Virtual Data Rooms (VDRs) are software platforms that permit companies to store and share sensitive data in a secure location. It is often used for due diligence during mergers and acquisitions, as well as litigation and other financial transactions.
The VDR market is extremely fragmented with vendors offering different features and costs. The best providers offer an intuitive user experience, and support staff that speak various languages. They also have extensive analytics functionality that provides information behind the scenes about how documents are being accessed.
Some data rooms are designed to specific industries. The life science field for instance requires sharing and storing documents that contain intellectual property and medical data. Many providers offer built-in functionality to help facilitate these processes. For example, redaction (blacking portions of documents that contain personally identifiable information) is one such feature. The immovable property industry needs to send contracts to contractors to help with construction projects. Certain vendors provide built-in features for this, such as the possibility of sharing blueprints or other important documents quickly with subcontractors using the use of a VDR.
Ask for a free demo and take note of how easy it is to navigate. A VDR that is difficult to use is not efficient, so try all features before you commit. Also, take into consideration the reliability of the VDR and its uptime. A reliable VDR should be always available and available, with no interruptions.