Online data rooms provide a secure, cloud-based platform for sharing documents with third parties. They are very popular in M&A, where due diligence involves a lot of documents to be scrutinized and massive file uploads. They are also used in fundraising, as they enable companies to share their information with investors who are interested in investing securely. To choose the right one for your needs, search for a company that has a flexible pricing model and advanced features.
Choose a service that has specific user permission settings to keep sensitive information from getting into the wrong hands. Choose a tool that allows you to verify your identity as well as perform two-step authentication. You can also benefit from features that allow you to collaborate with your team members in the same virtual space. Some VDRs, for instance, offer folder-level security as well as batch downloads and search functionality to accelerate the review process.
Some online data room providers offer a free trial to get a feel for the software before you buy. Some providers provide a flat monthly rate that gives you more flexibility when working with larger projects. Other options include a yearly subscription that helps you budget more effectively and guarantees that you have all the tools you need when you need them.
Customer support is a key factor to consider when comparing online data rooms. The best providers offer an account representative who is dedicated to the customer with a 24/7 phone number and live chat line, a library with extensive documentation along with a 24/7 live-chat and phone number. In addition, they feature a clean interface that even novice users can adopt quickly and easily.