A virtual dataroom (VDR) offers a secure platform for sharing sensitive documents with many parties. VDRs are widely used for due diligence during mergers and acquisitions. They can also be used to share sensitive documents with several parties during fundraising IPOs. restructuring, bankruptcy and litigation.
A high-quality VDR, unlike consumer file-sharing applications, offers high-end security standards, detailed reports on access and activity that aid in streamlining workflows, as well as automated tools to conduct due diligence. VDRs reduce operational costs as they eliminate the need to print documents, physical storage and couriers.
Take into consideration the use of the VDR and the amount of technical support before choosing the VDR service provider. Find features that will be essential to your needs including easy-to-use interface for mobile devices and the ability to customize. You might want a manager who is available 24/7/365 and 24/7/365 assistance. Be sure to verify the pricing options offered by your provider including per-page and per-storage fees.
Select the VDR that is compatible with all major operating systems and browsers and is therefore compatible with the devices and software that your team uses. It is recommended to choose a VDR that offers a free demo so that you can test the capabilities and user-friendliness of the VDR before you decide to purchase it. Choose a VDR provider that offers a variety of storage options and recommends nearby data hosting facilities to ensure compliance with local laws. You should consider a provider that offers support in multiple languages, via Business Agility email, phone, and live chat.