The Process of M&A & the Importance of Having a VDR During the Process

You may have noticed that nearly every virtual data room (VDR) is designed and created to be used in Mergers and Acquisitions (M&A), among other uses in a variety of industries. From the Buy and Sell Sides of M&A, along with Post Merger uses, virtual data rooms are commonly utilized for this purpose, and if you are new to VDRs or M&A, it is crucial that you know why it is so important to have a virtual data room for use during Mergers & Acquisitions.

If you are a business owner who is either contemplating a liquidity event for your company (or you are educating yourself in the event that you may need to sell in the future), the process of selling one’s company can be very daunting. There is a ton to do including hiring an investment bank to negotiate a sale. Overall, the entire process is overwhelming — but it doesn’t have to be if you break down the process and understand the steps.

Selling a Business

Once a business or company has decided that it is time to sell, the first question an owner asks themselves is: how do I sell it? Naturally. For small businesses that have one location or less than a couple of million in revenue, the owner could potentially sell the business on their own. Or, as a small business, a business broker could be enough.

However, for larger companies, the selling of a company is a horse of a different color. The services of an investment bank are typically needed in order to ensure that a large number of potential buyers can be considered and that the selling process can be competitive.

Let’s go over the process of selling one’s company and the importance of having a virtual data room.

Choosing an Investment Bank

For the process of Mergers & Acquisitions, confidentiality is extremely important. Using an investment bank that has a great history of confidentiality is the best best. Try reaching out through a trusted lawyer or law firm. Why is confidentiality important?

Well, news of an impending sale can severely disrupt employees at a company, can affect stocks (if applicable), and can cause issues in the M&A process if the information is too widely divulged.

Find an investment bank that has experience selling companies that are within your industry and are familiar with potential buyers — it’s like an auction — you want to go with an auction house that can get in the right buyers in a room (so to speak) for a better chance at selling your company at a higher price.

As a part of their pitch to win your services, an investment bank will typically offer a valuation of your company. Now, be wary of any banks that seem to be providing valuations that are much higher than others — this may stroke your ego or get you excited, but valuation does not mean that the bank will be able to sell it at that price or deliver a better service. Realistic banks are a much better bet.

Also, don’t forget about fees — 1 to 1 percent of the total sales price of a company is standard, depending on the expected size of the transaction. Smaller companies will usually be asked to pay a minimum fee in order for a bank to consider working on their transaction.

VDRs are important to the process coming up — when it comes to confidentiality, uploading documents and files, getting potential buyers interested, etc… it is important to have a virtual data room that is secure, easily accessible to potential buyers, easy to upload all of the relevant documents, and perfect for keeping everything organized and in the end, appropriate for making the final monetary transaction.

Remember, in most cases, when buying a company, it is not only money that changes hands. Intellectual property rights, manufacturing rights, and a lot more are also purchased as a part of the deal. This means a lot of paperwork, need for secure online storage, and a crucial need for safety when the transaction is finally done.

Due Diligence

Once you have chosen an investment bank, due diligence must begin. The bank basically sets up a meeting a your company HQ in with key members of management. It is important that the confidential process of M&A is stressed to employees — since they will be made of the potential sale, they could cause panic in the company if they tell everyone.

It is therefore pretty common for companies to set up incentives for senior employees who are involved in the transaction — this is so the process runs smoothly — after all, it is likely they will be without a job when the company sells. You want to make sure they are cooperative.

There is a due diligence checklist that the investment bank will likely go through, so that all company-related issues are covered for potential buyers.

Due diligence typically includes:

  • Tour of company
  • Discussion of legal issues (potential litigation, questions about company operations, intellectual property rights or manufacturing, etc…)

The company is then asked to provide monthly financial statements every month during the selling process so that potential buyers have the latest financial information.

Confidential Information Memorandum

At this point, the investment bank will use all of the information they gather during due diligence in order to prepare what is called a confidential information memorandum (CIM).

The memorandum is essentially the primary sales document used to market your company to potential buyers. The CIM is similar to a detailed business plan. It includes everything from:

  • Bios of the company’s key management
  • How the company operates
  • Description of any legal concerns that may exist
  • The historical financial performance of the company
  • Pictures and charts to convey the value of the company

In addition to the memorandum, the bank will also prepare a one-pager document that describes the company on a no-name basis. It’s like an anonymous cover letter with all of the necessary information at a one-page glance without the name of the company. This helps to gauge buyer interest prior to providing the entire CIM.

Buyers List

While the process of due diligence is going on, the investment bank will take the time to consult with the company for the purpose of developing a buyers list. You can’t sell a company by simply listing it somewhere and the best way to sell is to be proactive and approach the appropriate buyers themselves. Again, think of an auction house — to get the best bid possible, you would want an auction house to advertise the product, get all of the big buyers in a room (who are serious and interested), and let them compete for your company.

Certain potential buyers may be excluded from your list for competitive reasons. If a huge or innovative company is being sold, the M&A process could divulge intimate details about a company, and if another business is not being honest about wanting to buy your company, this knowledge could weaken the company’s advantage of the competition.

Now, once a list of potential buyers is complete, it is time for the bank to start making calls and reaching out to investors. They will email the one-pager summary so all buyers have more information on the company before speaking with them to gauge their interest in acquisition.

If the bank ends up with one or more buyers that are still interested in purchasing your company, they will at that time, ask them to sign an NDA (non-disclosure agreement). This means that the bank can now give them the name of the company that’s for sale and give them the information memorandum.

Potential buyers are contacted over a course of days and the bank will take note of the conversations with each. This will determine which buyers are interested still, which decline, and which ones are on the fence.

At this point, the investment bank will send out copies of the memorandum to buyers have signed an NDA and are still interested in buying. Included is a letter describing a timeline for the sales process. Buyers are given a few weeks to assess the CIM (memorandum with all of the company information) before submitting an indication of interest.

Letters of Intent

An LOI (Letter of Intent) is a non-binding letter from potential buyers that discuss how much they are willing to pay for the company being sold, how the purchase will be financed, and a description of their experiences with making acquisitions (if they have any). This is essentially somebody putting in a bid and explaining how they will accomplish the financial side.

Even if a buyer offers a high price, it doesn’t mean they are the best buyer. Remember, buyers may not be able to close the transaction if they can’t secure financing. This is why it is important that they include in their LOI how they intend to accomplish payment.

Once all of the Letters of Intent are collected, a smaller group of potential investors are selected to move on in the process. This increases competitiveness and an investment bank can apply pressure on the buyers to offer their highest price and maximize the value for your company.

The Importance of Virtual Data Rooms

The remaining buyers that have been chosen throughout this process — this may be two or three, depending on your specific business — are then invited to visit the company’s virtual data room (VDR).

Virtual data rooms are typically cloud-based these days, which gives everyone involved instant, global access to all of the detailed and sensitive information on the company. Each potential buyer will be given specific access (which can be controlled) so that they can view and analyze as they make their decision and pick a number to offer up.

Data rooms allow for documents to be created and/or scanned and uploaded onto the secure, virtual website for these buyers to access from anywhere in the world, at any time.

What is especially great about VDRs is that it is a huge benefit for your company and the bank to gauge interest by the different potential buyers. The VDRs offer additional insights into the M&A process because you will be able to see which files have been viewed by which potential buyers, including how often and when. This information is crucial to get a good indication of how certain buyers are in terms of thoughtfulness and seriousness in making a transaction. This is analysis is priceless.

At this time, buyers are invited to submit final bids and are usually pressed by the investment bank you hired, to up their offer to stay competitive — this can work especially well to potential buyers that you have seen (through analysis via the VDR) view the files on the company extensively.

Closing

A buyer is finally selected and the terms of the deal are finalized. The runner up is often told that the company is still considering offers (this is because the winning bidder may not be able to close the transaction, agree to the terms, or otherwise able to seal the deal). It is always important to have someone else in consideration in case the selected buyer falls through.

Remember, the winning bidder is not always the buyer with the highest offer. A winning bidder will have a combination of a high offer and a high likelihood of completing the transaction, which is the better deal in the end.

Once the major financial terms of a merger are agreed to, the closing process is turned over to lawyers of the two companies: the company selling and the company buying. They will be the ones to hammer out a purchase agreement, which is signed by both companies completing the sale.

After the Wire

In a confidential M&A process, only the management team of the selling company, a few potential buyers, their legal and financial advisors, and the investment bank are aware of a sale of your company.

A press release will announce the sale of the company and inform employees of the company before the news is made public.

The entire process of M&A can last as fast as six months or can take over a year.

Conclusion

Virtual data rooms (VDRs) are incredibly important when it comes to transactions as a part of M&A. VDRs are the perfect place to store and share sensitive documents on a company as well as complete the transaction process when selling and buying a company.

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FDM Platform by Framesoft: Review

What is FDM Platform?

Created by Framesoft, FDM Platform is a virtual data room (VDR) that was created for mid-sized businesses.

This software was designed to securely exchange confidential data, create personal bookmarks, manage document versions, handle email attachments, and more.

Intended Users

Mid-Sized Businesses are best suited to this VDR. Those in the financial, legal, M&A, and other industries will find the security and ease of exchanging information very useful.

Deployment

  • Cloud, Web, SaaS
  • Desktop
  • Mobile

 

Features

The FDM Platform by Framesoft offers a secure virtual data room for exchanging information between multiple internal/external parties and acts as a data repository.

User Permissions

You can decide who get to see what with user permissions, which provides selective access for security purposes and ease of use. There is total control over confidential documents, which is perfect for projects in M&A, as well as legal transactions, due diligence, clinical trials, business capital raises, and more.

Data Management

With this virtual data room, you can create organizational structures that are required for your specific industry, as well as manage a range of electronic files (e-Files) and documents to be: tracked, stored, and searched via full text search or assigning keywords that you configure on the basis of self-defined business rules.

Security

FDM Platform offers your business the security level required for the exchanging of confidential information and documents, including:

  • State of the art TLS encryption of data transfer
  • Access to a single folder and document
  • Fine grained authorization privilege system (access control)

VDR Access

Accessing the FDM Platform, which is your virtual data room, is easy and can be done in the following ways:

  • FDM Internet Browser Module (e.g., MS Internet Explorer)
  • Framesoft Scanning Solution (FSS) — setup and configuration would be required
  • MS File Explorer (via FDM Virtual Filing System) — setup and configuration would be required
  • Forwarding email into FDM Platform including response — setup and configuration would be required

Plans & Pricing

For pricing and options for your virtual data room, you must contact Framesoft directly.

You can contact Framesoft via the option at the following link: http://www.framesoft.com/contact-us-footer

 

Notes on Subscription, Cancellation, Setup, etc…

The FDM Platform (VDR) can be used instantly and easily.

  • Usage is based on monthly membership model per named user
  • Membership can be terminated (via monthly basis)
  • Very quick setup and configuration of organization-specific profiles
  • Number of users can be updated at anytime

Free Trial

Unfortunately, no free trials can be easily found on the Framsoft website. You can contact Framesoft and request a demo if you wish.

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FORDATA VDR: Review

Fordata virtual data room (VDR) is the leading Polish provider of VDRs that offer services for legal, financial, real estate, and other industries around the world. Fordata VDR is a web application (cloud-based storage) used for secure storage of files and data as well as controlled sharing of documents with third parties.

Most commonly used for investigation of records of a company that is put up for sale — this is Due Diligence — in Mergers and Acquisition.

Clients

Intended Users

Fordata is intended for use by SMB’s (Small-Medium Businesses), where it is best used by professionals in the following industries:

  • Due Diligence
  • IPO and Exits
  • M&A (Buy and Sell Sides)
  • Post Merger
  • Private Equity
  • Restructuring
  • Bankruptcy
  • Board Reporting
  • Debt Financing
  • Distressed Real Estate
  • Fundraising

…as well as any other industry in the financial, legal, or real estate business that requires a cloud-based solution for data management, storage, and safe financial transactions.

Platforms

  • Online, SaaS, Web-Based, Cloud-Based
  • Mobile

Mobile Platforms

  • iOS

Features

Fordata allows for simultaneous access to documents of independent parties — 24/7 — from anywhere in the world. This helps to shorten the process of a transaction and reduces costs.

The Datapoint feature guarantees users confidentiality and full security of documentation that is shared. There are various security mechanisms such as the following:

  • Encrypted Communication (EVSSL 256 Bit Certificate)
  • SMS codes user authentication
  • ISO 27001:2013 Certificate
  • Real-Time Activity Reports
  • Access Rights Model
  • Reputable Data Centers Located in Europe
  • Guarantee of Uptime and Business Continuity

Document Security

  • 256 Bit Encryption
  • Data Backup
  • Dynamic Watermarks
  • Virus Scanning
  • ISO 27001 Certified

Access Security

  • Multiple Factor / Multiple Channel Verification
  • Set User Permissions
  • Permission Groups
  • Two-Factor Authentications

Audit / Report

  • Audit Logs
  • Notifications
  • Document Version Control
  • Automatic Audit Reports

User Interface

  • Branded Website
  • Bulk Uploads
  • Full Text Search
  • Drag and Drop Files
  • Scroll-Through Viewer
  • Q&A Section
  • In Document Linking

Accessibility

  • Mobile Device Interface
  • No Client Software Required
  • iPad Application
  • Multi-Language Support

Key Features

There are a number of key features that Fordata virtual data room offers its users.

Intuitive and Clear Interface

This VDR has the features required for complex transactions. The easy navigation of this system will save time in time-critical projects. The user-friendliness also means that the system can be configured very flexibly.

Simple Document Management

The simple document management features give you the ability to quickly upload documents using drag and drop, as well as assigning access rights to files at the upload stage. You can also bulk upload and download files and folders and make use of automatic file indexing.

File Protection

Fordata VDR allows you to upload files in any format from PDF, JPG, Office, and so forth. Watermarks, file encryption, and ability to deny access rights such as: printing, file saving, or print screen is possible for PDF files.

The data room also provides protection against the modification of Excel files.

Flexible Access Rights / User Management

These features allow the admin to decide what users can access certain files and areas of this VDR. The system does not have predefined roles, so the admin can create settings themselves. Access control involves blocking access for select users and/or whole user groups for a specific period of time as well.

Advanced Search Options

Using a proprietary algorithm, Fordata VDR has advanced search options that enable users to search specific document names as well as key phrases within the file text without having to open it.

Excel File Protection Against Modification

This virtual data room is one of the few VDRs out there that provides protection against the modification of Excel files. You can share Excel files in their original format without having to worry about them being copied or modified.

PDF files are also protected from modification, printing, and saving as per the VDR market standards. They also include watermark features.

Q&A Module

This module helps to boost the communication between all transaction parties. The Q&A allows users to easily manage questions from investors, and it guarantees confidentiality of the discussions.

Management of Selected Part of Document Structure in VDR

This feature increases the effectiveness of your transactions, where document exchange of two parties is involved, where files are stored in different locations or people uploading files are not a part of the VDR Management Team.

This feature gives you the ability to limit user access rights to manage files within selected folders.

Advanced Audit Trails

Maintaining audit trails is extremely important in this line of work. Trails are an important knowledge source for the Management Team. Audit trails track the transaction progress, verify the work being completed, and allow for the discovery of the true intentions of potential partners.

Activity reports will show you exactly who is viewing what files, when, what folders or files are the most/least popular, and so forth. There are also reports comparing the activity of partners.

Plans & Pricing

To get a price quote that is unique to your business, you have to contact Fordata VDR yourself.

A list of numbers and email addresses can be found at the following link: http://fordata.pl/en/contact/

 

Free Trial

You can try Fordata VDR free for 14 days at the link below. All you need is a name, email address, company name, and a phone number.

Free Trial: http://fordata.pl/en/free-trial/

Conclusion

In addition to the Fordata VDR, there is also a Fordata VDR PRO option, which manages multiple deals and VDR’s within a single system.

Check it out here: http://fordata.pl/en/products/fordata-virtual-data-room-pro/

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CTC-Aspire Dataroom: Review

This VDR is a document management system with an information request center, access control capabilities, and document libraries uploading. This UK-based software offers auditing, collaboration, data protection, due diligence management, role-based permissions, and data storage management that will fulfil nearly any business’s virtual data room needs.

This software is made by CTC-Aspire (UK) Limited,who specializes in secure virtual data room solutions, along with a number of other industry solutions from marketing, SEO, pay-per-click advertising, and website building and development.

Intended Users

Clients of this CTC-Aspire’s VDR software includes businesses and companies ranging from investment brokers, insurance companies, law firms, property companies/real estate, oil/gas firms, mining companies, solar energy companies, and more — as well as public sector organizations.

CTC-Aspire is intended for Small-Medium Businesses (SMBs).

  • Due Diligence
  • IPO & Exits
  • M&A (Buy and Sell Sides)
  • Post Merger
  • Litigation
  • Fundraising
  • Legal
  • Real Estate
  • Oil/Gas/Coal
  • Insurance

…and a range of different businesses in a number of industries.

Platform

  • Online, Web, Cloud, SaaS
  • Mobile

Mobile

Since CTC-Aspire is an online-based virtual data room, you can access your VDR and your data/files from anywhere across the globe 24/7. As long as you have a web browser with an internet connection, the CTC-Aspire’s built-in security features will make sure you can login from a mobile device safely and securely.

Features:

  • Document Scanning
  • Corporate Data Room Features
  • Virtual Data Rooms for M&A
  • Document Archive
  • Cloud-Based Data Backup Solutions

The VDRs for M&A is aimed at companies that are involved in due diligence for M&A processes.

Corporate Data Room offers access to company-wide information and is ideal for company intranet, home workers, remote workers, and organizations that have unusually high data storage needs.

Document Archive provides access to historical documents such as: accounts records and employee records.

Document Scanning offers a comprehensive document scanning service for users that can be carried out on-site or at your location or from the CTC-Aspire office.

Cloud-Based Backup

This software offers a secure, cloud-based data backup and recovery solution for business owners. There are different Backup Packages to choose from that will suit different business budgets and needs

Total Backup

The Total Backup plan backs up all of your data n a daily, incremental schedule. This is the recommended backup package, because it will ensure that all of your folders and files remain safe no matter what happens.

Partial Backup

This backup option backs up system files and critical files only — omitted certain pre-defined folders or file types (can substantially reduce volume of data that is backed up).

Dataroom Security

The security of this dataroom incorporates the highest security levels with only authorized personnel being able to access the system.

All of your data is encrypted before being stored, and is protected by 256 Bit SSL (Secure Socket Layer) Encryption during transfer to and from the VDR.

A full audit trail of document downloaded/viewed is made available on a person by person basis.

The VDR system also offers an Information Request Center (essentially, a Q&A), which allows interested parties to get with the project management team and make requests for information and/or to see fully documented replies to their inquiries without the need to send this information through unsecured methods such as letters or emails.

Dataroom Setup

CTC-Aspire offers same- and next-day setup for all M&A Datarooms for accelerated mergers and acquisition deals. This setup takes no more than four hours.

  • Set up a secure domain in a name of your choice from which the Dataroom will be accessed (running 256 Bit SSL Encryption).
  • Add all features such as Information Request Center and Audit trail which you will have requested and prepare your Datarom for use.
  • Set up User Groups and Group Permissions defining which folders users can see.
  • Prepare registration page to which all users will be sent before being given access to Dataroom. Users will agree to your T&C of dataroom use before being assigned their usernames and passwords.
  • Customize appearance of the Dataroom to include your logo and corporate colors.

 

When Adding Documents to Your Dataroom, the procedure is as follows:

  • Prepare an index of documents to be uploaded to the Dataroom (you will likely want to do this yourself, but customer service will help as needed).
  • Scan all documents to your hard disk and convert them to PDF format (CTC-Aspire can quote for this if you require it).
  • Upload the documents to the VDR. Documents can be uploaded individually or in bulk. All documents added to the Dataroom will be indexed for easy retrieval via online search.
  • Check the integrity of the Document Tree to ensure it matches your original index and that it is complete.

 

When Sending People to Your Dataroom, CTC-Aspire recommends that users of the VDR register and agree to the Confidentiality Agreement before being access to your VDR. To achieve this, we will provide you with a web address to send people to — together with a Pincode, which when entered, will take them to your Confidentiality Agreement. Login details will be sent via email.

Main Features of M&A Dataroom

  • Index of Documents

This is a structured directory of documents (such as Adobe PDF format, Microsoft Word, Excel, etc…), which users can maintain and be viewed or downloaded by authorized visitors to the website.

  • Information Request Center

A facility which can enable interested parties to liaise with the Buyer, request answers to specific questions and see fully documented replies to your requests.

  • List of Authorized Representatives

A full list of all authorized users of the Dataroom, with a full audit trail of documents viewed/downloaded.

  • Draft Agreements

Area where draft contracts can be uploaded and viewed (on request).

 

Benefits

The online backup solution is perfect for businesses in any industries, as well as for personal users. This is because this feature offers a range of benefits that traditional backup methods don’t offer.

  • Data is fully encrypted
  • Mirrored to two UK-based data centers (in Reading and Bracknell)
  • Eradicates need for “off-site” backups
  • Reduces the need for on-site visits
  • Reduces costs of maintaining your IT systems
  • Restore data from any location

Document Security

  • 256 Bit SSL Encryption
  • Data Backup
  • ISO 27001 Certified

Audit / Report

  • Audit Logs
  • Document Version Control

Access Security

  • Permission Groups
  • Set User Permissions

User Interface

  • Branded Website
  • Bulk Uploads
  • Full Text Search

Accessibility

  • Multi-Language Support

Plans & Pricing

Packages

The M&A Dataroom is available in 4 different packages. The prices reflect the cost in GBP (British Pounds). When you call CTC-Aspire to inquire about a plan, you can ask about USD payment options and pricing.

Each plan offers pricing or monthly, a price for every three months, a six month price, and a one year/annual price.

 

SME Dataroom:

Price Plans: 1 Month for 75 GBP / 1 Year for 650 GBP

  • Up to 5 Users
  • 1 GB of Storage
  • SSL Encryption
  • Data Encryption
  • Bulk Upload and Download
  • Free Tech Support
  • Dedicated Account Manager

Business Dataroom:

Price Plans: 1 Month for 200 GBP / 1 Year for 1,250 GBP

  • Up to 10 User
  • 5 GB of Storage
  • Data Encryption
  • SSL Encryption
  • Bulk Download and Upload
  • Free Tech Support
  • Dedicated Account Manager

Business Pro Dataroom:

Price Plans: 1 Month for 300 GBP / 1 Year for 1,950 GBP

  • Up to 30 Users
  • 10 GB of Storage
  • Data Encryption
  • SSL Encryption
  • Bulk Upload and Download
  • Free Tech Support
  • Detailed Account Manager

Enterprise Dataroom:

Contact CTC-Aspire for Price and Plan.

  • Unlimited Users
  • 50 GB of Storag

You can also use the following link in order to request a consultation: http://www.ctc-aspire.co.uk/request-a-consultation-vdr-115.html

 

Free Demo

You can enjoy a free demo of these plans upon request.

Contact Information

To get information on how this VDR software solution can help your business, you can fill in a form with your inquiry at the following CTC-Aspire link: http://www.ctc-aspire.co.uk/contact-us-8.html

You can also call CTC-Aspire at the following number (be sure to enter the international code at the beginning if you do not live in the UK: +44 (0)1491 410305.

You can also fill out an Inquiry Form at this link: http://www.ctc-aspire.co.uk/contact-us-8.html

CTC-Aspire (UK) Limited is physically located at:

The Farmhouse

Highlands Land

Henley-on-Thames

RG9 4PR

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iRooms by Imprima: Review

What is iRooms?

iRooms is a virtual data room (VDR) created by Imprima. This VDR takes security of their data rooms more seriously, as evidenced by their slogan, “Security with Substance.” As a leading VDR provider, iRooms offers its users a virtual data room platform that is extremely secure, fully supported, and beautifully functional. This software is marketed worldwide and support centers are offered by Imprima from a variety of countries and in many different languages.

Intended Users

In 2001, Imprima became the first European virtual data room provider to offer an M&A (merger and acquisition) focused due diligence platform. Ever since, iRooms specializing in executing online due diligence, M&A, pre-IPO due diligence, and important deals — all with security, confidence, and ease of use that is efficient for all parties involved.

This software is great for any sized business, but is best suited for mid-size and large enterprises. iRooms has offered their services to the world’s largest companies in executing high-value transactions in 160+ countries.

Current clients include:

  • Barclays
  • Bank of America Merrill Lynch
  • BNP Paribas
  • Citi
  • CMS (Law and Tax)
  • Biomnis
  • Boer & Croon
  • BP
  • Allen & Overy
  • CBRE
  • Conergy
  • Deloitte
  • Credit Suisse
  • Cushman & Wakefield
  • Deutsche Bank
  • DC Advisory
  • Goldman Sachs
  • EMI
  • Flamco
  • HSBC
  • J.P.Morgan
  • ING
  • KPMG
  • Manchester United
  • Morgan Stanley
  • Nationwide
  • Nexter
  • Pioneer Investments
  • Rothschild
  • Technicolor

Deployment

  • Desktop (Windows and Mac OS)
  • Mobile (Android and iOS)
  • Web-Based / Cloud / SaaS

Features

iRooms continues to invest in high-tech and cutting edge technology solutions that makes sure that the iRooms VDR platform is continuously up-to-date in terms of security and features. This is definitely a positive for those seeking for a VDR that is actively trying to remain competitive with other software providers.

Security

iRooms is indeed one of the more secure VDR’s available. This includes not only the virtual data room space itself but the personnel, customer support staff, and physical location of the data servers.

The iRooms software and personnel are fully certified for ISO/IEC 27001 — this is recognized as the global standard for information security management.

iRooms is a European provider, which is great for U.S. companies too because the servers are faster when based in Europe, and your files are not subject to the US Freedom Act (also known previously as the US Patriot Act).

The data that is stored in the iRooms servers (as well as data that is transferred over the web), is protected using 256 Bit encryption.

Security is verified regularly through third-party penetration testing as well as virus scanning.

At the end of your business deals, iRooms encrypts all of the content on your compliance archive.

Additional platform security features include:

  • Full control over users’ data access (through granular permissions)
  • Fully customizable dynamic watermark available for all document types
  • Optional prevention of save, print, copy, download, and print screen (screen capture)
  • Optional Two-Factor user authentication

Compatibility

You can access your iRooms VDR through desktop devices (Windows, Mac OS) as well as mobile devices, such as Android and iOS.

iRooms is supported through a great range of browsers including:

  • Google Chrome
  • Firefox
  • Safari
  • All versions of Microsoft Explorer

Getting Started is Easy

When getting started with iRooms, you can be happy with the fact that it is very easy to begin. There are no plug-ins or downloads needed for this software.

Interface

The intuitive and easy-to-use interface is always claims by just about every virtual data room on the market, and so the truth behind how easy to use dashes and interfaces are is based on personal preferences. iRooms does have a very usable interface that uses a best-in-class Q&A, easy to locate tabs, and a reliable VDR experience.

Reliability

iRooms boasts a 99.9% or greater uptime that is consistently achieved. You also won’t have to worry about potential email insecurities as you work within the secure iRooms VDR environment. With a fully auditable Q&A for disclosure and compliance and web acceleration to ensure your data is delivered quickly, you can rely on security and speed.

Backups

iRooms also offers encrypted backups as a standard — they are stored at a secure location that is away from the primary data center. Disaster recovery protocols are in place to ensure business continuity, so that no matter what happens to the main VDR servers (in an unlikely event), your data and business will be unaffected. This is a great redundancy system that is extremely reliable.

Project Management

Unlike most other VDR providers, project management by Imprima professionals is included in their standard pricing.

Pricing

For pricing quotes and to set up your unique virtual data room, you must contact the professional sales team at Imprima iRooms: http://www.imprima.com/Contact-Sales  

Training and Support

iRooms offers 24/7, which not a lot of VDR’s offer as a standard to their users. These support team members are available globally, worldwide, and speak a variety of languages.

In addition to customer support, you also have a professional team of Project Managers with Imprima, who are there to support you with running your VDR from start to finish. These professionals will help you build and structure your VDR, manage access, and create compliance post-deal archives.

Project Management is an included feature in standard pricing. In addition to managing your VDR day-to-day, Imprima also ensures rigorous and regular QC (quality control) throughout the lifecycle of your project. This is a comfort to many large corporations with a lot on the line. You can focus more on completing your deal rather than worrying about security or glitches.

An interesting support option offered by Imprima iRooms, is Pre-Virtual Data Room Services. This pre-data room services helps users with document retrieval, scanning, collation, indexing, and distribution. This delivers a ready-to-go VDR for you that includes all of the relevant documents and files in the right folders — ready to be access and controlled by users and deal managers.

Demo

You can contact Imprima to request a Demo or to request more information about iRooms VDR: http://www.imprima.com/Contact-Sales

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ePACS Data Room: Review

What is ePACS?

The ePACS Productivity Suite is a straight-through processing platform intended for use by financial service firms. Developed by Docuspace Technologies, this paperless, cybersecure platform is compliant and is a great software for back office needs. From advisor on-boarding, advertising review process, and transition assistance, this SEC and FINRA compliant software is a complete suite for productivity that is based completely in the Cloud.

Included in the ePACS Productivity Suite is the ePACS Data Room.

Intended Users

Docuspace is a single-vendor platform that is perfect for RIAs, Advisors, Broker-Dealers, and other financial services. The virtual data room is great for mid-size and large enterprises that need a secure VDR — either standalone or with the ePACS Productivity Suite.

The ePACS Data Room is ideal for major transactions, large projects, contract negotiations, mergers and acquisitions (M&A), and other transactions that involve multiple parties.

Deployment

  • Cloud, Web, SaaS

The ePACS Productivity Suite

This Suite by Docuspace features nine modules into this software:

  • ePACS Connect
  • ePACS Straight-Through Processing
  • ePACS Centralized Vault
  • ePACS Data Room
  • ePACS Compliant Mail
  • ePACS Advisor On-Boarding
  • ePACS Transition Assistant
  • ePACS Advertising Review
  • ePACS AI Solution

We are going to focus on the ePACS Data Room.

ePACS Data Room

The ePACS Data Room is a 100% web- and cloud-based VDR that offers high security, version control, compliance, and access permission tracking. This VDR is ideal for large transactions that require multiple parties such as M&A, contract negotiations, and major projects.

This VDR by Docuspace is very customizable when it comes to auditability and access rights, so as an administrator, you can restrict or allow compartmentalized or sensitive documents and data to certain, authorized users only.

The ePACS Suite, including its VDR, was created and is hosted by Docuspace’s secure cloud infrastructure. This gives all users a superior collaborative platform that makes it easy for a group of individuals to manage, update, and access secure documents, efficiently and securely.

Ideal for Broker-Dealers, Advisors, and RIA, you can enjoy the following features of the ePACS Data Room:

  • Secure sharing of documents with custom control over access level
  • Eliminate misplaced or lost documents
  • Track document versions electronically
  • Enable compliant and secure collaboration
  • Excellent for HR documents, financial documents, books, records-management, and procurement.
  • Hands-on professional assistance
  • Hassle-Free Process
  • Attach rich data indexing and notes to documents
  • Create virtual work rooms where users can access documents anywhere at anytime
  • Go 100 Percent Paperless

ePACS allows users to process all lines of business, to get their paperwork right the first time, to go 100% paperless, maintain regulatory compliance, and to get commissions and fees paid quicker.

100% Paper Free

Training

  • Live Online
  • In Person

Support

  • Online
  • Business Hours

Free Demo

You can watch a free demo instantly through the following link: https://docupace.com/request-a-demo/

Clients

Pricing

When it comes to pricing, you must contact Docuspace Technologies to inquire about the right ePACS for their business or service. You can choose to purchase the ePACS Productivity Suite, which includes the ePACS Data Room, or you may be able to pick and choose which of the nine modules in the suite you want.

Docuspace is based in Los Angeles, California.

Contact Information

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Infocentrix VDR: Review

What is Infocentrix?

Infocentrix is a new Australia-based virtual data room (VDR) that is secure, offers document management and sharing capabilities, and is web-based for superior access and pricing. This VDR is a cloud-based solution that allows businesses and companies to upload documents online, keep them organized, allow them to be accessed by other users, allow them to be shared to other parties, and be an effective solution to many of the transaction needs of businesses, lawyers, financial institutions, and professionals in a range of industries.

 

Intended Users

Infocentrix VDR is a cost effective data storage solution for bankers/financial officers, advisors, lawyers/law firms, the real estate market, property buyers, and a range of businesses worldwide. As with any VDR, it is also ideal for due diligence, M&A, government agencies, private organizations, consultancy firms, etc…

This controlled information sharing system is quick, shows you real-time information, and can give investors immediate access to information that they need. From transactions to information, your clients will be impressed at your ability to close a deal professionally.

This VDR is best suited for mid-sized businesses.

 

Platform(s)

  • Web, Cloud, SaaS
  • Mobile Connectivity

 

Features

Infocentrix has a range of full features that will ultimately offer more value for the money. These features include the following:

 

Drag and Drop File Uploading

This feature facilitates the process of file uploading. With the best technology and fast speeds, you can mass upload whatever you need to the VDR, from high volume transfers to select folders.

 

Mobile Connectivity

Because Infocentrix VDR is web-based, it also allows you to add users through your mobile devices (such as tablets and smartphones), which instantly allows them to access your files. You can use this if you are in a meeting, for example, so that the person you are speaking to in-person can easily access your files. This is extremely useful for due diligence and meeting connections and potential clients.

 

Flexible Viewing Privileges

With this feature you have complete control over what documents users can access and see on an individual user basis. You can grant certain users with access to certain documents or you can lock them out or revoke them later on. This allows you to choose at the right time, who gets to access selected documents and confidential information.

 

Locking Capabilities

The locking capability is very important in business-based VDRs. This allows you to have additional control over your confidential information and sensitive documents by allowing you to: disable copying, printing, downloading, and even screen capturing! This keeps your data safe from being used in a way you do not want to, even from those users you have granted access.

 

Secure Online Document Storage

Your files and data are secure in this virtual data room and are safe from unauthorized downloading, accessing, manipulating, and viewing. Infocentrix guarantees that your folders and files will never be leaked or your sensitive data disclosed to anyone without your permission or your knowledge.

 

Redaction

Redaction is a great tool to have in any VDR. This is incredibly useful for blocking out parts of a document that contains information that is sensitive, personal, financial, or something that a user simply is not authorized to view.

This feature includes the ability for you to redact, block out, and rectify parts of any document to give you the ability to remove select information that you don’t want other parties to see.

 

Tracking and Logging Features

This VDR also has advanced logging and tracking features that enable site managers to create instant reports in order to give you a real-time information on which folders and documents that users have been accessing and reviewing.

 

Pricing

Unfortunately, there are no free trials of Infocentrix VDR, but the price of this data room is claimed to be low. You will have to contact Infocentrix directly for a price quote.

Contact: http://www.infocentrix.com.au/contact-us

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Docurex: Review

What is Docurex?

Docurex is a highly secure virtual data room intended for due diligence and transaction usage. With this VDR, you can buy, sell, and manage transactions online in a highly secure environment.

Intended Users

Docurex is intended for use by a range of industries and can support all business sizes, from SMBs (Small Medium Businesses) to Large Enterprises. Those buying and selling companies and assets use this software (M&A), as well as companies involved in due diligence, real estate management, data theft, document management, insolvency protection proceedings, prevention of industrial espionage, and board communication.

Platform(s)

  • Online, Cloud, Web

Features

This online-based software stores your data in secure Docurex VDR’s in the cloud and in physical server locations. This high security data room offers a variety of features that are ideal for M&A, trade partners, and interested parties, as well as the security you need you do your job with confidence.

Document Security

  • 128 Bit SSL Encryption
  • 256 Bit SSL Encryption
  • Document Expiry
  • Data Backup
  • ISO 27001 Certified
  • Dynamic Watermarks

Access Security

  • Multiple Factor / Multiple Channel Verification
  • Set User Permissions
  • Permission Groups
  • Two Factor Authentications

Audit / Report

  • Audit Logs
  • Document Version Control
  • Automatic Audit Reports

User Interface

  • Branded Website
  • Q & A Section
  • Full Text Search
  • Bulk Uploads

Accessibility

  • Multi-Language Support
  • No Client Software Required

Security

  • Antivirus
  • Backup
  • User Management
  • Encrypted Data Transfer
  • Hosting According
  • Restricted Access for User Accounts
  • Additional Security Function for the Document Viewer (Secure Viewer) *On certain plans*
  • Full Access Logging *On certain plans*
  • Automatically Generated Watermark *On certain plans*
  • Customizable Watermark *On certain plans*
  • IP-demarcation *On certain plans*
  • Two Level Authentication with SMS on first login *On certain plans*
  • Two Level Authentication with SMS on every login *On certain plans*

Plans

There are three different plans to choose from, with varying features depending on your business size and usage. You can try any of these versions/plans for free for 10 days (see “Free Trial” below).

In addition to these standard features in each plan, you can customize each one with add-ons at an additional price.

Docurex Standard

  • Included Disc Space: 5 GB
  • Included User Licenses: Unlimited
  • Document Exchange (Docs, Pics, Films, etc…)
  • Multilingual
  • Intuitive User Interface
  • Authorization Assignment
  • Document Viewer (Office PDF)
  • Synchronization of Folder Structure and Data
  • Hotline (Telephone and EMail, Monday through Friday 8 – 4pm)
  • Antivirus
  • Backup
  • User Management
  • Encrypted Data Transfer
  • Hosting According to German Data Protection Act
  • Restricted Access for User Accounts
  • High Performance Servers
  • Operating in Secure German Data Centers
  • Full System Redundancy

Docurex Enterprise

The Enterprise Plan includes everything from the Standard plan, plus:

  • Included Disc Space: 50 GB
  • Document Comparison (docuCompare)
  • Q&A Module
  • Individual Disclaimer (in German and English)
  • Scan Interface (docuScan)
  • Full Text Indexing
  • Document Checkout while Editing
  • Antivirus
  • Backup
  • User Management
  • Encrypted Data Transfer
  • Hosting According to German Protection Act
  • Restricted Access for User Accounts
  • High Performance Servers
  • Operating in Secure German Data Centers
  • Full System Redundancy
  • Additional Security Function for Document Viewer (Secure Viewer)
  • Full Access Logging
  • Automatically Generated Watermark
  • IP – demarcation
  • Two-Level Authentication with SMS on first login

Docurex Premium

The Premium Plan offers everything that the Enterprise Plan does, plus the following:

  • Included Disc Space: 100 GB
  • Data Export
  • Corporate Identity
  • Initial Scan of Documents (1 page, 5,000 pages)
  • Administration and management of users, groups, and roles by the docurex team
  • Two Level Authentication with SMS on every login

Free Trial

You can try Docurex for free with a 10 day free trial: http://www.docurex.com/en/trial/  

Pricing

For pricing information, you must contact Docurex.

You can request a monthly hosting fee as well as a one-time setup fee (per data room).

Contact Docurex: http://www.docurex.com/en/contact

 

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Top 3 Most Important Features to Evaluate when Choosing a Virtual Data Room Provider

Virtual data rooms (VDRs) are online repositories of information that businesses use to store and share information.

Typically, VDRs are used in specific situations related to confidential business transactions, such as mergers and acquisitions and raising capital or other sensitive deals that require a secure review of materials.

In the global marketplace, many professional fields, such as law firms, investment banks and accountants are needed to conduct research and help dealmakers complete transactions.

Prior to the rise of cloud computing, these groups would meet in-person to conduct the proper due diligence and review confidential documentation to advise executives on the business deal.

Now, the same security controls, such as permission-based access to specific documents and restricted viewing rights can be obtained through the power of cloud computing and the internet. VDRs allow businesses to conduct due diligence, collaborate over the findings and make strategic investments, while reducing costs around travel and housing during the deal making process.

There are many VDR vendors that offer secure platforms to review documentation. So how can a business leader choose the best software solution for them?

Standard Virtual Data Room Features

First and foremost, leaders should understand the basic functions and requirements that all VDR solutions should provide. There are some software providers that adapt previous cloud-based products to fit the specific VDR niche, so understanding the essentials is a worthwhile step in the decision making process.

At the core of a virtual data room is the ability to track activity.

In particular, VDRs are leveraged during the sales cycle. Managers need to track activity to report to other stakeholders about the level of interest in potential customers or buyers if the company is for sale. Additionally, managers should know the status of the legal review and financial review.

Look for a virtual data room platform that enables comprehensive audits and page-level reporting. These standard features will allow project managers to track activity at the page level.

The standard features that every VDR platform should include breakdown into a few groups, such as audit tracking, permission-based access and document control.

Audit Tracking

If a VDR does not have standard audit trails and tracking, then the VDR is a non-starter. Data rooms need to track activity, as noted, to determine who can access documents, when they access them and how long they review them.

This functionality is two-fold: project managers can keep the project moving and ensure the appropriate parties (bankers, lawyers and accountants) have reviewed relevant information.

Secondly, VDRs function to store and track sales information. Whether the company is up for bid or potential clients are conducting due diligence, executives need to be able to track usage and allocate time accordingly.

  • Audit Logs – Record of everything uploaded, viewed or downloaded in the virtual data room. All actions with files are logged including file viewing, secure downloading, printing and downloading.
  • Detailed Data Room Reports – Record of every entry and every activity in the virtual data room is time-stamped and documented. Automatic audit reports are automatically sent to a system administrator at the end of a specified period.
  • Notification – Updates managers, administrators and users when documents are updated or new files are uploaded.

In general, virtual data rooms should provide comprehensive reporting capabilities and audit trails for every action or activity that occurs within a data room. Administrators and managers must be able to track all actions within the files.

Permission-Based Access

Virtual data rooms host confidential and sensitive business materials in the cloud. This means executives must trust the individuals with access to the materials to not share with outside parties.

Often, trust is difficult for some executives, so VDRs include permission-based access to help.

  • Restricted Viewing – Block parts of the screen while the viewing the document in the internet browser to help prevent security breaches such as unsolicited viewing in public places, camera-based attacks, or screen capture.
  • Document Access Restrictions – Administrators specify custom levels of document protection to restrict the rights to print, view, share, edit, or download the original or watermarked document for every user with access to the VDR.
  • Granular Access – Control who has access to each file or folder based on the user’s role in the deal or position in the company.
  • Multiple Levels of User Permissions – Set levels of document access for different users and user groups to help improve data room security and provide auditable trail of data room activity.
  • Group Permissions – Administrators can create groups with predefined sets of access permission levels to help control user management and add an extra level of security.

In general, virtual data rooms should ensure that administrators and managers can control and restrict access at the user and document level.

Document Control

Document control relates to maintaining proprietary control of the materials posted and stored within the VDR. Managers and administrators need easy to use tools to load, search and search for documents to provide important information to busy executives and expensive attorneys when they need it.

  • Bulk Uploads – Allow importing or exporting multiple files or folders at once. Look for the virtual data room provider which doesn’t set the cap on the upload file size.
  • Drag and Drop Function – Allows users to virtually grab files from their device and drop them into the virtual data room to upload automatically.
  • Full Text Search – Allows users to easily search through document titles, meta-tags, and content for specific keywords related to search, including scanned documents.
  • Dynamic Watermarks – Automatically embed date of download, name of project, name (and IP address) of user into each document downloaded.
  • Document Expiry – Allows administrators to revoke the right of access to the document at any time, even after the user has already downloaded the file. This document protection feature helps prevent unwarranted document distribution and is often called “self-destructing document” or “remote destruction” feature.
  • Document Version Control – Monitor automatic saving of document settings to track all changes through version history and ensure users have the latest document version.

In general, virtual data rooms should ensure that companies can truly “own” materials on the platform.

These are the essentials that all virtual data room software solutions should include, however, there are other standard features that may meet specific business needs.

For example, VDR providers focus on security and collaboration. Depending on the desire or need to improve sharing and collaboration during the deal making process, there are Q&A features to allow users with easy access to provide updates.

Many companies look to leverage VDRs as a central document repository for the company as well. The need to share and collaborate to ensure everyone is on the same page may be more important compared to small firms looking to complete deals.

Regardless of your specific business need, there are three critical and important features that require evaluation during the VDR decision-making process.

  1. Security

There are reports of hackers stealing company information on a daily basis, which means security is critical to data room providers. Many of the standard features are at the heart of data security.

For example, permission-based access and document control ensure only specific users can review or obtain extremely sensitive or important documents. While audit trails and the ability to revoke access ensures any potential perpetrators are tracked and business can quickly understand the extent of the breach.

Proper security addresses two components.

VDR providers must secure documents and data centers.

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Document Security

Virtual data rooms are commonly utilized during confidential business transactions and house sensitive or proprietary documentation. Protecting access to the VDR and ensuring standard encryption of documents is critical.

  • Multiple Factor Verification – Requires users to verify their identity on another device to gain access to the data room to prevent access to the data room from hacked or stolen devices.
  • Two-Factor Authentication – Provides an extra level of protection and common among commercial application, users can log in using a password and a unique code sent to the user’s cell phone.
  • 256-Bit SSL Encryption – Provides the highest data encryption during data transit or at rest, 256-bit AES SSL encryption is the golden standard.
  • Data Backup – Assures documents uploaded can never be lost or destroyed. Look for the VDR providers that offer real-time file backup through encrypted VPN tunnels.
  • Virus Scanning – Automatically scans all uploaded documents for viruses or other defects to ensure defective files are not uploaded.
  • On Save/On Open Encryption – Automatic encryption upon opening to prevent unauthorized access over unsecured network.

In general, virtual data rooms should adhere to industry standard encryption technology and user authentication standards.

Additionally, VDR providers must maintain on-site data security. Virtual data rooms leverage cloud computing technology to store client information in an external environment, which means the servers and hard drives that house the documents are secure as well.

Virtual data rooms should be located in physically secure data centers with numerous protective measures that restrict access to confidential data.

  • SOC 2 Certified – Provides statement of best practices related to internal controls that verify security, availability and privacy of the data room repository, the SOC 2 is critical for data center certification.
  • ISO 27001 Certified – The most stringent international certification for the IT sector, the ISO 27001: 2013 certificate, ensures appropriate controls help prevent security threats or vulnerabilities.
  • SSAE 16 Certified – The Statement of Standards for Attestation Engagements 16 (SSAE 16) is one of the strictest standards that requires an audit of internal controls over financial reporting.
  • Data Center Security – Ensure that data centers employ physical security, stringent access policies, such as: biometric entry authentication systems, armed guards, 24/7 surveillance, secure vaults and cages, with access to uninterruptible power, backup systems, and fire/flood prevention systems at data center sites.

In general, ensure the VDR provider proudly shares the data center certifications and security measures.

  1. Mobile Access

In today’s business world, people move fast. Potential deals happen at the speed of light and executives are constantly on the go. Companies must leverage a VDR solution that moves at the pace of their business, which means sufficient mobile access built with the web in mind.

Virtual data rooms will be accessed by multiple parties from various different devices from Apple to Android and smartphone to tablet, which means it is vital VDR software works on all devices and operating systems.

Look for a VDR platform that was designed for the modern executive that relies on mobile access. Modern web-enabled technology typically means no plug-ins, no Flash, Java or Silverlight components that create bloat and require updates.

Virtual data rooms built on a web-based platform are typically the most compatible across devices and operating systems because they run in the browser and are not reliant on third party applications. VDR providers may have specific applications, which may meet security requirements, but businesses should note that updates to the underlying operating system may require application updates and put data at risk.

VDR providers must allow access with standard control and review functionality of secure documents through mobile access.

  • No Plug-Ins Required – Ensure users can upload and view documents without the need to install any additional applications or third-party plugins on devices.
  • Multi-Device Support – Confirm essential functionality works across all major devices, including Apple, Android, Windows and BlackBerry.
  • Mobile Device Interface – Ensure there is a mobile-optimized interface that allows users to easily access materials from mobile devices.

In general, virtual data rooms should provide the same functionality on mobile as desktop.

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  1. Flexibility

Complicated software impacts efficiency and causes delays, along with significant amounts of frustration.

During the VDR evaluation process, it is important to find a provider that offers a flexible solution.

What does this mean?

Select a VDR solution that fits within your specific operational process and is easy to use.

The number of qualified VDR vendors continues to increase and they all aim to increase usability and ease of use through intuitive design. Look for easy-to-use features that meet your criteria.

Frequently, VDR providers showcase the user interface (UI) that simplifies business processes and speeds up routine tasks or eliminates the need for a learning curve.

Only the executives, managers and administrators that will utilize the system will know if the UI works within their current workflow to simplify processes.

During the evaluation process, then consider a trial period because it will provide actual feedback on ease of use and the UI. Plus, it will help answer some standard questions, such as:

  • How is the data room set up?
  • How long will it take to get up and running?
  • How does the upload process work?
  • How does mobile use work?
  • Is the UI intuitive?
  • Can I find the right documents?
  • How is the customer support and help desk?

The experts agree that companies should “look before they leap” during the evaluation process.

“One of the main benefits of a SaaS solution is that you can give it a fair trial with minimal commitment, since you can simply plug and play using an internet connection, which is not the case with on-premise software, where you have to depend on product demonstrations.”

During the trial, key IT decision makers should review the following to ensure the solution easily integrates with existing business operations.

  • Determine the Data Host Credentials Meet Your Demands.
  • Confirm the Security Protocols and Encrypted Data Meets Industry Standards.
  • Ensure Credentials and Permission Access Aligns with Company Processes.
  • Review Audit Trail Capabilities.
  • Test Complete Integration with Additional Software Solutions (like your CRM tool).
  • Properly Test Customization with Current Workflow.
  • Perform Cross Platform Compatibility.
  • Conduct Extensive Test for Mobile Usage.
  • Call Customer Service Desk to Understand Response Time and Overall Knowledge.

Additionally, to truly test the flexibility, then use the trial period or evaluation process to determine what matters to your company.

  • Will the VDR be used for collaboration?

If yes, then ensure the Q&A and commenting process is tested on desktop and mobile. Administrators should set up some notifications and ensure they are customizable to avoid the spamming feel, but provide noteworthy updates.

  • Will the VDR be used for deals?

If yes, then ensure the vendor provides proper support and project management capabilities. During the due diligence process, people may be on edge because time is of the essence. Ensure the provider has 24/7 support to help project managers keep the review and transaction on track.

  • Is the UI intuitive?

Kick the tires of the data room to ensure the main users find it easy to use. If the set-up process is cumbersome, then it might not be the right solution for your business. Administrators should test the limits of the bulk upload and/or drop and drag options to ensure it documents are ready for review within minutes.

In general, software aims to simplify routine or repetitive processes. In the VDR world, there are many options, so find a vendor that provides a flexible solution that meets your needs and can grow with your company.

At the end of the day, founders and business executives need to determine how any software solution meets their needs.

There are many variables that go into the decision making process. All business leader need to evaluate the multiple VDR companies that are on the market.

But how does an executive decide what is best for their company?

  1. Security

Ensure the VDR solution adheres to the highest level of encryption and data center security measures.

  1. Mobile Access

Ensure the VDR solution provides functional mobile access that allows users to access and review documents in a secure environment.

  1. Flexibility

Ensure the VDR solution meets your specific business needs and key internal users are comfortable with the design and workflow. Find more about us here.