Virtual data rooms are a great alternative for any business that needs to share confidential documents with multiple parties. The top data room providers provide a broad set of tools that allow you to organize documents, manage access and monitor the activity. These solutions also offer support for various formats of files, are accessible through mobile devices and allow for personalization. They can also help streamline deals and improve workflows. The top-rated vendors, iDeals idrshare, Firmex, Intralinks and Merrill Datasite have a range of features, a huge user base, and transparent pricing models, but the choice will depend on your business needs.
First, you must determine which particular business operations require the use of a VDR. The most commonly used use case is M&A. However it data room software can also be used for fundraising, litigation, or other corporate functions. Security is another important aspect. Select a product that comes with strict encryption and precise permissions for users. Look for a service provider that offers 24/7 customer support.
Some legacy providers like idrshare or Onehub have a simple user interface that is suitable for small-scale projects. Other providers, like Portalstack and Merrill Datasite, offer more complex tools that will be useful for larger contracts. These tools are usually targeted towards specific industries, and offer advanced features like fence view, remote wipe, watermarking and reports that are granular. This allows M&A participants to gain a greater understanding of the deal by identifying who has viewed which files.