How to Choose a Virtual Data Room Provider

A Virtual Data Room allows companies to share information with collaborators from outside in a secure and safe environment. They are commonly used for due diligence mergers and acquisitions or land and housing deals as well as investment management. Some VDRs offer additional support services, like consulting and training. This is particularly beneficial for smaller companies with less personnel or complicated transactions. Typically the services are provided at cost-savings when they are bundled with the VDR.

All VDRs must have basic security features. You should look for malware and antivirus scanning, multifactor authentication and advanced encryption methods. Additionally, make sure that your VDR partner is ISO 27001 compliant. This certification is an independent verification that the provider meets industry-leading security standards, and offers a secure platform to upload sensitive documents.

Search for a VDR which can index and search for file names and document types. Modern platforms can search for text in multiple languages and locate text in scans, images as well as PDFs. This provides an easier way to find what you’re seeking without having to search through numerous folders.

Make sure that the platform you choose is accessible via mobile devices. Dealmakers are often on mobile, so it’s vital to have access to information wherever you are. Make sure that the VDR is seamless in integration with your current software. Choose a platform that offers 24/7 customer support and multilingual support. This will allow you to avoid the hassle of training employees to use a new interface, which could take bedataroom.com valuable time in the long term.