If your company needs to conduct due diligence on an M&A transaction, resolve a legal issue that is complex or raise capital, a virtual data room will speed up the process with secure collaboration and sharing of documents. While free tools for file sharing work well for everyday collaboration, they lack features that are essential for business transactions like watermarking and strong security for data. Without these features, unauthorised access to sensitive information could lead to financial sanctions, fines, or a tarnished image.

A VDR can help businesses collaborate more securely and exchange documents, regardless of where their employees are based or the devices they use. The choice of the right solution can be a challenge. To make an informed decision, look for a provider that has a simple interface and numerous options for customization that align with your branding. Also, consider a service that provides 24/7 support, to make it easy to contact them with any queries or questions.

After narrowing your choices down, go through reviews with a grain (of salt) and request check that a no-cost trial. Check out the features that each provider has to offer. Consider user permissions that are granular, project-based access, and document activity tracking. Then, select the vendor that offers the most value-for-money. Some VDR providers provide additional services that could save you time and money by cutting down on the number of tools you and your team use. These additional services include document scanning as well as Q&A and translation.