocuSign and dedicated project managers. The software is customizable and it comes with a free two-week trial. Firmex is a cloud-based application that’s utilized in the financial sector to manage mergers, acquisitions and due diligence. It is a multi-level security virtual dataroom with advanced capabilities and a low cost price.