Comparing Virtual Data Rooms

Virtual data rooms are not virtual data rooms all created equal, despite their high value. Some virtual data rooms are created for specific transactions or industries such as M&A due-diligence. Other rooms offer a wide range of tools that can help companies collaborate on various projects. Consider what you’d like to achieve using the virtual data room, the norms of your sector, and the type of data you will be sharing.

When looking through VDR providers, you should look for an intuitive user interface and how simple it is to use any device. If you plan to use it with non-technical members of your team, ensure the vendor offers features such as drag and drop uploading as well as automated indexing to make the process faster. Also, take into account whether the vendor provides support in multiple languages and is accessible 24/7.

When comparing virtual datarooms, you should also consider whether the security implementations meet your expectations. Choose a provider that offers multiple layers of security to ensure your documents are secure for example, SmartLock which allows you to revoke access to documents after downloading, integrated redaction and DocuSign integration.

When you browse through providers, find a pricing plan that fits your needs. Some companies charge flat charges for administrators or for quests, while others charge based on the size of the storage with overage charges. Find a vendor that provides free trials and demos so you can try the platform to determine if it’s the right choice for your project.