A virtual dataroom is a place for companies to store, secure and share proprietary documentation. Most often it is used for VDR is utilized in due diligence for M&A and capital raising, however, the platform can also be utilized by law firms to share confidential documents with clients and other parties in litigation cases. Biotech and life science firms frequently use a VDR in order for collaboration with investors as well as to share clinical trial documents.
The unique needs of every company will determine which is the most appropriate VDR partner. Investment bankers, for example require a secure platform that can support processes like IPOs and capital raising that require substantial information sharing. They must find a VDR with an intuitive interface that is easy to navigate and has the tools required to complete transactions efficiently.
Another thing to consider is whether or not the VDR provider provides 24/7 client support. The best VDR providers provide multilingual support 24-7, as deals and other business processes aren’t confined to a 9-5 schedule.
Find a company that offers comprehensive security features such as multifactor authentication and malware detection. A solid permission system, which websites allows administrators to set access rights according to roles and responsibilities, is also vital for maintaining security. Additionally, you should look for a VDR that has watermarking as well as printing and downloading prevention to avoid leaks of data. There should be a variety of analytics and reporting options that give you an accurate view of user activity.
