If you’re planning an M&A transaction, sell your company or just collaborate with team members from a remote location it is essential to have a safe and secure data room software that can manage sensitive documents. The virtual repository helps streamline the due diligence process and eliminates the need for confidential files to be transferred across a network. The top online VDRs provide advanced security features like dynamic watermarking, as well as user permissions management. They also allow drag-and-drop uploads and bulk file renaming, and also auto index numbering, docs viewer and complete audit reports.
Some providers of virtual data rooms specialize in certain sectors, and offer a range of options for different industries. FirmRoom for instance, is a multi-award winning M&A platform that is also suitable for different types of projects. This includes biotech, biolicensing, and investment banking. The platform offers a simple user interface, rapid set-up, and two factor authentication. It can also be customized to reflect your corporate branding and can be customized with a custom NDA and other settings.
Request potential providers to provide a demo account that includes all the essential features. This lets you try out the software and decide whether it’s suitable for your requirements. Compare pricing packages is another good idea. The cost of a storage room is based on the frequency and duration of payments. Long-term contracts typically come with substantial discounts. Make sure you take the time to read the fine print.