What to Look for in Data Room Providers
Data room providers provide companies as well as government entities with a secure online platform to store, share and working on documents. They are used in M&As as well as due diligence, IPOs and private equity agreements as well as other business transactions. The right provider will make business transactions easier and faster by allowing users access to documents at specific times from any device.
The most reputable providers are recognized and have a solid track of performance. Read reviews (with caution, though) and request a free trial to make sure you’re satisfied with the program before making a final choice. Make sure that your vendor provides 24/7 customer service. Any delays or issues can have a major impact on the overall success of a transaction.
Pricing structure is among the biggest differences between providers of data rooms. Some legacy providers use per-page pricing, a holdover from their earlier days in the financial printing industry which can result in unanticipated storage costs. Other providers use a per-user or a per-GB model. Others charge a flat rate that covers a set amount of data and unlimited users at a set monthly price, which can help to simplify budgeting.
Firmex is a perfect example of an easy-to-use, transparent provider. It makes complex processes and transactions that are essential through a user-friendly interface. They also provide useful features like specific permissions for groups, users and documents that stop sensitive information from being viewed at the wrong time by the right individuals. Other security features include dynamic watermarks that can be locked to IP and expire access to documents and more.