The best virtual data rooms offer a range of tools for different use cases. They also cater to industry-specific needs. Choosing the most appropriate platform starts with determining what your online deal room will be used for: whether it’s to speed up due diligence, facilitate M&A, or serve as a permanent document repository. Then, select a vendor that is capable of delivering the necessary functions in a cost-effective way and with minimal efforts.
Some of the more common features include cross-platform and multi-platform support, drag and drop file uploads, customizable user interfaces with granular permissions, access control, two factor authentication, session times out, a complete audit log, etc. Many of the top providers also offer a variety of security features, including data encryption, multiple layers or authentication, and strict policies for access.
The first step of selecting a reliable virtual data room provider is to check its website and look at the feedback on review platforms. Check whether the company is well-known in their respective industries and if it has successfully completed projects.
Firmex, an industry-leading virtual data room, is used by many private equity firms, law offices, biotech corporations, investment banks and other organizations to manage M&A and fundraising. The solution has advanced collaboration tools such as group chats, instant messengers built in and integrated instant messaging to streamline communication. Q&A management is also streamlined with automatic questions being assigned to the most qualified experts. It also provides the ability to attach documents to comments, integrate with cloud solutions, and has a variety of role-based workflows to automate processes.