The best virtual data rooms offer a range of tools for different use cases. They also cater to industry-specific needs. Start by deciding what your online room will be for: to speed up M&A, facilitate due diligence or act as a permanent archive of documents. Select a provider that can perform the required functions with minimal effort and at a reasonable cost.
Some of the most common functions include multi-platform and cross-device support, drag-and-drop file upload, customizable user interfaces, granular permissions and access control, two-factor authentication, session timeouts, a full audit log, and more. Many top providers offer additional security measures such as data encoding, multiple layers authentication, and strict accessibility policies.
The first step of selecting a reliable virtual data room provider is to check its website and look at the feedback on review platforms. Check if the company has been recognized by major players within their industry and if there have been successful projects completed with the vendor.
Firmex is an example of a virtual dataroom that is widely used to manage M&As and fundraising by private equity, law firms and biotech corporations. The solution offers advanced collaboration features such as group and private chats and built-in instant messengers to streamline communication, as well as streamlined Q&A management with automatic allocation of questions to the most qualified experts and auto-assignment of answers. It allows users to attach this website documents to their comments, integrates with cloud solutions and has a range of role-based processes to automate the process.