A virtual data room (VDR) is a secure platform used to share sensitive information with many parties. VDRs are widely used for due diligence during mergers and acquisitions and fundraising, IPOs, bankruptcy, restructuring, litigation, and other procedures that call for sensitive document sharing without the risk of data exposure.
Contrary to the popular file-sharing apps for consumers, a quality VDR offers high-end security standards, access to granular levels and activity reports that assist in moving workflows forward, as well as simplified tools for performing due diligence. VDRs cut operational costs since they do away with the need for printed documents, physical storage and couriers.
When choosing when choosing a VDR provider, you should consider how the solution will be used and the amount of technical support required. Look for features that will be essential to your use-case, such as a mobile accessibility, intuitive interface and customization. It is also possible to have a dedicated project manager or 24/7/365 customer assistance. Make sure the provider offers various pricing options that include per-storage and per-page costs as well as monthly fees.
Choose a VDR provider that is compatible with all major operating systems and browsers. This means that it is compatible with the devices and applications your team uses. Find a VDR which offers a free trial, so you can check its functionality and ease of use before making a purchase. Also, search for a vendor that offers various storage options and recommends data hosting locations close to your business to ensure compliance with local laws. Additionally, you should consider a company with multiple languages and support via live chat, phone, and email.