The world of M&A requires sifting through tens of thousands of documents, making it impossible to comprehend all of the details in one glance. Investors and businesses need to be able examine all information available to make informed decisions about M&As or tenders. It isn’t easy to share the information in a safe and secure environment without the help of a data room.
While free virtual data rooms are an excellent choice for small and medium-sized companies, they are not ideal for larger businesses. Free solutions are the most popular target for cybercriminals, and are not equipped with the advanced security features that paid VDRs provide. In 2019, a misconfigured secure link settings could expose PII and non-public information and even employees of these businesses. In addition, many free data room providers do not allow for advanced document permission settings which are vital in high-risk transactions.
FirmRoom, a reliable online data room that is used for M&As or other strategic transactions, is a popular alternative. They offer a free two-week trial and offer a quote for every project based on specific requirements. The platform also includes features like drag and drop uploading, bulk upload of files as well as permission settings. Moreover, it is ISO 27001, GDPR, and HIPAA compliant and boasts an intuitive user interface. The platform comes with a variety of pricing plans, including a Pro Plan that includes 1 project, 5 admins, and unlimited users.