Questions and Answers

Companies use VDRs to store critical and sensitive data. Often times corporate date that is used during deals. The information is private and this documentation needs to be managed.

A business will use a secure virtual data room to share critical information with external customers and partners. With a virtual data room they can guarantee they are in a secure environment. The data room allows parties to view documents if they are an authorized users.

#1 Firmex #2 Intralinks #3 iDeals

In this general category of virtual data rooms, the companies have a lengthy history in the M&A space and they are feature heavy, with optimal security. They specialize in large data uploads, often expensive and again, optimal security.

 In this modern category of virtual data rooms, the providers consist of easy to use, quick to set up and often inexpensive software. The category name modern is referenced from the more modern interface.

Data rooms may all seem the same, but they each have distinct nuances that will make one more desirable or useful than the other, depending of course, on a company’s preferences and needs. This is why it is important to know your needs, read your reviews and do your research before committing to a virtual data room.

First make sure no hidden fees, second make sure the data room can grow as you grow and third is before you commit always request a free trial or demo. These three tips will help you pick the right fit!

Your data room provider should always have customer service agents available at any time of day. Firmex is a data room that offers award-winning data room experts on call day and night. You can also reach them by phone, email and on a self service portal. This is important for any issues that could arise or questions you may have about your data room. The one-on-one help that Firmex offers will help you with the best practices for managing the flow of documents for your specific process so you’ll be securely sharing files like a pro.

There are three steps that you need to navigate through before you take the leap towards a new provider for your virtual data room. The first is to figure out your contractual obligations, second is to collect all your data and three is to make sure you request a demo and free before settling with your next provider.

Learn more about top data rooms of 2019 below.