A virtual dataroom allows companies to store, protect and share documents that are proprietary to them. Most often, a VDR is utilized in due diligence for M&A and capital raising, however, it can also be utilized by law firms to share privileged documents with clients as well as other parties in litigation cases. Biotech and life science firms often use a VDR for collaboration with investors as well as for clinical trial document sharing.
The unique needs of every company will determine the most suitable VDR partner. Investment bankers, for example, require a secure platform to support processes such as IPOs and capital raisings that demand significant information sharing. They need a VDR with a user-friendly interface, is easy to use, and provides the tools needed to complete transactions efficiently.
A VDR provider’s capability to provide 24/7 assistance to clients is a further factor to consider. The top VDR providers offer multilingual support 24-7, since deals and other business processes aren’t restricted to the 9-5 timeframe.
Choose a vendor that offers robust security features, such as malware scanning and multifactor authentication. Security is also maintained with an effective permission system that allows administrators to set up access rights based upon the roles and duties. Additionally, you should look for a VDR that offers watermarking and print/download prevention to prevent data leaks. There should be a wide range of analytics and reporting options that give you a clear picture of the activity of users.