Virtual data rooms are extensively used by a wide range of companies. They are especially popular during M&A transactions as they allow companies to protect sensitive information from prying eyes. In addition, they lower the risk of representation in the event of a legal dispute.
However there is a difference between all VDR providers are alike. Certain VDR providers charge a premium to include features that are not necessary for your particular project. Some offer a cost efficient solution to safeguard large volumes of confidential data. Before you choose a VDR for your project, take into consideration the requirements of the project and the size of your what is a virtual data room business.
iDeals is among the most reliable and sophisticated virtual data rooms providers on the market that makes them a great option for large-scale projects. Their solutions have been tried and tested by lawyers and managers all over the world and yield impressive results. They are also known for their outstanding security and user experience, which is important for large enterprises working with massive volumes of documents.
Firmex is another great option. It’s a robust, flexible VDR platform which streamlines all types of transactions. Firmex has more than 100,000 users and work with some of the biggest companies in the business. Firmex’s unique feature set includes due diligence automation (including Q&A) and customizable security policies, and transparent pricing.
Another excellent VDR provider is Onehub, which offers several tools to manage your documents and business processes. They use 256 bit encryption to protect your files from hackers and prevent the entry of unauthorized persons. You can also modify the workspace to reflect the colors and logo of your company to help establish trust with investors.