There are a myriad of data room providers on the market. It’s easy to get attracted by cheap pricing plans or the promise of a trial offer, however, if you don’t take the time to look into the various options, you could find yourself stuck with an VDR that doesn’t really fit your needs.
It is also essential to pay attention to 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. Features that are convenient to look for include broad file format support along with a user-friendly interface and Drag & Drop file upload.
Find out if the business offers various security measures, like two-factor authentication or 256-bit SSL encryption. This way, you can be certain that your files aren’t in the hands of hackers and are protected.
Virtual data rooms are accessible for a wide range of industries. However certain types of data rooms are more specialized. For example, M&A virtual data rooms provide users with tools that can streamline the due diligence process, as well as secure large-scale document sharing. These data rooms also include templates and checklists that assist their users to streamline the process of negotiating deals. Real estate is a similar sector where virtual data rooms are used for managing the entire due diligence process and securely sharing documents with many people.