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5 Ways to Identify the Best Data Room Providers in 2021

5 Ways to Identify the Best Data Room Providers in 2021
Finding the best virtual data room provider is becoming a key measure of any business dealing with large volumes of sensitive documents. Whether it’s simply security that you’re looking for, or you’re looking to undergo mergers and acquisitions, identifying the best data room provider is paramount.

What is a virtual data room?

A virtual data room (VDR) is a digital solution to the classic brick-and-mortar security systems implemented in the 1800s by businesses carrying out mergers and acquisitions. Historically, you’d want somewhere physically secure for this purpose, but it’s a little excessive in the digital age.

Many businesses around the world use a virtual data room tool to securely store documents and share them with those who need to see them. A good VDR will boast the highest levels of security and encryption, ideally being ISO:27001 compliant.

1 - Identify your needs!

With a wide variety of options when it comes to VDRs, you must know your needs before you start shopping around; it can be difficult to determine which provider is the best fit for your circumstances.
Every business comes with unique challenges.

Mergers and acquisitions

Time is critical when undergoing the mergers and acquisitions process. An encrypted data room provides the security and peace of mind to get on with what’s important. Imprima’s next generation VDR Q&A technology is built into our VDR to help ensure that the due diligence process is followed throughout.

Raising capital

If you’re looking to raise capital for your company, then a VDR can help you accomplish this in less time and with greater insight. A good data room will allow you to see what investment opportunities are on offer, negotiate multiple investors and make tight deadlines. VDRs are an invaluable asset to help streamline this process.

IPO document preparation

Preparing for an Initial Public Offering is stressful for any privately held company. Offering shares to the public is a time consuming and risky process. Imprima facilitates a dual-track process through their virtual data room that helps manage operations and allows legal and financial teams to work efficiently alongside one another. This ensures that no time is wasted when looking to become publicly traded.

2 - Check its security measures

The move from vault-like rooms to the virtual shouldn’t mean less security! With the recent trend in 2021 towards remote working, data breaches are becoming far more common. Data is extremely valuable, and this is becoming increasingly prevalent, with the average cost of a data breach being $3.86 million as of 2020.

At the end of the day, we’re all human, and humans make mistakes. This is why you must ensure that your data room provider has various security redundancies in place to ensure that your data is protected.

Any good VDR will provide a wealth of security options and remain compliant with changing data protection laws. Look for a variety of features, including, but not limited to:
  • ISO:27001 – The most comprehensive security certification.
  • User tracking – audit trails used to keep track on who has accessed what, and when.
  • Expiry timers on documents to make sure they’re only available for the necessary period.
  • 256-bit encryption to protect data.
  • Dynamic watermarking allows you to prevent documentation theft.
  • Role-based security control – give/remove permissions to each individual user to control what they can/cannot see.
You should rest assured that your data is protected when using a virtual data room. Security procedures ought to be of the highest possible standard; don’t compromise on protecting your classified information.

3 - User experience is key!

Fantastic security doesn’t have to be monotonous to navigate. Your virtual data room provider should strike the perfect balance between accessibility and security. By being intuitive and easy to use, a VDR can and will save you time when conducting your business.

Remember, you will often create user accounts for parties outside of your business. It can be time-consuming to introduce someone to new software. Usability and user experience, then, is a key component of any successful VDR. The best VDR should integrate seamlessly into your daily operations. You want it to enhance what you’re already doing, not snag and catch on your processes already in place.

When looking at virtual data rooms, request a demo. Make a first-hand decision as to whether the solution that you’re looking at fits nicely with your current processes.

4 – What support is offered by the provider?

Using a VDR is a big commitment for any business; you’re taking your most sensitive due diligence documents and putting them in the capable hands of another. It’s imperative that you can rely on your virtual data room for support whenever you need it.

Check that there are no hidden rates for support, and ensure that the provider is available in the hours that you are likely to need then. A good virtual data room provider will provide tech support 24/7. We understand that your business doesn’t always operate 9-5. That’s why Imprima have round-the-clock tech support in place ready to help when you need it.

5 – How reasonably priced is the service?

Regardless of your business’ turnover, wasting money on unnecessary services is a big no-no. Encourage any VDR provider to be transparent with their fees and assure you that there are no hidden extras. You need to know if there are additional charges for storage, adding users or for specific functions.

Why choose Imprima VDR?

We have been trusted to facilitate over $1 trillion worth of tractions worldwide. Don’t just take our word for it, see what our clients have to say about our award-winning service. Once you’re ready to see it for yourself, click here to book a demo today (we promise you’ll love it!).

Rédigé le Jeudi 4 Février 2021 à 12:56 | modifié le Vendredi 5 Février 2021 - 13:16


Ludovic Belzamine
Rédacteur en chef de depuis 15 ans. En savoir plus sur cet auteur

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