Virtual data rooms are essential for M&A transactions due to the amount of confidential files that must be shared. However, not all VDR providers are made to be the same. Some are more expensive than others, and some have an array of features and capabilities that could determine the success or failure of an agreement.

To choose the most effective virtual deal room, think about the size of your project or transaction. If you’re dealing with significant amounts of sensitive information it could be worthwhile to invest in an VDR that is more trusted and flexible. It is also worth looking at the security features of the VDR before deciding. The most secure VDRs come with features like two-factor authentication, granular access controls, and dynamic watermarking. Some VDRs have a built-in document viewer that lets you review documents directly from the VDR.

Also consider VDRs that support multi-project management. This will let you use the same VDR to manage several projects simultaneously for example, an M&A deal and a capital-raising round. Some VDRs offer advanced analytics and reporting that analyze the user’s behavior.

Take a look at the customer support. The top VDR providers provide 24/7 support that is accessible via live chat, phone, and email. Some also have self-service support centers and onboarding support to ensure a seamless experience. Choose a VDR that is compatible with every major operating system, including iOS, Android, Windows and macOS. Additionally, search for reviews (with a grain of salt) and ask the service provider to provide a free trial so you can try their features firsthand.