What Is a Virtual Data Room?

Virtual Data Room (VDR) is a software-based platform that companies can store and share sensitive information in a safe environment. It is used to perform due diligence during mergers and acquisitions as well as litigation and financial transactions.

The VDR market is highly fragmented with vendors offering different features and costs. The best providers offer an intuitive user experience, and support staff who speak different languages. They also offer extensive analytics which provides in-depth information about how documents are used.

Some data rooms are designed to specific industries. The life science industry for instance, requires storing and sharing documents that contain intellectual property and medical data. Litigation and audits require sharing click reference about firmex pricing plan overview documentation with clients, and many companies have built-in features for these processes, including redaction (blacking out areas of files that contain personal information). The industry of immovable property needs to provide contracts to contractors to facilitate building projects. Certain vendors have built-in functions for this, such as the ability to instantly share blueprints as well as other important documents with subcontractors through a VDR.

Request a demo for free and take note of how easy it is to navigate. A VDR which is difficult to use will not be effective, so test all features before you commit. Also, look into the VDR’s uptime and reliability. A reliable VDR is one that is always accessible and available, with no interruptions.