Choosing the Right Virtual Data Room Partner
A virtual data room permits businesses to keep, share and secure confidential documents. Most often, a VDR is utilized during due diligence in M&A and capital raising, however, it can also be utilized by law firms to share confidential documents with clients as well as other parties in litigation cases. Biotech and life science firms frequently use VDRs to collaborate 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 instance require a secure platform to support processes such as IPOs and capital raising that require substantial information sharing. They require a VDR that has an intuitive interface, is simple to use and offers the tools necessary to conduct transactions efficiently.
A VDR provider’s ability to provide round-the-clock support for customers is a different factor to consider. As deals and other critical business processes don’t operate on a 9-5 schedule, the best-in-class providers provide 24-7 support that is multilingual in order to help their users and clients succeed.
Find a company that has robust security features, including multifactor authentication and malware detection. A robust permission system that allows administrators to assign access rights based on the roles and responsibilities of each is also essential for maintaining security. To stop data leakage, you should also look for a VDR with watermarking and print/download protection. A myriad of reporting and analytics options should also be offered to give you a better understanding of the activities of users.