Online data room providers provide an encrypted, cloud-based platform to share business documents with third-party. They are extremely popular in M&A where the due diligence requires large files and a lot of scrutiny of documents. They can also be used for fundraising, as they allow companies to share information with prospective investors securely. Choose a company that has an affordable pricing structure as well as advanced features to find the perfect solution for you.
Select a service with granular user permission settings to keep sensitive information from getting into the wrong hands. Be sure to look for two-step authentication and identity verification instruments as well. You can also take advantage of features that make it easier for you to collaborate in the same virtual space with your team. Some VDRs, for instance provide security for folders and batch downloads as well as search functions to help speed up the review process.
Some online data rooms offer a free trial, so you can check out how their software functions prior to making purchases. Some providers offer a fixed monthly fee that gives you more flexibility when working on larger projects. Other options include a yearly subscription that helps you budget more efficiently and ensures that you have all the tools you need when you need them.
Another important aspect to consider when comparing online data rooms is their customer support. The best providers offer an account manager who is devoted to their customers as well as a 24-hour phone and live chat line, a library and extensive documentation and live chat and a 24-hour phone number. They also have an easy interface that even a technologically adept user can easily use.