It is essential that your tools are easy to use and secure when working with clients to manage their data for M&A or due diligence. You don’t want the tools to be infected with weaknesses or bugs that pose an issue for the data you’re sharing – particularly when it’s related to a company trying to sell or raise funds, or perform other things that could be affected by any issue in this field.
It is essential that your clients know how to use the data room. Utilizing old, cumbersome tools can create confusion and friction in the course of negotiations. This can slow the process and cause issues. Modern, intuitive interfaces and features like view as, granular access permissions and reporting insights are essential.
The capacity of storage and the number of users are also important factors. Some data storage services charge per GB. This could be a significant expense for companies with large volumes of data that they need to store and share. Others charge a flat monthly cost and come with a certain number of user licenses, which might be more affordable for certain.
In addition, some vendors offer per page pricing that can be expensive when you have a large number of documents to handle and share. This is not a very popular model, but you should still think about it if you need to manage large quantities of documents.