Virtual data rooms streamline due diligence and M&A processes which makes them essential for companies in almost all sectors. The top VDR providers provide a wide selection of features suited to different kinds of projects and companies. Some of these features may be common to all online repositories while others may be more advanced and cost more. In this article, we’ll compare the features of a few of the most popular platforms.
The first step in choosing a virtual data room is to figure out the requirements of your business. Be sure to consider whether the service offers additional security features, such as fence view or remote wipe. Also, look at the number of users, as some vendors restrict users’ access to specific documents or folders. This can be problematic when dealing with large transactions.
Also, make sure to check if the vendor offers support around-the-clock. Some of the top providers have live support representatives who can help with any issues that you may encounter. Also, read reviews on independent sites (G2 Crowd and Capterra are good examples) and then contact the vendor to see if they offer a free trial or demo period.
Finally, look at pricing plans. Some providers offer plans that are based around document storage capacity, which is great for companies that upload limited volumes of documentation. Some providers have a pricing structure based on the number of users, which is ideal for small companies and a short-term project. Be sure to check if the provider has servers located near your area. This could boost performance and speed of data processing.