Choosing the Right Virtual Data Room Partner

A virtual data space allows businesses to keep, share and secure confidential documents. Most commonly it is used for VDR is utilized in due diligence for M&A and capital raising, but the platform can also be used by law firms to share confidential documents with clients as well as third parties in litigation. Life science and biotech firms typically use a virtual document repository to work with investors as well as share clinical trial documents.

The unique requirements of every business will determine the best VDR partner. Investment bankers need a secure platform to conduct transactions such as IPOs and capital raising that require significant sharing of information. They must choose a VDR with an intuitive interface that is simple to use and comes with the tools needed to efficiently complete transactions.

Another thing to consider is whether or not the VDR provider offers round-the-clock client support. As deals and other critical business processes aren’t based on a 9 to 5 timeframe, the best providers offer 24-7 support that is multilingual to help clients and their users succeed.

When you’re thinking about security, look for an organization that has robust security features that include malware detection and multifactor authentication. A robust permission system that allows administrators to set access rights according to roles and responsibilities is essential for maintaining security. To ensure that data is not leaked and data leakage, you should look for a VDR with watermarking and protection for print/download. There should be a wide range of analytics and reporting options that give you an accurate view of user activity.

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