Online data room providers offer a secure, cloud-based platform for sharing documents with other parties. They are a popular option in M&A where the due diligence process requires a lot document scrutiny and large file uploads. They are also used to raise funds, since they help companies share information with potential investors securely. To choose the right one for your needs, search for a company that has flexible pricing models and advanced features.
Choose a service that has users with granular user permissions to keep sensitive information from falling into the wrong hands. Search for tools that permit you to authenticate your identity and use two-step authentication. You can also benefit from features that make it easier to work within the same virtual environment with your team. Some VDRs, for example offer security on a folder-level, batch downloads, and search functions to accelerate the review process.
Some online data room providers offer a trial period to test the software before you buy. Some providers offer a flat monthly rate that gives you more flexibility when working on longer projects. You can also sign up for a yearly subscription that helps you budget better and ensures you have the tools you require to be able to access.
Another crucial aspect to consider when comparing online data rooms is their support for customers. The top ones provide an account manager who is dedicated to the client, a 24/7 live chat and phone line and a library of user guides, and a robust set of documentation and training. They also have an easy interface that even a tech-savvy user can use easily.