A virtual dataroom allows companies to store, secure and share documents that are proprietary to them. Most commonly a VDR is utilized in due diligence for M&A and capital raising, but the platform can also be used by law firms to share privileged documents with clients as well as third parties in litigation cases. Biotech and life science firms often utilize a virtual document repository to collaborate with investors and share clinical trial documents.
Choosing the right VDR partner will depend on the unique needs of each business. Investment bankers, for instance, require an encrypting platform to support processes such as IPOs and capital raising that require substantial information sharing. They require a VDR that has a simple interface, is simple to use and provides the tools needed to complete transactions efficiently.
A VDR provider’s ability to provide 24/7 assistance to clients is a further aspect to take into consideration. Top-of-the-line VDR providers provide 24/7 support in multiple languages, so that deals and other business processes aren’t restricted to a 9-5 work schedule.
When it comes to security, you should choose a company that offers robust features which include malware scanning and multifactor authentication. Security is also maintained by a robust permission system that allows administrators to create access rights according to roles and duties. To prevent data leakage You should also search for a VDR with watermarking and protection for print/download. A myriad of analytics and reporting options should also be offered to provide visibility into the activities of users.
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