A virtual dataroom (VDR) offers secure sharing of sensitive documents among many parties. VDRs are commonly utilized to conduct due diligence during mergers and acquisitions and fundraising, IPOs, bankruptcy, restructuring, litigation, and other procedures that require sensitive documents sharing without the risk of data exposure.
A quality VDR in comparison to consumer file-sharing applications, provides high-end security standards, detailed reports on access and activity that help streamline workflows, and streamlined tools to conduct due diligence. VDRs also reduce operational costs because they do not require printed documents as well as physical storage spaces and couriers.
Be aware of the need for the VDR and the required level of technical support prior to selecting a VDR service provider. Look for features that are likely to be crucial to your specific use for example, mobile accessibility, intuitive interface, and customization. You might also need a dedicated project manager or 24/7/365 customer assistance. Be sure to check the pricing options offered by the provider like per-page charges and per-storage costs.
Choose the VDR that supports all major operating systems and browsers, so it is compatible with the devices and software your team uses. Find a VDR which offers a free trial so that you can check its functionality and ease of use before committing to purchase. Look for a VDR that offers a variety storage options, and also suggests nearby data hosting locations to ensure the compliance with local laws. Also, look for a service with multiple languages and support via live chat, phone, and email.