Online data rooms provide a cloud-based, secure platform for sharing documents with other parties. They are popular in M&A where due diligence involves a lot of documents to be scrutinized and massive file uploads. They also serve to raise funds, as they allow companies to securely communicate with potential investors. Look for a provider that has a flexible pricing structure and advanced features to determine the perfect one for your needs.
Select a service that provides specific settings for user permissions to keep sensitive data from getting into the wrong hands. Look for tools that allow you to authenticate your identity and use two-step authentication. You can also benefit from features that make it easy to work within the same virtual environment with your team. Certain VDRs, like, offer folder-level security along with batch downloads and search capabilities to speed up the review process.
Some online data rooms offer a free trial, so you can see how their software functions before making a purchase. Some providers offer a flat monthly price that offers you more flexibility when working on larger projects. You can also select a yearly subscription, which helps you budget better and ensures you have the tools you need at your fingertips.
Another factor to consider when comparing online data room providers is their support for customers. The top ones provide an account manager with a specific role, a 24/7 live chat and phone line, a library of guides, and a full set of training and documentation. They also have a simple interface that even a technologically proficient user can easily learn to use.
