As an advisor, you need to be knowledgeable about all aspects of the transactions your clients have with you. This includes their data rooms. If your client requires a VDR for their M&A deal an interface that is modern, with granular permissions on documents and a solid team of support can be the difference between success and failure in the process of negotiating.
You can find out more about the various providers by reading reviews at sites like Capterra or G2. Be wary of providers that have a lot of 5-star reviews but only one is from an industry or use case.
When you do your investigation, look for clear pricing. See if the plans are clearly laid out and you know the features included in each plan and which are add ons. Inconsistency regarding pricing can result in unexpected charges down the line.
Look for a flexible VDR with an initial trial period. You should be able to test the VDR with your team and decide whether it’s an appropriate fit prior to making an investment. Make sure to avoid a service that doesn’t offer a trial as it may limit your ability to assess the product’s capabilities, usability and performance in real-world circumstances without having to pay.
Once you’ve shortlisted several potential vendors, schedule demos with them to gain a better understanding of their platform and their customer support. Be sure to take note of how responsive they are and ask them any questions related to security, cost, scaling capabilities, integration capabilities, and ease of use.
