A Virtual Data Room Provider allows companies to share information with other collaborators in a secure and safe environment. They are typically used for due diligence, mergers and acquisitions, land and housing deals and investment management. Some VDRs also provide additional support services, like consulting and training. This is especially beneficial for smaller companies with limited personnel and complicated transactions. These services are typically provided at a lower price if they are used in conjunction with the VDR.
All VDRs should include basic security features. Be sure to look for antivirus and malware scanning multifactor authentication, as well advanced encryption methods. Additionally, make sure that your VDR partner is ISO 27001 compliant. This certification is an independent confirmation that the provider meets the most stringent security standards in the market and offers a secure platform to upload sensitive files.
Search for a VDR that can index and search names of files as well as document types. Modern platforms can search for text across different languages, and can also detect text in documents, images and PDFs. This makes it easier to locate the information you need without having to go through endless folders.
Select a platform that can be accessed via mobile devices. Dealmakers are often on the mobile, so it’s vital to have the information you need wherever you go. Also, make sure that the VDR has seamless integration with your current software. Make sure you select one that provides 24/7 customer service and multilingual support. This will spare you the time and stress of having to train your employees on a brand new interface.