Selection Guide: Find the right solution for your business needs
Every year the number of Virtual Data Room providers increases. This makes the process of choice harder. To pick the provider which will answer all of the business requirements follow the next steps:
Define a reason for VDR implementation. It might be a temporary data room for merger and acquisition purposes, business deals, company sale, audit or portfolio management. Or long term usage for due diligence intentions, information rights management, deal execution, project mentoring, board communication, portfolio administration, and business cloud computing.
Make yourself familiar with the market of VDRs. Go through reviews of top vendors of the service in the world. Who are the top providers?
Based on the second point of this list find those who serve your country, who has local representation. Which languages does the vendors’ software support? Never forget of customer support – tools operators use, multilingualism, operation hours, do they support different time zones.
Compare the technical side of different service providers. Carefully read through their review on different websites and give close attention to the content on their webpages.
Order additional information on the provided service from official websites. By doing this you will have a chance to understand how good the customer service is and get professional recommendations on VDR settlement according to your needs.
Get the trial period exploitation option. Every decent VDR provider will allow his potential customers to get familiar with the software he offers. While on the trial period you will be able to examine such criteria as: quality of the service, customer support, ease of use, adaptation to the software of your company, identification, access settings, water syllables, IP restrictions.
Features checklist: Main evaluation criteria of Virtual Data Room
It is important to have a clear understanding of what the service provider whom you are going to entrust all of your documentation is capable of. It is a must to consider the following factors. Make yourself familiar with the main technical characteristics of a VDR:
- SOC 2 certification
It is a special license for data centres. It is given only to those candidates who provide the best quality security practices, availability, and privacy to your data.
- ISO 27001 Certification
This is the most reputable license, it is credible worldwide and is given for high information technology security standards. This certificate ensures that proper tools are used to prived the desired level of security.
- SSAE 16 certification
The Statement of Standards Attestation Engagements 16 is a license given to those who have gone through the financial reporting audit. This certificate is especially important when data rooms are required for M&A purposes. SSAE 16 means that the chosen VDR provider is obedient to the Sarbanes-Oxley (SOX) Act.inux, Windows, iOS, Android Application, Blackberry.
- Ability to enlarge several technical characteristics and features while working with a VDR
- Ability to process any data types
- Ability to process huge data files like engineering blueprints
- Availability of bulk data uploads
- Availability of synchronizing document folders with secure cloud storage
- Availability to search within documents in all formats
- Availability to share documents with other authorized users within the data room
- Customer support or Q&A section
- customize the virtual data room design to match your brand
- Easy communication with other users
- Intuitive interface
- Microsoft Office Integration
- Multi-Device Support – adaptability for mobiles devices, tablets, laptops, etc.
- Multiple access levels setting
- No need to use any plugins
- Repetitive security check – this feature adds another security layer which requires users to prove their identity with the help of a different device to get access to the virtual data room.
- Scroll-Through Document Viewer
- Secure view of spreadsheets
- Support of any operating system – Cloud, SaaS, Linux, Windows, iOS, Android Application, Blackberry.
- Wide range of languages to choose from
- Exporting Reports to Excel
- Graphical Reports
- Real-Time Audit Trail
- Scheduled Reports (Sending to Email)
- Tracking of All User Activity
- Tracking of Document Viewing Time
- Access to the detailed history of the user’s actions
- Activity statistics
- Automated reports on VDR audits
- Automated save of a document in predetermined formats
- Detailed information on GB usage
- Flexible reporting instruments availability
- The setting of adaptive notifications
- Upload and download channels
- Ability to create groups with predetermined access level
- Ability to manage water signs
- Ability to provide or restrict access to the room on any stage of the project
- Digital rights management availability
- Enhanced access rights abilities
- Advanced Questions & Answers Module
- Basic Questions & Answers Module
- Files & Folders Notes
- New Document Email Notifications
- Secure User Messaging
- Active Directory Integration
- Branded User Interface
- Custom Agreements for Accessing Data Room
- Custom Domain
- Custom Login Page
- Custom User Invitation Letter
- Custom Workflows and Features
- Customer-Managed Encryption Keys
- Integrations Through APIs
- Single Sign-On Integration
- Archives Upload & Extraction
- Automatic Numerical Indexing of Files & Folders
- Desktop Synchronization
- Document Version Control
- Drag & Drop Upload of Multiple Files and Folders
- Export of Data Room Index to Excel
- File Formats Supported:
- Multilingual Documents Index
- 256-Bit SSL/TLS Encryption
- Customizable Document Watermarks
- Data at Rest Encryption
- Document Access Expiry
- Granular Document Permissions
- Prevention of Download, Print and Copy
- Remote Shredding of Documents
- Secure Fence View
- View-Only Access
- 256-bit AES SSL encryption is the golden standard for online banking and e-commerce transactions.
- Access Expiration
- Access Limitation by IP Address
- Automatic virus scan
- Document validity, Document self-destruction or Distance destruction
- Double level user identification
- Dynamic watermarks
- Encrypted VPN tunnels
- Granular User Permissions
- Mobile Device Management
- On Save/On Open Encryption
- Permission Groups
- PrintScreen restriction
- Reserve data copies
- Restricted user’s view
- Two-Factor Authentications
- 99.9% Uptime Guarantee
- Data Backup
- Virus Scanning