A virtual data room is a cloud-based software designed for the secure storing and sharing of confidential business documents. They are typically used as part of M&A deals, but also can be utilized for due diligence and lending, lifecycle management of immovable property assets and many other. Virtual data rooms offer an extremely secure environment, advanced permissions, Q&A features and other attributes that make them suitable for almost any company that requires secure transfer of documentation.
Look at the reviews of users and ratings when selecting a virtual dataroom provider. Select a company with an established track record and a large number of happy customers. It is also important to ensure that the vendor offers a free trial period so that you can test the software to determine whether it can meet your needs. Find features that help you work faster when working with files and documents, like auto indexing bulk uploading, as well as fence view. Also, look for third-party integrations and features that assist you in working faster. It is also important to determine whether the software meets the requirements of regulatory compliance, such as HIPAA, GDPR, CCPA and SOX.
Find a virtual data room that offers access to granular levels as well as multi-factor authentication IP-based time and access restrictions, and a simple group configuration. It is also important to determine whether the VDR permits you to restrict access to certain files or folders. Find an VDR with a variety of notification options. These include notifications when documents are deleted, added or seen by users.