A virtual data room (VDR) is a secure platform used to share sensitive documents with several parties. VDRs are commonly utilized to conduct due diligence during mergers and acquisitions as well as fundraising, IPOs, bankruptcy, restructuring litigation, and other procedures that require sensitive document sharing without the risk of data exposure.
In contrast to consumer-grade file-sharing applications, a quality VDR provides advanced security standards, granular access and activity reports that help move workflows forward. It also provides automated tools for conducting due diligence. VDRs also help reduce operational costs by eliminating the requirement for printed documents, physical storage space, and couriers.
When deciding on the VDR provider, consider what the solution is going to be used and the degree of technical support needed. Find features that will be crucial to your specific use for example, mobile accessibility, intuitive data room review interface, and customization. You might also need an individual project manager and 24/7/365 customer assistance. Make sure the provider offers a variety of pricing models, including per-storage and per-page costs as well as monthly fees.
Choose a VDR provider that supports all major operating platforms and browsers, which means it will be compatible with the devices and software that your team employs. Look for a VDR which offers a free demo to check out the capabilities and features of the VDR before purchasing it. Look for a VDR that offers a variety of storage options, and also suggests nearby data hosting sites to ensure compliance with local laws. Choose a company that provides support in multiple languages, via email, phone, and live chat.