Data room providers offer an electronic repository that houses documents and files that are utilized in business processes and transactions such as M&A due-diligence and litigation cases. They typically provide a secure virtual environment for collaboration and sharing of data, strong encryption and authentication technology and rigorous physical security measures like restricted access control, professional surveillance, and advanced search functions for easy document identification.
While choosing the VDR service provider for your project you should consider the number of documents that will be stored and the size of the files. Text documents, for instance will take up less space than high-res images or technical drawings. It’s also crucial to find a service with enough storage to accommodate your project. Most companies offer a no-cost trial or a demo account to allow you to try out the software before you sign up.
Find a service that has an efficient and streamlined workflow. The best services allow users to collaborate easily and allow users to upload, download, view, and make comments on documents at any time. They also let you create and edit folders to categorize your documents for better browsing and provide you with detailed reports on activity to keep track of who’s using the VDR.
iDeals Solutions is one of the most well-known VDR providers. Others include Intralinks Holdings, ShareVault and Firmex. Each of these VDR providers comes with its own unique features however, they all provide a streamlined user-friendly experience to companies.
