A virtual dataroom (VDR) is an online platform that allows users to share sensitive information in a secure manner. It is suitable for any company that wants to share documents with other parties like lawyers, auditors, or clients, without risking the risk of a breach of data or a compliance violation.
To determine the most effective VDR provider, start by evaluating providers’ features that match your business requirements. Make sure the vendor supports all file formats your company employs and that it seamlessly integrates with the rest of your tech stack. Be sure the service provider offers an initial trial period during which you can test the platform and assess its functionality before making a purchase decision.
Then, look at the security features offered by the provider. Look for granular access permissions as well as a document expiry screen shield that stops screen shots. Additionally, detailed statistics about who has seen the documents and when are important. Verify if the company has industry certifications that prove the compliance of a standard or regulation.
During M&A due diligence, companies share massive amounts of sensitive information with other parties. A well-constructed VDR helps make the process more efficient and safer. Additionally, the top-of-the-line virtual deal rooms provide 24/7 customer support, which is multilingual and will help you solve any issues.