The best virtual data rooms are easy to use and secure, offering users the ability to share and examine documents. They can also provide more granular permission settings, establish access expiration dates, and limit sharing to specific IP addresses or devices. Some VDRs allow users to add watermarks and track downloads to manage digital rights. These options provide security for guests who might otherwise be at risk of disclosure of their documents.
VDRs can be utilized in numerous business transactions. They are also ideal for companies that need to securely share confidential documents outside of their firewalls. Legal firms can use VDRs for collaboration with clients, third parties and colleagues during litigation, due diligence or other corporate events. Private equity and hedge fund utilize VDRs to communicate with limited partner, auditors and portfolio companies. Pharma and reference biotech firms use virtual data rooms to communicate intellectual property, clinical trial data, and other private information with third parties.
A quality VDR will also come with a variety of useful features that help you manage and manage documents. Look for a user friendly interface that is compatible with the most popular platforms like iOS, Android and Windows. It should also allow quick uploading or downloading of large files. Furthermore, certain vendors allow you to choose between per-document or storage-based price policy.
Check if the vendor offers 24/7 support for any questions or concerns that your team or other stakeholders may have about the platform. Transactions and essential business processes are rarely completed within the 9-5 hours of a workday therefore it is crucial that your VDR provider be available throughout the day.