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 the law and allow document sharing to be more efficient and more secure. Making the right choice for a VDR provider requires thorough research and evaluation. Software review platforms such as Capterra and Trustpilot are a good place to begin, but it is also essential to look through third-party reviews of colleagues and acquaintances.
Alongside a uniform user interface, the most effective virtual data rooms have features that simplify and streamline operations for everyone in the company. This includes a custom-designed UI with a personal branding and a single sign-on option for all projects, and an easy-to-navigate file structure that is compatible with all the most popular devices. It’s also important to search for VDRs with granular permission settings and eight levels of document access rights.
When choosing a virtual data room, it’s also important to take into consideration the level of customer support provided by each provider. Find a support team that is accessible 24/7 and provides a variety of contact channels including live chat and phone. It is also important to determine whether they’re able to translate their support into your native language. The ideal virtual data room service will also be able to seamlessly integrate with storage platforms, and provide a 30 day free trial. This allows you to test the software and make a more informed decision on its suitability for your particular project.