What is a Dataroom? How should you choose a dataroom provider?
Very educative perspective from Law.com describing what a dataroom is and covering the main service and platform functionalities that a Virtual Data Room provider should give its M&A client (article).
One of the areas that we as a Company differentiates us from many of our competitors is our approach to service. This paragraph from the article is particularly interesting to us:
Regardless of whether you choose a technology solution with the expanded features of a virtual deal room or the more traditional virtual data room format, it is essential to determine whether a provider has an accessible and knowledgeable technology support and services team. The role of the support team is not only to help you expeditiously implement the dataroom technology for your firm, but also to help you apply it to your deals and transactions to yield more efficiency for all involved parties.
Most providers should be able to set up datarooms within 24-48 hours, and many can do same-day setup. Others allow you to initiate your own deal room whenever you need one simply by selecting “New Deal” on the VDR menu. To ensure ease of use and convenience, you should determine whether your VDR solution has any software downloads or system requirements. Ideally, the VDR should place as few demands as possible on users. Confirm the availability of technical support to help administrators and users should they encounter any questions or problems to troubleshoot.
The Virtual Data Room support team needs to be knowledgeable not only about the technology they provide, but also should have familiarity with corporate transactions and the responsibilities of the respective deal team members. This expertise ensures that the provider can tailor the technology specifically to your needs. Furthermore, the VDR provider must be able to handle the support needs of the other deal team members when needed, and interact professionally with all deal participants.
