It is important to compare the various vendors and products when you are looking at buying a virtual dataroom. Start by looking at the website of the company and internal reviews. Then, look for third-party review websites such as TrustRadius G2 Crowd and Capterra. These websites offer honest and true user feedback. However, some reviews may be paid for by the vendor.

Many investment banks use VDRs to streamline processes like IPOs and capital raising. These processes require huge amounts of information sharing and effective collaboration, which is exactly what the VDR is ideally suited for. Apart from aiding in the exchange of large-scale documents, the top VDRs also provide a comprehensive view of all files to facilitate easy and efficient project management.

A good online VDR will have granular permissions that allow administrators to restrict document actions, such as viewing and printing. It will also feature an intuitive interface and the drag-and-drop feature, which allows users to upload plies of documents with just one click. Certain systems also provide two-factor authentication and time and IP access restrictions to ensure the security of online documents.

Most reliable vendors provide customer service that can assist new users in setting up permission levels and organizing content structure. They should also have an optical character recognition, as well as filters for data type, status, and the activity of viewing. Some data rooms incorporate AI functions such as auto-indexing, full-text search, and other AI-based features that reduce workloads and improve accuracy. This is particularly useful for due diligence, M&As and contracts reviews.