A Virtual Data Room allows companies to share data with collaborators outside of the company in a secure and safe environment. They are commonly used for due diligence mergers and acquisitions or land and housing deals as well as investment management. Certain VDRs also provide additional support services, such as consulting and training. This is especially beneficial for smaller companies with limited personnel and complicated transactions. Typically the services are provided at cost-savings when they are integrated with the VDR.
All VDRs must have basic security features. You should look for advanced encryption methods, multifactor authentication, and malware and antivirus scanning. Also, ensure that your VDR partner is certified to ISO 27001. This certification is an independent confirmation that the provider meets industry-leading security standards, and provides a secure environment to upload sensitive documents.
Search for an VDR that can index and search names of files as well as document types. A modern platform can search for text in multiple languages and detect text within images, scanned documents, and PDFs. This provides an easier way to locate what you are searching for without having to browse through numerous folders.
Insist on a platform that is accessible on mobile devices. Dealmakers are often on traveling, and it’s important to have your information readily available regardless of where you are. Also, ensure that the VDR offers seamless integration with your existing software. Also, select one that provides 24/7 customer support and multilingual support. This will help you avoid the hassle of having to train employees to use a new interface, which could take valuable time in the long in the long.