A virtual data room (VDR) is a secure platform used to share sensitive documents with multiple parties. VDRs are frequently utilized to conduct due diligence during mergers and acquisitions and fundraising, IPOs, bankruptcy, restructuring litigation, and other processes that require sensitive document sharing without the risk of data exposure.
As opposed to file-sharing apps that are available for consumer use and services, a good VDR has advanced security standards, access to granular levels and activity reports to help move workflows forward, as well as efficient tools to conduct due diligence. VDRs also cut down on operational costs by eliminating the need for printed documents as well as physical storage space and couriers.
When deciding on the VDR provider, take into consideration the way the solution will be used and the level of technical support needed. Find features that will be essential to your use-case like accessible mobile interface, a user-friendly interface and customisation. You may also want a dedicated project manager and 24/7/365 customer assistance. Make sure that the service offers a variety of pricing models that include per-storage and per-page charges as well as monthly costs.
Choose the VDR that supports all major operating systems and browsers which means it is compatible with the devices and software your team uses. Look for a VDR that offers a free trial so that you can test the functionality and usability of the VDR prior to purchasing it. Find a VDR that provides a variety of storage options, and offers nearby data hosting locations to ensure compliance with local laws. Lastly, consider a provider that supports multiple languages and support via live chat, phone and email.
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