There are a myriad of data room providers on the market. It is easy to get attracted by cheap pricing plans, or the lure of a trial offer, but if you don’t take the time to look into the options thoroughly, you could find yourself stuck with a VDR which doesn’t fit your requirements.
Support is also crucial. 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. Look for convenience features such as Drag & Drop upload, intuitive interfaces and support for a range of formats of files.
Find out if the business offers a variety of security measures such as two-factor authentication and 256-bit SSL encryption. This way you are able to ensure that your documents aren’t in the hands of hackers and are reliably protected.
The majority of virtual data rooms are geared towards various industries, but certain are more specific than others. For example, M&A virtual data rooms offer users tools to simplify the due diligence process and ensure large-volume document sharing. These data rooms also have templates and checklists that assist their users streamline the deal-making processes. Another common industry is real estate, and the virtual data room can be used to oversee the entire due diligence process, and to securely exchange documents with a wide range of people.