There are many virtual data room companies, and each has its own capabilities. It is important to carefully look over each vendor and select the one that is most suitable for your requirements. For more information, read our article on the top providers of online data rooms and the most significant features they offer.
While free online file sharing tools are great for sharing basic documents however, they don’t offer the necessary security level required by M&A due diligence or other business deal processes such as fundraising or partnership. In these instances, it is recommended that a data space be designed with security features that are advanced, such as granular permissions for access, watermarking, or auditing.
A user-friendly interface is also vital. Find a vendor that allows the customization of the logo and terms and conditions and the general layout of the data room. Consider the number of people who can be invited to participate in a project as well as the pricing per page or per storage.
With a loyal customer base that includes DuPont, Starbucks and L’Oreal, iDeals is a well-known VDR solution that offers a simple graphical user interface and a robust set of functionality that includes bulk uploads zooming, zoom integrations and an effective search tool that will locate specific or partial matches in folders or documents. However, some users complain about the cost of plans and lack of support. Merrill Datasite, on the other hand, is typically more expensive than its competitors, yet offers advanced security features like encryption of data and 24/7 backup.