What to Look for in a Virtual Data Room

A virtual dataroom (VDR) can be used to store and share documents online. VDRs are used in a variety commercial situations, including M&A due diligence and business development. However, they are often associated with the investment banking sector due to their ability to facilitate processes like IPOs and capital raisings that require massive amounts of information to be shared.

VDR providers offer many options that allow businesses to make the most of their platform. Security is one of the most crucial features. Find a service that has powerful malware and virus scanning, multifactor authentication and encryption that safeguards uploaded data both at rest and while in transit. Find out if it is possible to specify the access policies for each folder and file using the provider’s granular document permissions.

Collaboration tools are another feature that could be useful. They help the employees of a business to examine documents and exchange feedback. Ideally these tools can be integrated with the existing systems of a company. Look for a vendor that provides detailed reports on user and document activities. This can help companies recognize any security threats or threats.

The most effective VDRs are easy to use, especially for those who have little or no IT knowledge. Look for a provider that uses a drag and drop upload interface that simplifies the process and allow users to categorize their data into collections. Also, think about how the UI looks on mobile devices. Choose a provider that offers many support options, such as live chat in the app or on the phone, multilingual email and phone support with dedicated teams and FAQs.