A virtual dataroom (VDR) software platform allows secure sharing and collaboration of sensitive documents. Many businesses use VDRs for critical business processes, such as due diligence, mergers and fundraising and purchases.
While some VDR vendors claim to to work with all industries, most vendors are specialized in their field. To narrow the list companies should search for vendors who offer testimonials from their clients from their field and an example of the kinds of projects they can manage with their software.
Legal firms rely on VDRs to share privileged documents with attorneys, clients and other third parties in litigation and business transactions. VDRs simplify the process of exchange of documents between the parties involved in real estate and immovable property transactions. VDRs are utilized by private equity funds to communicate with their auditors, limited partners, and management of their portfolio companies.
Companies working in the banking and financial services industry should look for a VDR provider that has the ability to customize the user interface with multi-language support as well as integration with the existing IT systems. They should also consider the types of files and folders they will require sharing and storing. The vendor should also offer an array of pricing options, including per-storage, per-page and a flat-rate monthly fee. Some vendors also offer a no-cost trial or price structure with a tiered structure that allows customers to try the service before committing. In the end, a great VDR is simple to use and combines an easy user interface with robust features that meet the needs of a variety of industries.