A Virtual Data Room Provider allows firms to share information with other collaborators in a secure and safe environment. They are used to conduct due diligence and for mergers and acquisitions. Certain VDRs offer additional support services, including consulting and education. This is especially useful for smaller firms with limited personnel or complicated transactions. Most often the services are provided at cost-savings when they are combined with the VDR.
All VDRs should have basic security features. Be sure to look for advanced encryption methods, multifactor authentication, and malware and antivirus scanning. Additionally, ensure that your VDR partner adheres to ISO 27001. This certification is an independent confirmation that the service provider complies with industry-leading security standards, and offers a secure platform to upload sensitive files.
Search for a VDR which can index and search for file names and document types. Modern platforms can search text in multiple languages and locate text in documents, images, and PDFs. This provides an easier way to locate what you are looking for without searching through many folders.
Select a platform that can be accessed from mobile devices. Dealmakers are often on move, so it’s crucial to have your information readily available anywhere you are. Also, ensure that the VDR integrates seamlessly with your existing software. Select a platform that offers 24/7 customer support, as well as multilingual support. This will allow you to avoid the hassle of retraining employees to use the new interface, which could take time and effort in the long run.