Virtual data rooms have become a vital tool in M&A transactions, IPO releases, fundraising by startups and due diligence processes. They aid in ensuring regulatory compliance and enable document sharing to be faster and more secure. It is important to do thorough research and analysis prior to choosing a VDR. Software review platforms such as Capterra and Trustpilot are a good starting point. However, it is crucial to review reviews from third-party sources.
Alongside a uniform user interface, the most effective virtual data rooms offer features that simplify and streamline processes for everyone within the company. This includes a user interface that can be customized with a personal branding with a single sign-on to all projects, and a simple file structure that works across the most popular devices. It is also essential to look for VDRs with granular permission settings and 8 levels of access rights to documents.
It is also important to consider the customer service provided by every provider of virtual data rooms. Choose a company that is available 24/7 and offers several contact channels, including live chat and phone. It’s also helpful to know whether they’re able translate their support into your local language. Furthermore, the best virtual data room providers have a seamless integration with storage platforms and offer the opportunity to trial their services for free for up to 30 days. This allows you to try the software and make an informed choice about the suitability of the software for your specific project.