A virtual data room is a cloud-based service designed to securely store and share confidential business documents. Most often, they’re used in M&A transactions, but can also be used for due diligence, lending and asset management. Virtual data rooms offer the highest level of security advanced permissions, Q&A functions and other features that make them appropriate for almost any business which requires the secure transfer of documentation.
Be sure to look at user reviews and ratings when selecting the best virtual dataroom service. Look for a vendor with a long history and multiple satisfied customers. Make sure the vendor offers a free trial period so that you can try the software and see whether it can meet your needs. Look for features that speed up the process of working with documents and files, such as auto-indexing, bulk uploading fence view, document printing, PDF conversion, as well as third-party integrations. You should also determine whether the software meets the regulations governing compliance, including HIPAA, GDPR, CCPA and SOX.
Look for a data room that provides access to granular levels and multi-factor authentication, IP-based time and access restrictions, and easy group setup. Find out if it is possible to restrict the viewing rights of specific folders and files. Look for an VDR with a range of notification options. These include notifications when files are deleted, added or viewed by users.