Virtual data rooms allow for the secure, simple, and organized sharing of confidential information with third parties during due diligence in M&As or mergers, fundraising or property sales. There are many VDRs, however, are created equal. You must determine your main goal and the features that are most important to you for this. Take into consideration pricing models as well as a free trial period to ensure that the provider you choose matches your requirements.
To make choosing a provider easier select one that is focused on satisfaction of customers. They should also have a track record of helping clients close deals. It is also crucial to choose a service with multiple languages supported and the ability to access the data room on any device. Some providers also have advanced permission settings, which will help ensure that confidential documents aren’t released.
You should also consider a software provider that integrates with other tools. This can boost efficiency and reduce redundant work. Certain providers, for instance can integrate with CRM software such as Salesforce, useful for M&A deals. It is also crucial to look for scalability and flexibility as well as security features such as two-factor authentication and timed access expiration.
It’s also a good idea for you to verify if the company has any certifications of compliance. Intralinks, Merrill Datasite and other industry leaders are known for their high-level compliance to ISO 27001 standards.