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. Select a provider that can perform the required functions with minimal effort and at a reasonable cost.
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 top providers offer additional security measures such as data encoding, multiple layers authentication, and strict accessibility see here policies.
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 if major players in the industry have recognized the company and if they have completed successful projects with the vendor.
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 allows you to attach files to comments and integrates with cloud-based solutions.