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A virtual data room is the best option for sharing documents with a third-party without the threat of a breach. A virtual data room is the most suitable option for due diligence in relation to M&A fundraising, partnership negotiations, and asset sales. Virtual data rooms vary in terms of security, usability, and pricing.

A virtual dataroom should provide the minimum of two-factor authentication as well as granular permissions to users to guard their the data from theft. The virtual data room should also secure all files, both during storage and during transfer. It is important to have options that allow you to restrict the ability of the recipient to use downloaded files. This includes a reader-only feature, dynamic watermarks and other features that restrict viewing.

A data room should have an easy-to-use interface that allows users to upload and organize files, as well as share them. It should also support collaboration by providing a range of tools for chat, Q&A, and live conference. It should also have an app for mobile users to have access on the go. It is important to check reviews from users prior to deciding which provider to select. iDeals is the provider with the highest ratings from users for usability. Citrix, Datasite and other providers are also well received by customers. It is also important to think about the features you’ll need for your specific project. If you’re looking to simplify the due diligence process consider features such as automatic document numbering and an NDA/terms prior to allowing access and a PDF Converter that does not require plug-ins.