If you’re working on a complicated project that requires copious amounts of documents exchanges Virtual data rooms (VDR) are the way to go. The best solution will offer access to all the information you need, built in tools for managing versions, and an easy to use platform that allows everyone to work together remotely on the same documents. It is important to make sure that the VDR you select has enough features for your unique needs — and a flexible pricing structure. There are many providers that offer a base cost and additional fees depending on the features they offer, storage size, length of the project and more. If you’re unsure of which provider to select, take a look at software review sites like Capterra or ask for referrals from colleagues who have used a virtual data room prior to.
A virtual dataroom is an essential tool for investment banks during due diligence on possible deals. It allows both parties to securely exchange documents and protects sensitive information from being released to the public. It’s great for tech startups who are in the process of negotiating strategic partnerships and funding rounds.
Find A VDR that has advanced security features such as redaction (blacks out areas of files to ensure that personal information is kept private) and fence view, which blocks screenshotting of sensitive information. Multi-factor authentication, customizable watermarks and granular permissions are useful features. Be aware of the security certifications and see if they meet the requirements of your industry.