Virtual Data Rooms Comparison

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Virtual data rooms are used by businesses to share confidential documents during the due diligence phase of a transaction. Life science and technology businesses are some of the heaviest users, but nearly every business that has proprietary information will benefit from the robust tools VDRs offer for sharing documents and streamlining due diligence to close deals faster.

However, not every VDR is made the same. Pricing structures are different between providers. It is important to plan ahead and decide what functions your VDR can fulfill. Select one that provides these capabilities at a lower cost. Some providers charge for advanced features that aren’t needed and some charge per-page upload charges or additional user charges to handle large transactions.

When choosing a VDR take into consideration how easy it will make it for you to upload documents and download them; how easily you can set up security settings for each individual; whether or not the VDR allows you to change access during negotiations and if it is necessary, removing access immediately in the event that a deal does not go through. Consider a robust encryption of data both in transit and while files are stored to protect them from hackers. Check out the security certifications the provider has and whether they meet the standards of your industry.

A VDR that can be customized to reflect the brand of your company is a key feature. This will stop unauthorized access into the data room and also encourage users who download documents to accept terms of usage. Additionally, many vendors have advanced functions like redaction and fence view that black out specific areas of files to ensure personally-identifiable information stays private.

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