A VDR for buyers and sellers is a protected virtual data storage space where documents can be shared. It’s an essential tool for M&A transactions as well as life science firms and private equity firms that require to share sensitive information with partners or customers.
The top VDRs offer a variety of options to help simplify the M&A and improve the chances of closing deals. They could, for example, allow participants to view documents simultaneously, rather than needing to alternate looking at stacks of papers, and they can be accessed on laptops, desktop computers or mobile devices. This can cut down on the time required to complete due diligence, and help save both time and money.
When looking for a VDR provider, take into consideration the way your team works and where it could benefit from additional support. If you want a VDR that supports e-Signature and options, choose one that provides an option to sign natively. Sending draft contracts back and forth through email or through an e-Signature service that is provided by a third party adds unnecessary risk to the process.
Choose the VDR that provides easy-to-use tools for managing document access as well as logging and search. Also, make sure the software can handle a large number of documents, has high speed browsing speeds, and allows you to access documents across multiple devices. Also, choose a vendor with a track record of uptime and outstanding customer service. Ideally they should have a dedicated team who understands your language and is able to respond quickly to your questions or issues.