Virtual data rooms (VDRs) are like magic wands when it comes to improving the efficiency of business processes, like RFPs and compliance audits. They also aid in fundraising and board reporting at a minimal cost and risk. Secure storage, file transfer, and monitoring of user activity remove the tedious editing printing, filing and courier services while lowering costs for hosting data.
Be aware of the number of users and the type of files you’ll uploading when selecting the best VDR. Some providers charge flat fees per user, while others charge based on how many files are uploaded. It is also important to think about the length of time you’ll spend using the platform. Some companies need access for a couple of months while others leave the service open for years.
The best online deal room offers a simple, intuitive interface, making it easy to use for users with any level of expertise. They also allow bulk file uploads, and automate workflows afterward. Some of them have features like Q&A functions and custom NDAs that can be customized.
FirmRoom is a popular option for M&A projects and has an easy-to-use interface. It supports a wide range of file formats, and offers drag-and drop functionality. It also integrates with Salesforce and Slack. The platform is also GDPR, ISO 27001 and HIPAA conforming. Intralinks is, however is known for its scalable and robust software and its capability to manage large M&A transactions.