Virtual data rooms are an excellent alternative for any business that must share confidential documents with many parties. The best data rooms offer an array of tools to assist in organizing documents, control access and track activity. These tools also allow support for a variety of formats of documents, can be accessed via mobile devices and allow for customization. They can also assist companies simplify deals and improve workflows. The top-rated vendors iDeals idrshare, Firmex, Intralinks and Merrill Datasite have a range of features, huge users and transparent pricing types However, the best choice will depend on your company’s needs.

To select the best VDR solution for your business, first you need to be aware of the business processes that require a digital data room. The most popular use case is M&A However, it can also be used to aid in litigation, fundraising or any other corporate activity. Security is a crucial aspect. Opt for a solution with robust encryption and precise user permissions. Choose a provider that offers 24/7 customer support.

Some of the older providers such as idrshare or Onehub offer a simple user interface, which is ideal for small-scale projects. Other providers like Merrill Datasite and Portalstack offer more sophisticated what is a virtual data room tools that can be useful for larger transactions. These tools are usually targeted toward specific industries and include advanced features like fence view remote wipe, watermarking and granular reporting. This allows M&A participants to gain a greater insight into the deal, by identifying who has viewed which files.