What to Look for in Data Room Providers

Data room providers provide companies or organizations as well as government entities with a safe online platform for storing, share, and collaborate on documents. These data rooms are used for M&As as well as due diligence, IPOs, and private equity agreements, in addition to other business transactions. A reliable provider can make business transactions easier and speedier by allowing all users access to documents at specific times from any device.

The most trusted companies are accredited and have a good track record. Read reviews (with an eye on the salt, though) and request a free trial to ensure you’re satisfied with the program before making a final choice. You also want to be sure your provider offers 24/7 customer support, as issues or delays can cause major disruption to the success of a transaction.

Pricing structure is among the most significant distinctions between data room providers. Some providers that are old-fashioned still use per-page pricing from their financial printing days that can lead to unexpected storage costs. Some providers charge per GB or per-user. Others charge a monthly flat fee that covers unlimited users and a certain amount of data.

One of the best examples of a transparent and user-friendly provider is Firmex which helps simplify complex and mission-critical processes and transactions by providing a simple interface. Firmex also data room offers useful features such as specific permissions for groups, users and documents that protect sensitive information from being seen at the wrong time by the wrong people. Other security features include dynamic watersmarks locks-to-IP, expire documents, lock-to-IP accessibility and more.