A virtual data room enables companies to save, share and protect proprietary documentation. A VDR is typically used for due diligence in M&A or capital raising. However law firms can also use the platform to share privileged documents including those of clients with third parties and clients, in the course of litigation. Biotech and life science firms frequently use a VDR in order to communicate with investors and also to share clinical trial data.
The unique needs of every company will determine the most suitable VDR partner. Investment bankers, for instance require an encrypting platform to support processes like IPOs and capital raisings that require significant sharing of information. They email sensitive information need to find a VDR with an intuitive interface that is easy to navigate and includes the tools they require to complete transactions efficiently.
Another consideration is whether the VDR provider offers round-the-clock client support. Top-of-the-line VDR providers provide support in multiple languages 24 hours a day, so deals and other business processes aren’t restricted to the 9-5 timeframe.
When you’re thinking about security, look for a provider with robust capabilities which include malware scanning and multifactor authentication. Security is also ensured by an effective permission system that allows administrators to create access rights based on roles and responsibility. To ensure that data is not leaked, you should also look for a VDR with watermarking and protection for print/download. A myriad of reporting and analytics options are also available to help you monitor user activity.
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