A virtual data room (VDR) is an online repository for sharing files securely and quickly. It is different from traditional document sharing platforms because it allows multiple users to use the platform simultaneously and features such as precise tracking of activity. It’s designed to work with a wide range of formats and sizes. This makes it ideal for legal transactions, M&A and fundraising.
The top VDR providers offer a user-friendly interface and adhere to security and compliance standards. They also offer a range of features that help businesses to work more efficiently. These include the capability to add watermarks to documents and track activity. They also offer e-signatures, encryption and electronic signatures. Some of them are also compatible with a variety of operating systems.
It is essential to determine the objectives and needs of your company before choosing a VDR. A startup, for example is likely to require an easy platform to use, with a brief learning period and a 24/7 support team. A M&A company might require an efficient VDR to handle huge amounts of data.
The best VDRs come with different pricing plans that can be customized to different business models and budgets. Some charge per page, while others charge according to the size of the storage. Some also offer a monthly cost that covers unlimited pages and a certain number of users. In addition, some offer free trials that allow potential customers to try out the software prior to making purchases.