Choosing a Virtual Data Room Provider

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A virtual dataroom is an online service that allows the exchange of information between third parties in a safe and efficient manner. It is usually used during the M&A phase, where buyers are looking over large volumes of documents, but it can also be used for any scenario in which secure access to information is required by third parties.

Be aware of your company’s requirements when selecting a VDR. Certain industries make heavy use of VDRs for various reasons, including M&A due diligence intellectual property protection and biotech licensing. However, even small firms benefit from the ability to safely share files and documents with potential investors, board communications and more.

Cost structures are also important when choosing the best VDR provider. Look for providers that offer different pricing models, from per-storage and per-page to flat charges and unlimited usage. Many of these pricing models are similar to cell phone and internet plans, allowing you to know exactly what you’re paying for the services you require.

The best VDR providers provide easy-to-use, user-friendly interfaces that are suitable for both the CFO as well as the accountant who is just starting out. They should also be secure enough to meet your industry’s requirements and provide audit logs which show what the users do within the data room.

Try a few VDRs before choosing one that is suitable for your business. You can test features to ensure that you get the best out of the tool, and without spending more money.