How to Choose the Right Data Room Software

If you’re planning to conduct an M&A transaction or sell your company, or simply work with team members from a remote location you’ll require a safe and secure data room software to manage sensitive documents. This virtual repository simplifies the process of due diligence and eliminates the need for confidential documents to be transferred across networks. The best online VDRs come with advanced security features like dynamic watermarking and managing user permissions. They also allow drag-and-drop uploads and bulk file renaming, along with auto index numbers, docs viewer and comprehensive audit reports.

Some virtual data rooms specialize in specific industries and provide a variety of solutions that can be adapted to different business areas. FirmRoom is an example. It is a multi-award winning M&A platform that’s suitable for a variety of projects. This includes biotech and bio-licensing, real estate and investment banking. The platform has a streamlined interface, quick installation and two-factor authentication. It can also be tailored to match your corporate identity with a customizable NDA and other options.

When you’re looking for a data room, ask prospective providers to give you an account demo that includes all of the basic functionality. This allows you to test out the software and decide whether it’s the right one for your requirements. It’s also beneficial to compare pricing plans. The price of a virtual data room is determined by the frequency and time that payments are made. Often, long-term contracts offer substantial discounts. Be sure to take the time to read the fine print.