A virtual dataroom (VDR) software platform enables secure sharing and collaboration of sensitive documents. Many companies depend on VDRs to facilitate important business processes like due diligence, mergers and acquisitions and fundraising.
While certain VDR vendors claim to be able to serve all industries, most vendors specialize in certain industries. To narrow down the selection companies should seek vendors who provide testimonials from their clients in their particular industries as well as an explanation of the types of projects their software can manage.
Legal firms rely on VDRs to share confidential documents with clients, attorneys and third party parties for litigation and business transactions. VDRs simplify the process of sharing documents between parties involved in real estate and immovable property transactions. VDRs are used by private equity funds to communicate with their auditors, limited partners and management of the portfolio company.
Companies in the financial and banking industry should consider a VDR with a flexible interface, multi-language support, and integration with their current IT systems. They should also think about the kinds of files and folders they will need to share and archive. In addition, the vendor should offer a variety of pricing models, including per-page and per-storage as well as a flat monthly cost. Some providers offer a free trial or a tier pricing structure that allows users to test the service before they commit to. In the end, a reliable VDR is easy to use and offers an easy user interface with robust features that meet the requirements of a variety of industries.