A virtual dataroom is an online platform that permits the exchange of information between third parties in a safe and efficient way. It is usually utilized during the M&A process, where buyers review large volumes of documents, but it may be used in any scenario that requires confidential access to information by third parties.
When choosing a VDR provider, consider the needs of your business. VDRs are used extensively in certain industries, such as M&A, due-diligence intellectual property protection and biotech licensing. But even small businesses benefit from the capability to securely share documents and files with potential investors, board comms and more.
The cost structure is important when choosing the best VDR. You should look for providers that provide various pricing models, from per-storage and per-page to flat costs and unlimited usage. Many of these pricing models are comparable to cell phone and internet plans, allowing you to be aware of the exact amount you’re paying for the services you need.
The best VDRs come with user-friendly interfaces and are easy to use. They can be used by the CFO and entry-level accountant. They must also be secure enough to meet your business’ needs and offer audit logs which show what users do inside the data room.
It is a good idea to try out a few VDRs before you decide on one for your company. You can test features to ensure that you get the most value from the software, without spending extra money.