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Selecting the ideal virtual data room software is contingent on the nature of business project and the type of process. Top-rated solutions facilitate collaboration between parties, allow file sharing across a variety of platforms and support a variety of formats for documents. A quality VDR will also come with specific reporting features as well as data security. It should have a user-friendly interface that’s equally user-friendly for the CFO as well as the entry-level accountants. It should also have an adjustable pricing structure, such as by storage, user, or page.

Legal firms and law companies require a reliable virtual data room that is in compliance with strict rules, enables collaboration between attorneys and clients, and provides secure storage and sharing sensitive data. They must be able to monitor the activity of users and documents and set up custom permission settings, and get access to reports on data usage.

Investment banks require a virtual dataroom system that makes collaboration easier between teams and offers an encrypted platform for high stakes transactions. They should be able to manage due diligence, provide targets to investors, and assist with the post-transaction integration.

FirmRoom is among the newest players in the VDR market, however they are already gaining popularity with customers such as Pfizer and Baird. The software has a clean, modern design and has an intuitive user interface that is simple to use. It comes with a range of features to suit different requirements, including security measures such as fence view and remote wiping.