How to Choose a Data Room

A virtual data room is a vital tool in a variety of commercial operations, from M&A deals and venture capital transactions to fundraising and compliance with regulatory bodies. The best VDR can transform these procedures, making them easier to use, quicker, and more efficient. Finding the right data space isn’t easy.

Examine the features offered by a service and make sure they are suitable for your needs. For example, due diligence is one of the most frequently used applications for a VDR, so you’ll want to find a platform that is simple and quick to set up, with an optimized workflow. Look for a platform which displays an NDA or Terms of Access prior to allowing access to check that the files. It should also allow indexing of files that will help you locate the right version of the document without having to navigate through the entire hierarchy of folders.

You should also consider the security of the provider and their data centers. Choose a provider whose data centers are certified to meet specific standards such as SOC 1/SSAE 16, the ISAE 3402 standard, FISMA DIACAP and FedRAMP. In addition, look for a service that supports industry-standard formats for files and features unique watermarking technology and an electronic leash feature to track which documents are being examined.

Some traditional providers use the per-document or per page pricing model which can be costly when you have a huge volume of documents to share. Therefore, you should choose an online data room that has flat-rate pricing or at the very least transparent about how pricing models work.

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