VDR software lets businesses securely share important business data with external parties such as attorneys and compliance auditors. As opposed to file sharing software, VDR software is designed to protect business-sensitive information and ensure that no one can modify, delete or alter the content of shared files. This makes it perfect for the M&A due diligence process as well as for any other scenario where sensitive information needs to be shared with service providers, potential investors or any other outside parties.
When evaluating a virtual room Check out these features:
Security: VDRs are created to provide a secure environment that will withstand hacks, malware attacks and other forms of malicious behavior. Find a service provider that offers ISO-compliant security, including backups and encryption. A VDR should also permit users to create different access levels for different people and change these privileges quickly if moods change during negotiations.
Document Management: A VDR that is well-designed allows you to upload documents, arrange them into meaningful categories and then use search functions to locate specific folders and find partial or exact matches. A VDR should also include advanced features like OCR (optical character recognition) for images and PDFs and filters to limit search results.
Communication and Collaboration: Look for a VDR that includes built-in discussion capabilities, a chat function that allows teams to work together, as well as messaging functionality that eliminates communication gaps. A VDR should also have an API that allows it to be integrated with other systems.