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Virtual Data Rooms Companies

Virtual data rooms are a secure platform for storing, managing and distributing confidential documents during transactions. While all VDR companies provide an essential function, some specialize in certain industries or transactions. Additionally, they frequently offer a range of additional functions to make their software more efficient and user-friendly.

VDRs also facilitate the process of raising money by making financial information regarding a company available prospective investors on a strictly view-only basis, which can increase the probability that a new venture will be successful. They are especially useful during due diligence, when every detail about a business is required to be scrutinized.

When choosing a VDR, M&A teams should consider the amount of storage they require and how much data each person will be able to access in the digital workspace. They should also consider the permissions granted to the VDR, which include the ability to restrict certain files to “view-only” and to assign specific roles.

Other features to look for in a VDR include drag-and drop uploading, auto indexing and document numbering, an optical character recognition tool that can perform full-text search across all uploaded files, dynamic watermarks which appear on top of every document when it is opened, downloaded or printed and the option to add custom brand colors and logos. Some VDRs require that all users sign a non-disclosure agreement prior to downloading any information which adds another layer of security.

The best VDR businesses have a variety of security certifications, such as ISO 27001, SOC 1/2/3 GDPR, SOC 1/2/3 and HIPAA. They should also allow their customers to alter their security levels and create fencing views that block sections of documents to stop screen captures. They should also provide support via live chat, email or telephone.