How to Choose a Data Room Provider

Choosing a virtual data room provider is not an easy task. There is a vast variety of vendors, each offering various features and pricing plans. Some of the differences are minor but others could have a major impact on the success of your project.

Consider, for instance a vendor’s ability to provide assistance. If you need to resolve an urgent issue you should be sure you can connect with a live person right away and get prompt, efficient assistance. You should also make sure the vendor can provide extensive reports and data analytics that provide you a thorough understanding of the activities in your document.

A user-friendly interface that includes advanced security features is another feature to look for. You should be able to set group, user, and document permissions, and control the access to documents, even if users download them. Also, verify if the vendor has dynamic watermarks, locking to IP and the ability to revoke document access remotely, even if the documents are already on the device.

The last thing to look for is a provider that is appropriate for your industry and project. For instance, M&A virtual data rooms provide a variety of features that help streamline due diligence procedures and facilitate the process of making deals. Virtual datarooms for real estate on the other hand are designed to meet the unique file compatibility requirements of real estate buyers or sellers. This is why many real estate VDRs come with checklists and templates to assist users in their due diligence processes.