Virtual data rooms make it easier to manage due diligence and M&A processes and are therefore a must for businesses in all sectors. The top VDR providers offer a broad selection of features suited to various types of projects and businesses. Some of these features are standard to all online repositories, however, others are more advanced and may come at a premium. In this article, we look at some of the most well-respected platforms and analyze their capabilities.
The first step when choosing a virtual data storage space is to determine the requirements of your business. Be sure to consider whether the service offers additional security features, such as fence view or remote wipe. Also, verify the number of users since some vendors limit access to certain documents or folders. This could be problematic for large transactions.
It is also worth checking whether the company has support available 24 hours a day. Some of the top providers have live customer support representatives who can help with any issues you might run into. Also, check out reviews on independent sites (G2 Crowd and Capterra are excellent examples) and then contact the vendor to see whether they offer a no-cost trial or demo period.
Then, consider pricing plans. Some providers offer plans that are based on document storage capacity, which is ideal for businesses that upload only small volumes of documentation. Some offer a per-user pricing model, which is better for smaller companies and short-term projects. Consider also whether the provider has servers that are located near your area. This could boost performance and speed of data processing.