A virtual dataroom (VDR) provides secure sharing of sensitive documents across many parties. VDRs are widely utilized for due diligence in mergers and acquisitions and fundraising, IPOs, bankruptcy, restructuring, litigation, and other procedures that call for sensitive document sharing without the risk of data exposure.
A quality VDR in comparison to consumer file-sharing applications, comes with advanced security standards, granular reports on access and activity that can help streamline workflows, and streamlined tools to conduct due diligence. VDRs help reduce operational costs because they do away with the need for printed documents, physical storage and couriers.
When deciding on the VDR provider, consider the way in which the solution will be used and the level of technical support that is required. Look for features that will be crucial to your specific use, such as a easy-to-use interface for mobile devices, and customization. You might also require a dedicated project manager or 24/7/365 customer support. Check if the service provider offers different pricing models that include per-storage and per-page charges as well as monthly costs.
Choose a VDR provider that supports all major operating systems and browsers, so it will be compatible with the devices and software your team uses. Find a VDR which offers a free trial so that you can test its functionality and usability before committing to a purchase. Also, search for a provider that offers a wide range of storage options and recommends data hosting locations close to your business to ensure data science compliance with local laws. Choose a company that provides support in multiple languages, via phone, email, and live chat.