The world of M&A requires sifting through tens of thousands of documents, which makes it impossible to comprehend all the details in just one glance. Business owners and investors need be able review all the information available to make educated decisions regarding M&As or tenders. It can be challenging to share this information in a controlled and secure environment without the use of data room services.

Free virtual data rooms could be a good option for small and mid-sized companies but they are not suitable for larger companies. Cybercriminals are more likely to attack free VDRs, which do not have the advanced security features of paid VDRs. For example, Box, Dropbox, and Google Workspace all had PII and nonpublic data exposed due to unconfigured secure links in 2019 (even employees of these companies were affected). Most free virtual data rooms do not offer advanced document permissions, which is crucial for high-risk transactions.

If you’re in search of a reliable online data room, FirmRoom is a popular option for M&As and other strategic transactions. They offer a free two-week trial and provide a quote for each project based on the specific needs. The platform offers additional features such as drag-and-drop uploading, bulk files uploading and permissions settings. It is also HIPAA, GDPR and ISO 27001 compliant, and offers a user-friendly interface. The platform offers a range of pricing plans, including a Pro Plan that includes 1 project, 5 administrators, and unlimited users.