The best virtual data room providers provide a variety of tools that are tailored to different industry-specifics and use cases. Start by deciding what your online room will be for: to speed up M&A, facilitate due diligence or act as a permanent archive of documents. Select a vendor who can deliver the required functions in an efficient manner and with minimal effort.
Some of the most common functions include multi-platform and cross-device support, drag-and-drop file upload, customizable user interfaces, granular permissions and access control, two-factor authentication, session timeouts, a full audit log, and more. Many of the top providers also offer a variety of security features, including data encryption, multiple layers or authentication, and strict policies for access.
Checking the website of a virtual data room provider and reading reviews on review platforms is the first step in selecting a reliable provider. Check if the company is recognized by major players in their industries and whether they have successfully completed projects with the vendor.
A good example is Firmex, a leading virtual data room that is widely used by private equity groups, law firms, biotech corporations, and investment banks to manage M&A deals and fundraising. The solution provides advanced collaboration features, such as group and instant messengers and built-in chats, to streamline communication. It also offers streamlined Q&A with automatic assignment of questions to experts who are most qualified and auto-assignment answers. It also has the ability to add documents to comments. It integrates with Cloud solutions and offers a variety role-based workflows for automating processes.