A virtual data room (VDR) is a secure platform used to share sensitive information with several parties. VDRs are extensively used for due diligence during mergers and acquisitions. They can also be used to share sensitive documents with many parties during fundraising, IPOs. restructuring, bankruptcy and litigation.
A good VDR unlike consumer file-sharing applications, offers advanced security standards, granular reports on access and activity that facilitate workflows and provide simplified tools to perform due diligence. VDRs cut operational costs since they eliminate the need for printed documents, physical storage and couriers.
Take into consideration the use of the VDR and the level required of technical support before choosing the VDR service provider. Find features that are essential to your particular use, such as an intuitive interface and mobile accessibility as well as the ability to customize. You may also want an individual project manager and 24/7/365 customer support. Make sure the provider offers a variety of pricing models such as per-storage and per page charges and monthly fees.
Select the VDR that is compatible with all major operating systems and browsers which means it is compatible with the software and devices your team uses. You should look for a VDR that offers a free demo to check out the capabilities and features of the VDR before you decide to purchase it. Also, search for a provider that offers various storage options and suggests data hosting locations near your company to ensure compliance with local laws. Consider a provider who offers support in multiple languages, via email, phone, and live chat.