Virtual data rooms are online platforms that enable document storage, sharing, and collaboration–completely remotely. They eliminate the need for infrastructure, and offer anytime-and-anywhere access and tough security through user permissions and access logs. They also encourage stakeholders to interact with each other during negotiations, bringing it forward faster.
VDRs are used by companies and organisations to store and share sensitive documents that are of high value in a business transaction. This includes mergers and acquisitions as well as due diligence processes and regulatory filings and fundraising, investor relations, and other corporate events.
Investment bankers are among the most frequent users of VDRs they assist both the sell-side as also the buy-side in financial transactions by preparing documentation and facilitating negotiations. They are usually looking for an easy-to-use, speedy solution for managing the transaction.
The life science industry frequently has to deal with a variety of sensitive documentation, including research results, patents, and clinical trials, that must be stored in a secure setting. VDRs are the perfect choice for these.
It is advisable to compare the features and cost-points as much as security implementations and usability in a virtual data rooms free trial. This will help you make the most informed decision to meet your company’s unique requirements. Also, you should look for specific features that can be customized, such as adding watermarks to your data room or naming it, and reports that can be reviewed in a single glance, giving C-suite executives an overview to make quick decisions. iDeals has all of these options and more. You can also try the platform with a free trial.