A virtual dataroom (VDR) can be viewed as a web-based repository to share documents. It allows users to secure store and review sensitive data while shielding their privacy from the scrutiny of others. VDRs are typically used in M&A deals where buyers need access to large quantities of confidential documents as part of due diligence. Before making use of the VDR these documents will need to be physically transferred from one place to another this could take months for all bidders.
When looking at data rooms it is important to be aware of the security features offered by each option. Look for features like two-factor authentication and timed access expiration and the capability to limit access by IP address. Verify the compliance certificates of the service provider to make sure they are up to the highest security standards.
You should also consider the additional services each VDR solution offers. For instance, some providers offer training and consulting as part of their service offerings. This is a huge benefit for companies, particularly those who are brand new to VDRs.
Another aspect to be considered is the pricing structure of each vendor. Certain vendors charge a flat fee for use of their VDR while others charge for complex or custom features. Be sure to are aware of your needs prior to deciding on a vendor. This will prevent you from paying for features you will never need.
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