Virtual data rooms are vital for M&A transactions because of the sheer volume of confidential data that needs to be shared. However it is true that not all VDR providers are created to be the same. Some are more expensive than others, and some provide a different set of features and functions that could determine the success or failure of an offer.
Consider the size of the project or transaction before deciding on the best virtual deal rooms. If you’re dealing with large amounts of sensitive information, a more reputable and flexible VDR could be worth the extra investment. It is also worth looking at the security features of the VDR before making a decision. The most secure VDRs contain features like two-factor authentication and granular access controls and dynamic watermarking. Some VDRs come with a built in document viewer that lets you view documents directly from the VDR.
Additionally, look for a VDR which supports multi-project administration. This lets you make use of the same VDR for several projects simultaneously, for instance capital raising rounds or an M&A transaction. Some VDRs also offer advanced reporting and analytics that allow you to track the activities of users.
The final thing to think about is the support for customers. The top VDR providers offer 24/7 support that is accessible via live chat, phone, and email. Some also have self-service support centers and onboarding support to ensure a seamless experience. Also, consider an VDR that is fully compatible across all major operating systems, iOS, Android, Windows, and macOS. Also check out reviews (with the added salt) and request a no-cost trial to try out the features.