Online data rooms provide a secure, cloud-based platform for sharing documents with other parties. They are very popular in M&A where the due diligence process requires a great deal of document inspection and large file uploads. They are also used for fundraising, as they enable companies to share their information with potential investors securely. To find the best one for your requirements, look for a service that has an affordable pricing structure and advanced features.
Select a provider that provides the ability to customize users’ permissions, to ensure that sensitive data from being misused. Search for tools that permit you to authenticate your identity and use two-step authentication. You can also take advantage of features that make it easier for you to collaborate with your colleagues in the same virtual space. Some VDRs, for instance, offer folder-level security as well as batch downloads and search functions to help speed up the review process.
Some data room providers online offer a free trial so you can get a feel for the software before you make a purchase. Others offer a monthly flat rate, which gives you greater flexibility for projects that last longer. You can also opt for a yearly subscription that helps you budget more effectively and assures you have the tools you need at your fingertips.
Customer support is a key aspect to take into consideration when comparing online data rooms. The best ones offer an account manager with a specific role, a 24/7 live chat and phone line as well as a library of guides, and a comprehensive set of training and documentation. In addition, they provide a clean interface that even novice users can learn quickly and easily.