A virtual data room is an application that runs on the cloud designed to securely store and share confidential business documents. Most often, they’re used in M&A transactions, but can also be utilized to conduct due diligence, lending and asset management. Virtual data rooms offer a high level of security, advanced permissions and Q&A functionality that make them suitable for any business that requires secure transfer of documents.
Consider the user reviews and ratings before deciding on a virtual dataroom provider. Find a provider with many years of experience and numerous satisfied clients. Also, make sure that the vendor gives a no-cost trial period, so that you can test the software to determine if it meets your needs. You should look for features that speed up the processing of documents and files like auto-indexing, bulk uploading fence view, document printing, PDF conversion, as well as third-party integrations. Verify that the platform adheres with regulatory compliance requirements, such as HIPAA. GDPR, CCPA, and SOX.
Look for a virtual room that has access rights that are granular as well as multi-factor authentication IP-based and time-based access restrictions, and easy group configuration. Find out if it is possible to limit the viewing rights of specific folders and files. Additionally, search for an VDR that has a range of notification options, including notifications when new documents are created or deleted and when users view documents.