Virtual data rooms streamline due diligence and M&A processes making them essential for business in almost all industries. The best VDR service providers offer a broad range of features tailored to different types of projects and businesses. Some of these features are common to all online repositories, however, others are more advanced and might cost a premium. In this article, we compare the capabilities of a handful of the most popular platforms.

The first step to choose a virtual data space is to determine the needs of your business. Aside from ensuring that the platform is compatible with all formats that you require look into whether it has additional security measures, such as fence view and remote wipe. Also, check the number of users, as some companies restrict users’ access to specific folders or documents. This could be a problem for large transactions.

Check if the provider offers assistance 24/7. Some of the top vendors have live customer service agents who are able to assist you with any issues that might arise. Also, read reviews on independent websites (G2 Crowd and Capterra are good examples) and then contact the vendor to find out whether they offer a no-cost trial or demo period.

Then, consider pricing models. Some providers offer plans that are dependent on the number of documents you are able to store and are ideal for businesses that upload only documents in small quantities. Some providers offer a pricing plan dependent on the number of users that is suitable for small companies and a projects that are short-term. Consider also whether the server hosting provider is located near to your place of business which can boost the speed of data processing and performance.

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