When selecting a virtual data room, you should be aware of the functions you would like your online repository to provide. It is also important to anticipate how you will make use of the data room so that you know if costly, sophisticated features are needed. It is also important to consider the look and feel of the interface, and the user-friendliness. If you are able, speak to a support representative and try using the system before making final decision.

A popular option is FirmRoom, which is most well known for its M&A project management software, however it could be useful in a variety of industries. The company offers standard VDR features like drag and drop as well as restricted user access while offering security benefits such as dynamic watermarks, audit trails mobile device management, and locking down files. They also integrate with apps like Salesforce or Slack to allow for easy collaboration.

iDeals is another option, which has a user-friendly interface and has the standard VDR functionality. However, their client reviews suggest they do not have the most robust access control options, such as multi-factor authentication. Users have also expressed their displeasure with the slowness of iDeals and issues with Excel files containing macros.

Datasite is a third option. It is renowned for its M&A diligence capabilities but it can be utilized to handle other processes like IPOs and disposals. Datasite helps streamline these processes by allowing for custom deal workflows with AI, document presentation, and features. They also offer standard features for document management including the secure fencing view and dynamic watermarks.