As an advisor, it is crucial to be aware of every aspect of the deals your clients make. That includes their data room. If your client’s M&A transaction requires a VDR and a modern, user-friendly interface with granular permissions for documents and a dependable support team can be the difference between a successful or unsuccessful deal process.
You can find out more about the various providers by reading reviews at websites like Capterra or G2. Be wary of companies that have a lot of 5-star reviews but only one of them is from one specific industry or use case.
When you do your investigation, look for clear pricing. Check if the plans have been clearly explained and know what features are included and what are not. A lack of transparency regarding pricing is a red signal as it can lead to unexpected expenses later on.
Find a VDR that offers the opportunity to try it out for a trial period. Ensure you can test out the VDR with your team to determine whether it’s an appropriate fit prior to making a financial commitment. Don’t choose a provider that doesn’t provide an opportunity to try the product for free. You won’t be able to test the VDR in real-world situations and evaluate its usability, features, and performance.
Once you’ve shortlisted several potential providers, schedule demonstrations with them to learn more about their system and their customer support. Be sure to keep track of how responsive each one is and ask questions related to security, cost, integration capabilities, scalability and ease of use.
