A virtual dataroom (VDR) provides an online, secure environment to store and share highly confidential documents. It is used by a variety of industries to improve communication and collaboration among many parties outside the firewall. Common applications include M&A due diligence, litigation, bankruptcy and fundraising, as well audits.
When selecting a VDR, ensure that it is multi-level authenticated with granular permissions settings which can be adjusted to meet your needs. Also, look for a VDR that is able to monitor the IP address, device type and the location of users when they login to ensure that data isn’t being accessed by an unauthorised device or location. Another feature to consider is two-factor authentication, which requires a password and additional factual information or codes to log in.
Find an VDR that tracks document activities and provides customizable reporting. This will help you determine who has accessed and viewed which documents and the types of searches that have been conducted. This function is usually included in the core capabilities of a high-quality VDR or you could include it as an add-on to existing solutions.
The most reliable online VDR will assist you in completing your corporate transactions quickly and safely. Before signing up, it’s important to be aware of the security features certificates, file-sharing capabilities and customer support the provider offers. Moreover, it’s important to test the VDR before you commit to the contract by requesting an initial trial for free and asking to have it set up for multiple members of your team.