Virtual data rooms are essential for M&A transactions due to the volume of confidential documents that need to be shared. However it is true that not all VDR providers are created equally. Some are more expensive, and provide various features and functions.
Consider the size of the project or transaction when selecting the most suitable virtual deal rooms. If you are dealing with large amounts of sensitive data it could be worth investing in an VDR which is more trustworthy and scalable. You can also look at the security features of the VDR before making a decision. VDRs that have the highest level of security feature features like two-factor authentication and granular access control. Some even include an inbuilt document viewer to help you review documents from within the VDR itself.
Also look for VDRs that support multi-project management. This lets you make use of the same VDR to manage a variety of projects simultaneously, such as a capital raising round and an M&A transaction. Some VDRs also provide advanced reporting and analytics to monitor the activity of users.
The final thing to think about is the customer service. The best VDR providers offer 24/7 support that is accessible via live chat, phone, and email. Some VDR companies also offer self-service help centers and onboarding assistance to ensure an effortless project. Select a VDR which is compatible with the majority of operating systems like iOS, Android, Windows and macOS. Also, read reviews (with a pinch of salt) and request a free trial to try out the features.
