What to Look for in a Virtual Data Room

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A virtual dataroom (VDR) can be used to store and share documents online. VDRs are utilized in a variety business situations, such as M&A due diligence and business development. They are however, most often associated with the investment banking industry as they facilitate processes such as IPOs and capital raising that require massive amounts of information to be shared.

VDR providers offer many features that allow businesses to make the most of their platforms. Security is one of the most crucial features. Choose a provider that offers robust virus and malware scanning, multifactor authentication, and encryption that secures uploaded files at rest as well as in transit. Find out if it is possible to set access policies for each file and folder by using the provider’s granular document permissions.

Another feature that can be helpful is the collaborative tools that aid the company’s staff to review documents and exchange comments. Ideally these tools can be integrated into a company’s existing systems. Additionally, you should look for a provider that offers specific reports on user activity and document activity that can help companies identify potential risks or security threats.

The most effective VDRs are easy to use by anyone, even people with no IT background. You should look for providers that have a drag and drop upload interface that eases the process and lets you arrange your data into collections. Also, take into consideration the way that a company’s UI appears on mobile devices. Choose a provider with a wide range of support options, such as live chat on the app or on the phone, multilingual email and phone support dedicated teams, FAQs and dedicated teams.