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A good virtual dataroom provider will have a major impact on M&A transactions and other important business processes that require secure and effective document sharing. If you’re an investment banker helping with IPOs and capital raisings or M&A deals or a real-estate company that deals with land and property transactions, you have to select a VDR provider that suits your specific business needs. Virtual data rooms have various pricing and features, so it is vital to carefully evaluate them before selecting one.
Investor bankers generally assume that VDRs all share the same features and cost structures. In reality they’re very different. The process of selecting the right one is not something that you can do in a hurry as you’ll have to carefully evaluate your business needs and then choose a VDR that has the functionality to meet those requirements.
You can begin by evaluating VDRs on software review websites like TrustRadius or G2 Crowd. These reviews are written by customers of the service and will give you a glimpse of how the service is performing. You should also request a product demo from multiple vendors to be aware of their capabilities.
It is vital to choose a virtual data room service that is easily customizable for your business needs. It should be simple to set up, have a short learning curve and come with 24/7 customer assistance. It is also important to ensure that your chosen VDR can be integrated with other software you’re using and is compatible with your operating systems.