A virtual data room is a great choice for any company who needs to share confidential documents with multiple parties. The top providers of data rooms offer a wide range of tools that make it easy to organize documents, manage access and monitor the activity. These solutions are also compatible with a variety of formats of documents, accessible on mobile devices, and are customizable. They can also assist companies streamline deals and improve workflows. The top-rated vendors iDeals, idrshare, Firmex, Intralinks and Merrill Datasite have a range of features, huge user base and transparent pricing types, but the choice will depend on your company’s needs.
To choose the right VDR solution for your business, first you need to be aware of the business processes that require a digital data space. The most common use case is M&A. However the platform can be utilized for fundraising, litigation, or for any other corporate function. Security is another important aspect. Choose a solution that has strict encryption and precise permissions for users. You should also look for a provider with round-the-clock customer support.
Some legacy providers like idrshare or Onehub have a simple user interface that’s ideal for small-scale projects. Other providers, like Portalstack and Merrill Datasite, offer more sophisticated tools that are useful for larger deals. These tools are typically targeted toward specific industries, and offer advanced features like fence view remote wiping, watermarking and detailed reports. This gives M&A participants to gain more understanding of the deal by identifying who was viewing which documents.