Virtual data rooms streamline due-diligence and M&A procedures and are a necessity for businesses in all industries. The best VDR providers offer a variety of features that can be tailored to specific projects and businesses. Some of these features are common to all online repositories, while others are more sophisticated and might cost a premium. In this article, we will compare the capabilities of a handful of the most popular platforms.
The first step in choosing the right virtual data room is to identify your company’s requirements. Check if the platform has additional security features, such as fence view or remote wipe. Additionally, look at the number of users permitted since some vendors restrict users’ access to certain folders or files, which could be problematic when you’re dealing with large amounts of transactions.
Find out if the vendor offers support 24/7. Some of the top vendors have live customer service agents who are able to assist you with any problems that might arise. Also, check out reviews on independent websites (G2 Crowd and Capterra are excellent examples) and then contact the vendor to see whether they have a no-cost trial or demo period.
Look at pricing models. Some providers offer plans based on the quantity of documents you can save, which is perfect for businesses that upload a limited volume of documentation. Others offer a per-user price model, which is better for smaller firms and short-term projects. Additionally, you should consider whether the server hosting provider is located near your location which can boost performance and speed of data processing.
