A virtual data room (VDR) offers a secure platform to manage sensitive information, such as mergers and acquisitions activity due diligence, contract negotiations, and other business transactions. It supports collaboration with multiple parties across time zones, and it allows the creation of customized templates and indexes to streamline document organization and search. It also offers advanced security features, including the ability to version documents, a Q&A feature and more. Its Team Plans begin at $149 per monthly and include unlimited storage.

Look for a provider which has clear pricing, detailing which features are included in the plans and which are add ons. Also, be aware of any limitations for sharing documents and whether or not there are additional charges for going over the limits. Check for an intuitive interface, which is simple to understand and use, even for non-technical users.

Certain providers provide innovative security tools to protect documents. They include screen shields that discourage screenshots, and tripwire alerts to identify leaks of documents. Other useful tools include dynamic file watermarking in addition to imposing custom terms for viewing files, and limiting printing and downloading.

Find a service provider with experience in your industry and has a track record of successful projects for companies similar to yours. This will due diligence help ensure that the provider is a good fit for your needs and is able to meet your expectations in terms of features, user-friendliness as well as integration capabilities and security. In addition, a provider with industry experience will likely be knowledgeable about regulatory compliance issues that could affect your business.