If your company needs to conduct due diligence for an M&A transaction, settle a complex legal matter, or raise capital through a virtual data space, a virtual room can speed up the process by facilitating secure collaboration and sharing of documents. Free file sharing software is great to share files with friends and family, but it isn’t equipped with the features needed for business transactions. They include watermarking, as well as robust security. Unauthorized access to sensitive data could result in fines, sanctions from the regulatory authorities or a damaged image.

A VDR can help businesses collaborate more securely and exchange documents, regardless of where employees are or the devices they use. However, picking the right solution can be a challenge. To make an informed decision you should look for a company with an easy interface and numerous customization options that can be compatible with check that your brand. Look for a service that offers 24/7 support, so that you can easily reach them with any inquiries or questions.

Once you’ve narrowed the list down, take reviews with a grain (of salt) and request a no-cost trial. Then, compare the features each has to offer. Consider granular permission settings for users, access for projects and the tracking of document activity. Choose the VDR provider that has the highest price-to-feature ratio. Some VDR providers provide additional services that can save you time and money. These additional services include document scanning, Q&A, and translation.