A virtual dataroom (VDR) software platform permits secure sharing and collaboration of sensitive documents. Many businesses use VDRs to manage important business processes, such as due diligence, mergers, purchases and fundraising.
While some VDR vendors claim to be able to help all industries, most vendors specialize in certain industries. To narrow down the choices, companies can look for vendors who have testimonials from clients in their industry and an example of the types of projects they can manage with their software.
Legal firms rely on VDRs to share privileged documents with clients, attorneys and other third parties in business and litigation. VDRs streamline the process of transferring documents between parties involved in real estate and other immovable property transactions. VDRs are utilized by private equity funds to communicate with their auditors, limited partners and portfolio company management.
Companies in the financial and banking industry should consider the best VDR that has a user-friendly drafting effective board resolutions interface, multi-language support, and integration with their current IT systems. They should also consider the kinds of files and folders they will need to share and store. The vendor should also offer a variety in pricing options, such as per-page or per-storage and a flat monthly cost. Some vendors also offer a free trial or price structure with a tiered structure that allows users to test the service before committing. In the end, a great VDR is easy to use and provides an intuitive user interface with robust features that meet the requirements of the broadest range of industries.