As an advisor, it is important to be knowledgeable about every aspect of the transactions your clients have with you. This includes their data room. If your client’s M&A transaction requires the use of a VDR and a modern, user-friendly interface with granular permissions for documents and a solid support team could make or break their deal process.
You can learn more about different providers by reading their reviews on sites like Capterra or G2. Be cautious of providers who have a large number of 5-star reviews but only one is from an industry or use case.
During your research, look for transparent pricing. Check if the plans are clearly explained and be aware of what features are included and what features are not. The absence of clear pricing is a red flag because it could result in unexpected expenses later on.
Look for a flexible VDR with a trial period. Ensure you can test out the VDR with your team and decide whether or not it is suitable before making a financial commitment. Do not choose a vendor that does not offer a trial as it will limit your ability to evaluate the product’s features, usability and performance under real-world conditions without having to pay.
Once you’ve selected a few potential providers, arrange demos with them to get a feel for their platform and their customer support. Ask them about costs security, integration and security capabilities. Also, ask questions related to the scalability and user-friendliness of their platform.