A virtual dataroom is a secure online repository of private documents which is usually used as due diligence in any business transaction. Today, thanks to technology and the growth of remote working, they can be used throughout the entire lifecycle of a deal and increasingly for other corporate events, such as the fundraising process, divestitures and restructuring.
The top online VDRs provide strong security with global compliance certificates and data controls. They should also provide a suite reports that detail the user’s behavior, including what documents were viewed and how often they were downloaded or printed. This description level of transparency helps data rooms to comply with requirements like HIPAA and ISO 27001 and reduce the risk of sensitive information leaks.
Finally good online VDRs provide numerous features that can improve team communication. These include Q&A and FAQs along with document annotations and commentaries in real-time, instant notifications and follow-ups. These tools enhance communication and aid teams in making better decisions.
When looking at online VDRs look for companies that provide free trials of the software. These are a great way to determine if the platform does what it says it will do and to discover how user-friendly and user-friendly the software is for your team as well as any third parties that you plan to invite into the data room. Some providers also allow you to purchase licenses on the basis of user-by-user, which is beneficial for companies who plan to use their data room for multiple projects.