Virtual data rooms make it easier to conduct due diligence and M&A procedures, making them a requirement for businesses in all industries. The best VDR providers offer a variety of features that find more are customized to specific projects and companies. Some of these features could be common to all online repositories, whereas others are more sophisticated and cost more. In this article, we’ll compare the features of a few of the most popular platforms.

The first step to choose the right virtual data room is to figure out the requirements of your business. Apart from ensuring that the platform supports all the file formats you require, consider whether it offers additional security features such as fence view and remote wipe. Also, consider the number of users that can be allowed as some companies restrict users’ access to certain documents or folders, which could be problematic when you’re dealing with large transactions.

It is also worth checking whether the vendor offers support all hours of the day. Some of the best vendors have live customer support representatives who can assist you with any issues that might arise. Also, look up reviews on independent sites (G2 Crowd and Capterra are good examples) and then contact the vendor to inquire whether they have a no-cost trial or demo period.

Take a look at pricing models. Some providers offer plans based on storage capacity, which is perfect for businesses that upload small amounts of documents. Some also offer a per user pricing model, which is better for smaller companies and short-term projects. In addition, consider whether the server hosting provider is located near your location in order to boost performance and data processing speed.