A virtual dataroom is an online document-management tool that allows businesses to securely share documents with third-party users. They can be utilized in almost any situation when a company must let third parties access certain information. They are especially helpful in M&A due diligence, as well as in other financial transactions in which potential investors must review huge volumes of documents.
Many VDR vendors offer a free trial. This lets you test how well the software works for your specific project. You can also test various features, like collaboration tools, as well as precise project tracking. Top-tier VDR providers also enable easy and straightforward collaboration among all parties, regardless of their location or even the time of the day. They offer in-app, phone and email support in multiple languages and assistance centers with product videos for professional assistance.
The top VDRs have a strong security features that are designed to protect sensitive information from cyber-attacks. They come with an online repository that is secure with advanced encryption for data and recovery 24 hours a day, virus scanning and redundancy in data centers, and numerous security certifications that guarantee 99.9 percent uptime. They also come with built-in version control to ensure that the newest version of every file is always available. Additionally they are customizable with logos or terms of service and general look and feel to ensure consistency of the brand. They also permit the creation of user roles and permissions in granular ways to break down communication gaps.