How to Choose a Virtual Data Room Provider

A virtual data room provider allows companies to share information in a safe environment with external collaborators. They are frequently utilized for due diligence, mergers and acquisitions or land and housing deals and investment management. Some VDRs also provide additional support services, like consulting and training. This is especially useful for smaller companies with a limited personnel or complicated transactions. Most often the services are provided for a price that is lower than combined with the VDR.

All VDRs should have basic security features. Be sure to look for advanced encryption methods such as multifactor authentication, antivirus and malware scanning. Also, ensure that your VDR partner is ISO 27001 compliant. This certification provides independent proof that the provider meets the highest security standards in the industry and offers a secure platform to upload sensitive files.

Search for an VDR that can index and search file names as well as document types. Modern platforms can search for text across multiple languages, and detect text in documents, images and PDFs. This provides an easier way to locate what you are seeking without having to search through countless folders.

Insist on a platform that can be accessed via mobile devices. Dealmakers are usually on the mobile, so it’s vital to have the information you need wherever you go. Also, make sure that the VDR is compatible with your current software and provides seamless integration. Choose a platform that has 24/7 customer service, and multilingual support. This will allow you to avoid the hassle of re-training employees to use the new interface, which will cost valuable time in the long in the long.