A virtual dataroom (VDR) provides an secure platform for sharing sensitive documents between several parties. VDRs are commonly used for due diligence during mergers and acquisitions or fundraising, IPOs, bankruptcy, restructuring litigation, and other procedures that require sensitive document sharing without the risk of data exposure.

A reputable VDR in comparison to consumer file-sharing applications, provides advanced security standards, granular reports on access and activity that aid in streamlining workflows, as well as automated tools to conduct due diligence. VDRs reduce operational costs as they do away with the need for printed documents, physical storage and couriers.

When selecting the VDR provider, take into consideration the way in which the solution will be used, as well as the level of technical support needed. Look for features that are crucial to your use case like a user-friendly interface with mobile accessibility, customization. You might also need an assigned project manager as well as 24/7/365 customer assistance. Make sure to look into the pricing options offered by the provider for per-page or per-storage charges.

Choose a VDR that supports all major browsers and operating systems that is, it’s compatible with the software and devices your team uses. Look for a VDR which offers a free trial so that you can test its functionality and usability before committing to purchase. Choose a VDR provider that offers a range of storage options, and offers nearby data hosting locations art of programming to ensure that you are in compliance with local laws. Also, look for a service that provides multiple languages as well as support via live chat, phone and email.