When you’re working with clients to manage their data for M&A, due diligence or other purposes it can be very important that the tools you employ are simple to set up and offer the appropriate level of security. It’s not possible to afford for them to have weaknesses or bugs that pose in danger to the data that you share, particularly if it’s a business trying to sell or important site raise funds or other tasks that could be impacted by any issues in this area.
Similarly, the way in which your clients can use and understand the data room is important. Using outdated, heavy tools can cause friction and confusion with your client during the process of negotiating which could delay the process and cause issues that could impact the result of the deal. Modern intuitive interfaces and features like view as well as granular access permissions and reporting insights are crucial.
The capacity of storage and the number of users are also important factors. Some data storage services charge per GB. This can be a significant expense for companies that have large volumes of data that they require to store and share. Some data rooms charge a flat rate per month, and come with a certain number of users’ licenses. This might be more cost effective for some.
In addition, some vendors offer pricing per page which can be costly in the case of a lot of documents to be managed and shared. This is not the most popular option however, you should consider it if you have to manage large amounts of documents.