A virtual dataroom permits companies to store, protect and share their proprietary documents. Most commonly the VDR is used in due diligence in M&A and capital raising, however, the platform can also be used by law firms to share confidential documents with clients as well as third parties in litigation. Biotech and life science firms typically use VDRs to work with investors as well as share clinical trial documents.
Choosing the right VDR partner will depend on the particular requirements of every business. Investment bankers, for example require a secure platform to support processes like IPOs and capital raises that require substantial information sharing. They should find a VDR with a user-friendly interface that is easy to navigate and has the tools needed to run transactions efficiently.
A VDR provider’s capability to provide 24/7 support for clients is another aspect to take into account. As deals and other critical business processes don’t operate on go to this Ultimate Guide to Data Room Set Up for Financial Reporting a 9-5 schedule, the top-of-the-line providers provide 24/7 support that is multilingual to help their clients and their users succeed.
When you’re looking for security, look for a company that offers robust features that include malware detection and multifactor authentication. A robust permission system that allows administrators to define access rights based on roles and responsibilities is also essential for keeping security. Additionally, you should look for a VDR that offers watermarking and protection against print/download to stop data leaks. A myriad of analytics and reporting options should be available to help you monitor the user’s activities.
