A virtual dataroom (VDR) is an online repository on the internet that allows documents to be shared quickly and securely. As opposed to traditional document sharing platforms that are used for sharing documents, VDR can be utilized by multiple users simultaneously and includes features like detailed activity tracking. It’s designed to work with a wide range of types and sizes of files. This makes it ideal for legal transactions, M&A and fundraising.
The best VDR providers have a user-friendly interface and are compliant with security and compliance standards. They also provide a wide range of functionalities that enable businesses to work more efficiently and effectively. These include the capability to add watermarks to documents, and also track the activity. In addition, they offer electronic signatures and encryption. Some of them are also compatible with a variety of operating systems.
It is essential to know the objectives and needs of your company prior to deciding on the right VDR. For instance, a startup, is likely to need an easy platform to use with a short learning curve and a 24-hour support team. On the other the other hand, an M&A firm may require a VDR that is able to handle significant amounts of data.
The best VDR providers have a variety of pricing structures to suit different budgets and business models. Some charge per user, while others charge based on the size of their storage. A few also offer an annual fee that covers unlimited pages as well as a set number of users. Lastly, some provide free trials that allow potential customers to try the software prior to making a purchase.