How to Choose a Virtual Data Room Provider

additional info

A Virtual Data Room lets companies share information with external collaborators in a secure and safe environment. They are often used for due diligence mergers and acquisitions as well as land and housing transactions, and investment management. Certain VDRs also offer additional support services such as consulting and training. This is particularly useful for smaller businesses that have a small personnel and complicated transactions. These services are usually offered at a lower cost when they are combined with the VDR.

All VDRs should include basic security features. Look for advanced encryption methods that include multifactor authentication, malware and antivirus scanning. Additionally, make sure that your VDR partner is ISO 27001 compliant. This certification is an independent confirmation that the provider adheres high-quality security standards and provides a secure environment to upload sensitive files.

Look for look for a VDR that can index and search for document types and the file’s name. Modern platforms can search for text across multiple languages and even detect text in images, scanned documents and PDFs. This makes it easier to find what you are looking for without having to go through many folders.

Choose a platform that is accessible on mobile devices. Many dealmakers are constantly on the move and it’s crucial to have access to information regardless of where you are. Also, ensure that the VDR is compatible with your current software and provides seamless integration. Finally, choose one that provides 24/7 customer service and multilingual support. This will help you avoid the time and stress of having to train your employees to use a new interface.