Online data rooms provide an encrypted, cloud-based platform to share business documents with third parties. They are extremely popular in M&A where the due diligence process requires large files and a lot of scrutiny of documents. They are also utilized for fundraising, as they help companies share information with prospective investors securely. To find the best one for your requirements, look for a service that has a flexible pricing model and advanced features.
Select a provider that provides users with granular user permissions to prevent sensitive information from being misused. Be sure to look out for two-step authentication and identity verification instruments as well. You are also able to take advantage of features that make it easy to work in the same virtual space with your team. For example, some VDRs offer folder level security or batch downloading, as well as search capabilities to expedite the review process.
Some data room providers online provide a free trial so you can check out how their software functions before making a purchase. Others offer a monthly fixed cost, which allows you greater flexibility for projects that last longer. You can also choose a yearly subscription that helps you budget more effectively and ensures that you have the tools you require available.
Customer support is a key aspect to take into consideration when comparing online data rooms. The top providers provide an account manager who is devoted to their customers, a 24/7 phone and live chat line, library with extensive documentation, as well as live chat 24/7 and a phone number. In addition, they have a clean interface that even the least tech-savvy users can use quickly and easily.