A virtual data room is a cloud-based application specifically designed to secure the storage and sharing of confidential business documents. Most often, they are employed in M&A transactions, but can also be utilized for due diligence, lending and asset management. Virtual data rooms offer high levels of security with advanced permissions, as well as Q&A functions, making them suitable for any business that needs secure document transfer.
Consider the user reviews and ratings before deciding on the best virtual dataroom service. Find a provider with an extensive history and a number of satisfied clients. Be sure that the vendor provides a charge-free trial period, which you can use to test the software and determine if it matches your needs. Look for features that accelerate the processing of documents and files, such as auto-indexing, bulk uploading, fence view, document printing, PDF conversion, and third-party integrations. Make sure the platform conforms with regulatory compliance requirements, such as HIPAA. GDPR, CCPA, and SOX.
Look for a virtual area with access rights with granularity with multi-factor authentication, IP and time-based access restrictions as well as easy group configuration. Find out if you are able to limit the viewing rights of specific folders and files. Look for an VDR with a variety notification options. These include alerts when documents are deleted, added or viewed by users.