Best virtual data room providers offer a wide range of tools to suit different use cases and industry specifics Choosing the most appropriate platform starts with determining what your online deal room will be used for: whether it’s to speed up due diligence, facilitate M&A, or serve as a permanent document repository. Select a vendor capable of delivering all the functions you need in a cost effective manner with minimal effort.

Some of the most popular features include multi-platform support and cross-device compatibility, drag-and drop file upload, customizable interfaces, granular access control and permissions, two-factor identification, session timeouts and a full audit trail. Many top providers offer additional security measures such as data encoding, multiple layers authentication, and strict accessibility policies.

The first step to selecting a reputable virtual data room is to check the provider’s website and review platforms. Check if the company is recognized by major players in their industries and whether they have successfully completed projects with the vendor.

Firmex, an industry-leading virtual data room, is used by many private equity firms, law offices, biotech corporations, investment banks and other organizations to manage M&A and fundraising. The solution has advanced collaboration tools such as group chats, instant messengers built in and integrated instant messaging to streamline communication. Q&A management is also streamlined with automatic questions being assigned to the most qualified experts. It also allows you to attach files to comments and integrates with cloud-based solutions.