Virtual data rooms streamline due diligence and M&A processes, making them a necessity for companies in almost all industries. The top VDR providers provide a wide array of features that are specifically designed for different types of projects and businesses. Some of these features are common to all online repositories however, others are more advanced and may cost the cost of a premium. In this article, we review some of the most reputable platforms and then compare their features.
To select a dataroom that is virtual, you must first determine your company’s requirements. Check if the platform has additional security features such as fence view or remote wipe. Also, check the number of users since some vendors limit user access to certain documents or folders. This could be a problem when dealing with large transactions.
Make sure the provider provides support around-the-clock. Some of the top providers have live customer support representatives who are able to assist with any issues you run into. Also, you can read reviews on independent sites (G2 Crowd and Capterra are excellent examples) and contact the vendor to inquire if they offer a free trial or demo period.
Take a look at pricing models. Some companies offer plans that are determined by the amount of documents you can store, which is perfect for businesses that upload documents in a small amount. Some providers have a pricing structure which is based on number of users, which is ideal for small-sized businesses and projects that are only short-term. In addition, consider whether the provider’s servers are located near your location which can boost performance and speed of processing data.