A virtual dataroom is a place for companies to store, protect and share documents that are proprietary to them. A VDR is commonly utilized for due diligence in M&A or capital raising. However lawyers can make use of the platform to share privileged documents that include client documents as well as with third-party clients, in the course of litigation. Biotech and life science firms frequently use VDRs to work with investors as well as share clinical trial documents.

Choosing the right VDR partner depends on the specific needs of each business. Investment bankers require a secure platform to conduct transactions like IPOs and raising capital that require significant information sharing. They must choose More about the author a VDR with a user-friendly interface that is simple to use and comes with the tools they require to complete transactions efficiently.

A VDR provider’s capability to provide 24/7 support to clients is an additional aspect to take into account. The best VDR providers provide support in multiple languages 24 hours a day, so deals and other business processes are not limited to a 9-5 working schedule.

Find a vendor who offers robust security features, such as multifactor authentication and malware detection. A solid permission system, which allows administrators to define access rights depending on the roles and responsibilities, is also vital for keeping security. To prevent data leakage it is recommended to look for a VDR with watermarking and print/download security. There should be a wide range of analytics and reporting options that will give you the most complete picture of the activity of users.