Virtual Data Rooms (VDRs) are software platforms that permit companies to store and share sensitive data in a secure location. It is typically used for due diligence during mergers and deal room software acquisitions, litigation and other financial transactions.
The VDR market is highly dispersed with vendors offering a variety of features and costs. The best providers provide an intuitive user experience and support staff that can speak multiple languages. They also have extensive analytics functionality that provides information behind the scenes about how documents are being accessed.
Some data rooms are tailored to specific industries. The life science sector, for example requires storing and sharing documents that contain intellectual property and medical data. Audits and litigation require the sharing of documents with clients. A lot of providers have built-in functionality for these processes, for instance, redaction (blacking out parts of files that contain personal information). To facilitate building projects the immovable property market has to distribute contracts to contractors. Some vendors offer built-in functions for this, such as the ability to send blueprints and other important documents to subcontractors in a VDR.
Request a free demo and take note of the ease with which it can navigate. A VDR that is difficult to navigate is ineffective, so ensure you have the ability to test all the features by using the free account before making an investment. Also, think about the reliability of the VDR and its uptime. A reliable VDR should always be accessible and available, with no interruptions.
