Virtual data rooms (VDRs) are like a magic wand in terms of improving the efficiency of business processes, including RFPs and compliance audits. They also enhance fundraising and reporting on the board with minimal risk and expense. Its secure storage, file transfer, and monitoring of user activity eliminate tedious editing printing, filing and courier services while lowering costs for hosting data.
To choose the appropriate VDR for your needs, look at the number of users you will need to accommodate and the type of data you’ll upload. Some providers charge flat fees per user, whereas others cost based on how many files are uploaded. You should also think about the length of time you’ll be using the platform. Some companies will only need access for a period of time while others keep the service open for years.
The most popular deal rooms online feature a simple interface with an easy to use design, making them easy to use for people of all levels of experience. They also permit bulk uploads of files, and automate workflows following. Some even include features like Q&A functions with customizable NDAs as well as granular access control.
FirmRoom for instance, is a top choice for M&A projects. It comes with an easy-to-use interface. It supports a broad range of file formats as well as drag-and-drop capabilities. It also integrates with Salesforce and Slack. The platform is GDPR, ISO 27001 and HIPAA conforming. Intralinks, on the other hand is well-known for its robust and scalable software and its capability to handle large M&A transactions.