Virtual data rooms have become a vital tool in M&A transactions, IPO releases, fundraising by startups and due diligence procedures. They can help ensure compliance with regulations and help allow document sharing to be more efficient and more secure. The selection of a VDR provider requires careful research and evaluation. Review platforms for software like Capterra and Trustpilot are a good place to begin, but it is equally important to look through third-party reviews of acquaintances and colleagues.
The most effective virtual data room has features that streamline and simplify processes for all employees. This includes a user interface that can be customized with a custom logo as well as a single sign-on system for all projects, and a simple-to-use file structure that works across major devices. It’s also important to look for VDRs with permissions that are granular and eight levels of access rights to documents.
When choosing a virtual information room, you need to think about the quality of customer support provided by each service. Choose a team who is accessible 24/7, and offers numerous contact channels, including live chat and phone. Make sure they are able to translate support into your native language. The ideal virtual data room provider will also integrate seamlessly with storage platforms, and offer a free 30-day trial. This allows you to test the software and make a more informed decision on the suitability of the software for your specific project.