You need a safe and secure data room software for sensitive documents, whether you plan to conduct an M&A deal or sell your business, or collaborate with team members at remote locations. This virtual repository streamlines the due diligence process and eliminates the requirement for confidential files to be transferred across a network. The best online VDRs provide advanced security features, such as dynamic watermarking and user permissions management. They also allow drag-and-drop uploads and bulk file renaming as well as automatic index numbering, docs viewer, and comprehensive audit reports.
Some virtual data rooms specialize in certain industries and offer various options that are suited to various business areas. FirmRoom is an example. It is a multi-award-winning M&A platform that is also suitable for different types of projects. This includes biotech and bio-licensing, as well as real estate and investment banking. The platform offers a simplified interface, instant setting up and two-factor authentication. It can also be tailored to match your corporate identity with a customizable NDA and other options.
Request potential providers to provide a demo account that comes with all the basic features. This way, you can test the software and determine whether it’s suitable for your needs. It’s also recommended to look at pricing options. The cost of a data room is determined by the frequency and duration of payments. Oftentimes, long-term contracts come with significant discounts. Be sure to read the fine small print.