A virtual dataroom is a platform that allows exchange of information between third parties in a safe and efficient way. It is often utilized in the M&A phase, where buyers are reviewing large volumes documents, but it can also be used for any scenario in which secure access to information is required by third party.
Think about your company’s needs when deciding on a VDR. VDRs are widely used in certain industries, such as M&A, due-diligence intellectual property protection and biotech licensing. Even small companies benefit from the ability to secure share files and documents with potential investors, board comms and other stakeholders.
The cost structure is also important when choosing the best VDR. Choose providers who offer various pricing options, such as flat fees and unlimited usage. Many of these pricing models are comparable to cell phone and internet plans, allowing you be aware of the exact amount you’re paying for the services you require.
The top VDR providers provide easy-to-use user-friendly interfaces suitable for both the CFO as well as virtual data room the accountant who is just starting out. They should also be secure enough to meet your company’s requirements and provide audit logs which show what users do inside the data room.
It’s a good idea try out a few VDRs before you decide on one for your company. You can compare features to make sure you get the most benefit from the tool, without having to spend additional cash.