A virtual dataroom (VDR) software platform allows secure sharing and collaboration of sensitive documents. Many companies use VDRs for critical business processes like due diligence, mergers and fundraising and purchases.
While certain VDR providers tout their ability data rooms to accommodate every industry, the majority of vendors specialize in a specific area. To narrow down their choices companies should seek vendors that provide testimonials from customers in their respective industries, as well as a clear demonstration of the kinds of projects that their software can handle.
Legal firms rely on VDRs to share confidential documents with clients, attorneys and third parties for litigation and business transactions. Real estate and immovable property transactions require a lot of documents exchanged between interested parties, and VDRs can streamline the process. Private equity and funds use VDRs to communicate with limited partners, auditors and the management of portfolio companies.
Businesses that are in the banking and financial services industry should search for a VDR service that offers an UI that is customizable with multi-language support as well as integration with existing IT systems. They should also consider the types of files and folders they will need to share and archive. In addition, the vendor should provide a variety of pricing models like per-page and per-storage as well as a flat monthly cost. Some providers offer a free trial or a tier-based pricing structure to let users test the service before they commit to. The bottom line is that a quality VDR is simple to use and offers an easy user interface with robust features that can meet the requirements of the broadest range of industries.