A Virtual Data Room allows companies to share data with collaborators outside of the company in a secure environment. They are utilized to conduct due diligence, mergers and acquisitions. Certain VDRs also provide additional support services, such as consulting and training. This is particularly useful for smaller companies with limited staff and complex transactions. Typically they are provided at cost-savings when they are bundled with the VDR.
All VDRs must have basic security features. Be sure to look for antivirus and malware scanning multifactor authentication, as well advanced encryption methods. Additionally, make sure that your VDR partner is ISO 27001 compliant. This certification is a proof that the provider adheres the most stringent security standards in the market and provides a safe environment to upload sensitive files.
Find A VDR that can index and search document types and names of files. Modern platforms can search text across multiple languages and even detect text in documents, images and PDFs. This allows you to find what you’re seeking without having to search through many folders.
Make sure that the platform you choose is accessible via mobile devices. Dealmakers are usually on the mobile, so it’s vital to have information available anywhere you are. Also, make sure that the VDR is compatible with your existing software and provides seamless integration. Choose a platform with 24/7 customer service and multilingual support. This will allow you to avoid the hassle of having to train employees to use the new interface, which will cost valuable time in the long time.