Utilizing a virtual data room software for M&A due diligence, internal file sharing and storage or fundraising is a crucial tool to make the process of closing deals quicker, easier and more secure. There are a variety of key features to consider when choosing the service, such as 24×7 assistance, syncing that is device-agnostic, privacy and security controls including data redaction, DocuSign integration and many more.
Single sign-on is among the best features. It lets users authenticate only once and access different secured systems without having to enter credentials each time. The top vendors offer SAML 2.0 Integration with identity management systems, such as Active Directory Federation Services (ADFS), Okta, Ping Identity, and OneLogin. Another option is to drag and drop file uploads that makes data entry easy and fast. For search, optical character recognition full-text searches enable you to locate keywords across documents of all types and formats. Document tagging can be useful. It lets you categorize your documents by date or subject in order to make them more easy to find in the future.
Q&A modules are another beneficial tool that can be used to communicate concerns and queries to the other party. For investors, this feature can help improve communication and enable you to present targets to potential buyers more effectively. Task management is also essential as it allows you to assign tasks to coworkers and set deadlines, as well as track progress through the dashboard of your data room.
Read reviews from users on independent review platforms such as Capterra to determine the best service for you. Check for reviews that praise the ability of the company to meet both buy-side and sell-side requirements during M&A transactions. In particular, pay attention to how easy it is to modify the data room using branding options such as logos backgrounds, colors, backgrounds, and white label URLs.