Due to the impact of the human factor on the organization of file storage, there is no possibility of storing electronic documents with iDeals or Digify data room services in a single environment.
The Importance of Keeping Your Data Safe with Digify Data Room Software
Depending on the complexity of the transaction with Digify data room service, a single purchase agreement is often not enough to formalize the buyer-seller relationship. As a rule, a sales contract is overgrown with a number of related contracts. These include, first of all, security documents both on the part of the seller (in terms of ensuring the seller’s guarantees in relation to the object of purchase) and on the part of the buyer (in terms of securing payment of the purchase price).
In addition, by using the Digify virtual data room service, if the seller does not acquire all 100% of the purchased item, the parties, as a rule, regulate their relationship in managing the transaction item in a separate document (for example, a shareholder agreement). Also, in connection with the sale and purchase agreement, agreements are often concluded on the assignment of claims for loans that were issued to the transaction object by the seller or his related parties.
Maintaining a physical data room costs money; there is the service of the physical location itself, as well as the salaries and wages of the people involved in its maintenance. You have to pay wages to those who will keep them clean and those who will keep them safe. Even those who will move or transport, as well as copy and print documents, will also have to pay. With the Digify virtual data room, these costs can be reduced to one or two key personnel or storage maintenance personnel. There is no longer any need to rent physical space or space for your PDR, or if you are not renting, the room originally used as a PDR can be used for something else.
Why Is It Recommended to Choose iDeals over Digify?
The use of documents with the iDeals virtual data room has greater security guarantees. Participants must register in the iDeals by entering their password, and accordingly have different access rights to documents: some can download the document, and some – only read on the screen. This means that the person providing the documents for review will not have to physically monitor the movement of documents – the program will take care of everything.
There are several factors to consider while choosing the iDeals over Digify:
- Of course, this aspect will interest you the most. It is important to choose a developer who stores all the information himself and does not give it to subcontractors. Well, and certification, of course. Plus reviews, customers, etc.
- Most developers base their pricing based on the space used and the amount of time the iDeals is open. If you plan to use VDR regularly for a large number of transactions per year, then purchasing a subscription is your choice.
- Convenience and functionality. Here you need to take into account the format of the files that the system can work with, is it possible to download the zip, on which OS is it available. If you are dealing with international transactions, it is important that the iDeals VDR is open 24/7 and supports multiple languages. Check if there is a free demo version.