Virtual data rooms facilitate due diligence and M&A procedures, making them a requirement for businesses in all industries. The top VDR providers provide a wide array of features that are specifically designed for various types of projects and businesses. Some of these features are common to all online repositories, however, others are more advanced and may come at a premium. In this article, we’ll compare the features of a few of the most popular platforms.
The first step to choose a virtual data storage space is to identify the needs of your business. Be sure to consider whether the service offers additional security features such as fence view or remote wipe. Additionally, look at the number of users you can allow because some vendors restrict access to specific folders or documents. This could be problematic when you’re dealing with large volumes of transactions.
Check to see if the vendor provides support 24/7. Some of the best providers have live support representatives who are able to assist with any issues you run into. Also, check out independent reviews (G2 Crowd or Capterra are two excellent examples) and ask the vendor if they offer a an open demo or a free trial.
Check out pricing models. Some companies offer plans that are based on the quantity of documents you can store and are ideal for companies who upload documents in small quantities. Some providers have a pricing structure which is based on number of users, which is ideal for small firms and projects that are short-term. Also, consider whether the service has servers located near your location. This can improve performance and speed of data processing.