Virtual data rooms have become a vital tool in M&A deals, IPO releases and fundraising by startups. They are also used to conduct due diligence. They make document sharing faster and more secure and can help ensure regulatory compliance. Selecting a VDR provider requires careful research and evaluation. Software review platforms such as Capterra and Trustpilot are good places to begin, but it is also important to read reviews from third-party sources from colleagues and acquaintances.

Alongside a uniform user interface, the most effective virtual data rooms have features that streamline and simplify processes for everyone within the company. This includes a user-friendly interface with custom branding, single sign-on for all projects and a structure for files that is easy to navigate on all major devices. It’s also important to look for VDRs with flexible permission settings and eight levels of document access rights.

When selecting a virtual data room, it’s crucial to look at the quality of customer service offered by each provider. Choose a support team that is accessible 24/7 and provides several contact channels like live chat and phone. Check if they can translate support into your local language. Additionally, the ideal virtual data room providers have seamless integration with storage platforms and offer an opportunity to try their software for free for up to 30 days. This allows you to test the software and make a more informed choice about its suitability for your specific project.