As an advisor, it’s important to be aware of every aspect of the deals you negotiate with your clients. This includes their data room. If your client requires an VDR for their M&A deal an interface that is modern, with granular permissions on documents and a strong team of support can make or break the process of negotiating.
You can learn more about different providers by reading their reviews on websites like Capterra or G2. Be wary of providers that have numerous 5-star reviews, but only one is from a specific industry or use case.
When you do your search, be sure to look for transparent pricing. Make sure that the plans are clearly laid out and you know the features included in each plan, and which are added ons. A lack of transparency regarding pricing is a red flag as it can result in unexpected costs later down the line.
Find the VDR with an opportunity to test the product for a period of time. You should be able to test the VDR with your team members and determine whether or not it is an appropriate fit prior to making a financial commitment. Do not choose a vendor that doesn’t offer a free trial. You won’t be able to test the product under real-world situations and evaluate its usability, features, and performance.
After you’ve narrowed down a few potential providers, schedule demos with them to gain a better understanding of their platform and customer service. Be sure to keep track of how responsive each is and ask them any questions related to security, cost, integration capabilities, scalability, and ease of use.