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How to Choose a Data Room

A virtual data room is a crucial tool for many business processes, from M&A deals and venture capital transactions to fundraising and compliance with regulatory bodies. The best VDR can change these processes by making them faster as well as more efficient for everyone involved. However, choosing the right data room for your particular requirements can be a difficult task.

Check out the features offered by a service and make sure that they are compatible with your requirements. For instance, due diligence is among the most common uses for the use of a VDR, so you’ll want to choose a platform which is quick and easy to set up using an optimized workflow. Also be sure to choose an option that displays an NDA or Terms of Access before allowing access to files. It also offers indexing of files to ensure that you can easily locate the right version of the document without having go through the entire structure of the folder.

You should also consider the security of a provider and their data centers. Choose a provider with data centers that have been certified to meet certain standards, like SOC 1/SSAE 16/ISAE 342 FISMA, DIACAP, and FedRAMP. Choose a platform that has standard file types that are industry-standard, unique watermarking, and an electronic leash to track the documents you’ve viewed.

Certain traditional providers employ the per-document or per page pricing model, which can be expensive if you have a large amount of documents to share. For this reason, you should opt for an online data room that has flat-rate pricing or at a minimum transparent about the pricing model they use.

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