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The virtual dataroom (VDR) is a great tool to share, store and/or analyzing information by multiple parties. However certain tasks require more. The due diligence process in M&A, for example, requires a solution that’s more than just a secure storage facility for documents and provides additional tools to aid in collaboration and project management. This type of VDR is commonly referred to as a lifecycle management solution, and certain providers offer solutions that are designed to aid in the complete M&A deal process, which includes due diligence, NDAs, document expiry, reporting, and more.

The first step when choosing a service is to look at the types of documents and files that you’ll uploading, sharing, or reviewing with the software. Think about what features you’ll need for security, such like dynamic watermarking that impedes illegal copying, document encryption remote access revocation even after downloading, and the possibility to create folders that limit access or control.

Cost is a different factor to consider. Some data sharing services charge per page and can be expensive when you need to share numerous documents. It is recommended to find a company that has a trial version of the software to test it before committing to a plan.

You should also ensure that the provider you choose has a robust audit trail, which records all user activities. This will let you observe the time that each user spent on each document, and also where they clicked on the document. Some providers provide statistics by user group, or charts to help you to better understand the information.