There are numerous data room providers available on the market today. It’s easy to be taken in by the cheap pricing plans or the promise of a free trial, but if your don’t take the time to investigate them properly, you may be stuck with a VDR that isn’t the best fit for your needs.
Support is also crucial. Make sure that they offer at least a minimal response time, 24/7/365 availability and single-point-of-contact resolution, as well as a knowledge base and free access to an online demo. Features that are convenient to look for include a broad support for various file formats, an intuitive interface and Drag & Drop file upload.
It is also important to determine if they offer a range of security measures like two-factor authentication and SSL encryption with 256 bits SSL encryption and virus scanning. This way, you can be certain that your files aren’t in the hands of hackers and are protected.
The majority of virtual data rooms cater to different industries, however some are more specialized than others. For example, M&A virtual data rooms provide users with tools to simplify the due diligence process and ensure large-scale document sharing. They also provide templates and checklists that aid their users streamline the process of negotiating deals. Another industry that is commonly used is real estate, where the virtual data room is used to oversee the entire due diligence process, as well as to securely exchange documents with a broad range of people.
