When it comes down to choosing the most suitable virtual data room there are a variety of factors to take into consideration. For example, you must determine whether the VDR has the right security features to safeguard confidential information from an unauthorized access. You should also pick a VDR with advanced functionality and various file formats.
In addition, you must know the type of deal you’re planning to do and the types of documents required. This will help narrow down the list of possible alternatives. It is also important to select a VDR that has an intuitive and simple interface. This way, you can reduce the time spent on due diligence and speed up your business deals.
Some VDR providers have specific solutions for specific industries. For instance, Ansarada has a dedicated solution for M&A due diligence. The solution provides a range of features that speed up the process and helps to ensure compliance with the regulatory requirements. The solution is user-friendly and offers high levels security for documents.
VDR pricing varies according to the vendor. Some offer unlimited plans with a fixed monthly cost. Some charge based upon data usage and features. However, a free trial is available to most users to try out the service.
Other factors that are important include the size of your VDR and its ability to track and monitor documents, and security certificates. You should look for an VDR that meets third-party requirements such as ISO 27001, SOC1/2/3, GDPR, and HIPAA. In addition, you should select a VDR provider that works with mobile devices. Additionally, look for a VDR with advanced redaction and fence view features. Redaction blacks out areas of files so that personally-identifiable information remains private, while fence view encrypts a portion of the document to prevent screenshotting.