There are a variety of data room providers on the market today. It is easy to get caught up in the low-cost plans, or the lure of a free trial, however, if you don’t take the time to look into the options thoroughly, you could end up with an VDR which doesn’t fit your needs.
It is also essential to pay attention to the support. Make sure that they offer at least a minimal response time, 24/7/365 availability and single-point-of-contact resolution, as well as a knowledge base and free access to an online demo. Convenience features to look for include support for a variety of file formats along with a user-friendly interface and Drag & Drop file upload.
It is also important to determine if they offer a variety of security measures, including two-factor authentication as well as 256-bit SSL encryption and virus scanning. You can be sure that your documents will not fall into the hands of hackers.
The majority of virtual data rooms are geared towards different industries, however certain are more specific than others. M&A virtual rooms, for example, provide tools to streamline due diligence and secure large-volume documents sharing. They often also include checklists and templates to simplify the process of negotiating deals for their users. Real estate is another popular industry where virtual data rooms are a great option to manage the entire process of due diligence process and for securely exchanging documents with many people.
