Why to choose iDeals Virtual Data Room?
iDeals Solutions has been a global provider of secure file sharing services since 2008. iDeals has been trusted by clients from corporate finance, investment banking, legal, real estate, energy, IT security and other industries.
What to consider when choosing a virtual data room for your due diligence project?
Choosing a data room for due diligence is important step which can get a bit complicated sometimes: despite the considerable amount of available options, it is really difficult to find the best software for your project requirements.
We have compounded this selection guide and addressed some of the most frequently asked questions to help you in choosing the right due diligence data room.
Does a data room provider have experience of working with your industry?
The industry determines possible use cases, features, workflows and compliance policies that due diligence process is required to support, so be prepared with the relevant questions when talking to your prospective vendor.
Whether you are in retail banking, stock brokerage or insurance business, you would need to go through due diligence process in case of an M&A deal, investment raising, restructuring or bankruptcy. Financial industry is strongly regulated and your company must comply with some specific regulations. For instance, you may need to set up a data room for reporting to regulatory bodies such as FINRA if your company operates in the US. It is important to make sure that the platform you select is compliant with the industry standards.
In the biotech industry, virtual data room is often used to assist with due diligence of R&D projects such as clinical trials or licensing of a biotech product. Remaining control over intellectual property and personal health records by keeping due diligence information safe is a critical challenge to handle. This leads you to shorten the list of potential data room providers by those who are compliant with local regulations such as HIPAA.
The Oil&Gas part of the industry is now becoming more and more consolidated and that also tightens due diligence requirements. Typical Oil&Gas projects include a huge amount of seismic data and well logs transferred during due diligence process, so it is important to make sure the platform you choose can support that kind of file formats. Renewable energy is another fast-growing sub-sector with a huge variety of investment opportunities. No matter whether it is a capital raising, licensing or a merger deal – a data room for your project needs to be easy and quick to set up in order to help run your project at the fastest pace.
Legal advisers often have to deal with M&A transactions, consulting either buy-side or sell-side of a project. Some legal companies can be involved in numerous projects, dealing with hundreds of clients simultaneously, so it is important for them to have a way to keep their records safe and organized. With a robust Q&A module, you can save your time by executing all communications in one place of your virtual data room. And giving professional look by customizing a data room with your corporate identity is another advantage over other common cloud solutions.
There has been a significant raise of IT industry during the last decade that led to increased amount of M&A, venture capital deals and IPOs. There are millions IT startups raising capital every day and none of them would want to miss a chance to get funded because of the complexity of platform in use. In such competitive environment, there is a need for easy-to-use and plugin-free data room for smooth due diligence processes.
In this industry, it is often a case when an online data room is used to manage your project finance documents. Most construction and building projects are long-term and require constant interactions with investors, banks and other lending institutions, so the ability to share securely both financial and engineering data is crucial in this case. It is also worth taking into account that not all data room providers support Non-Office file types.
Can a data room vendor provide due diligence checklists for your project?
Depending on which aspect of company’s assets needs to be examined and what are the objectives, there are different types of due diligence that can be performed. Every industry has specific standards that require documents to be structured in a particular way, and setting up a data room index helps to keep your data room content organized.