How to choose the best data room provider
It is hard to make a decision when you don’t quite know what are you looking for. The vast number of various virtual data room providers only adds complications to this task. However, you have to keep in mind just several criteria to make the right choice.
1. What kind of solution do you want?
There are roughly two types of data room vendors: old-school and modern. The first one describes providers that used to be offline companies back in the previous century providing businesses with some services related to documents. As the era of the Internet began, they switched to online and became VDR vendors.
Such companies tend to have higher prices due to the well-known and trusted name. They often try to justify the expensiveness adding many unnecessary functions to their data rooms. But some brands keep the game fair setting suitable fees and making the software convenient.
Modern vendors were established when the Internet was here for a while. They are usually more innovative and agile. Many startups and tech-oriented companies prefer such brands due to their flexibility.
So, you have to make a choice here – do you want to pay for the service of for the name? Of course, if you have a solid brand that exists on the market for years, you might want to get an old-fashioned provider to fit your status.
Additionally, you can look for a vendor based in a particular country. You can get the Australian dataroom if you want, or the one located in the US.
2. Does your firm belong to a specific field?
Plenty of providers have a solution for particular areas like pharmaceuticals and scientific fields. Such VDRs are suited better for the unique needs these organizations have. So first of all, check if there are vendors that are focused on a certain area.
3. Calculate the budget
The electronic data room is a much-needed tool, yet you don’t have to spend too much on it. In fact, you should spend on this software just as much as you can. So figure out your budget, and then you can forget about vendors that are too expensive for you. Of course, you should study the actual prices first to get realistic expectations on how much can a virtual data room cost.
4. Do the research
Look for genuine opinions on different data room providers. You can find them on various sites and forums online. Don’t trust those published on the vendor’s website. No one will show off negative testimonials.
Also, you can read virtual data room reviews and evaluate if you could be satisfied features a particular software has. Besides, you might want to ask your partners and friends which providers do they use.
4. Always get a trial
No matter how good does the offer sound, you should always ask for a trial. Most VDR vendors will gladly provide you with it, so just go for it. Use the software for a while and be very attentive to the details. Try to imagine how would this data room work for you in different situations.
Virtual data room providers
There are plenty of various vendors out there. Although, you shouldn’t feel frustrated with the vast choice. Going through the first three steps of this guide you will already have an understanding of what do you need to look for. So it will be easy to quickly pick the virtual data room provider that will suit you.
Here is a list of the best vendors. Each of them has its unique features and are suited for different kinds of businesses. Since at this point you know your needs, a glance on the functions of each data room provider will be quite enough.
The most popular virtual data room providers
|SecureDocs Virtual Data Room|
|Firmex Virtual Data Rooms|
|Intralinks Virtual Data Room|
|Sterling Data Rooms|
|Ipreo Prism Virtual Data Room|