A virtual dataroom (VDR) software platform enables secure sharing and collaboration of sensitive documents. Many companies utilize VDRs to manage important business processes like due diligence, mergers, purchases and fundraising.
While certain VDR providers boast their ability to accommodate all industries, most vendors have a focus. To narrow the list companies should look for vendors who provide testimonials from their clients from their field and an example of the types of projects that their software is able to handle.
Legal firms utilize VDRs for sharing privileged documents in business and litigation transactions with clients, attorneys, and third party. VDRs streamline the process of exchange of documents between email sensitive information parties involved in real estate or immovable property transactions. VDRs are utilized by private equity funds to communicate with their auditors, limited partners, and management of their portfolio companies.
Businesses working in the banking and financial services industry should consider a VDR provider that offers the ability to customize the user interface with multi-language support as well as integration with existing IT systems. They should also think about the types of files and folders that they need to share and store. In addition, the vendor should offer a variety in pricing options, such as per-page or per-storage and a flat monthly cost. Some vendors also offer a complimentary trial or structured pricing structure that allows users to test the service prior to making a decision to sign. A good VDR is simple to use and comes with a simple interface that combines robust features that meet the needs of different industries.
