Virtual Data Room is a secure online file sharing platform that allows users to securely share sensitive documents with the parties involved in a financial transaction. If you’re selling a business or engaging in an M&A deal, VDRs streamline the exchange of sensitive documents and facilitate due diligence.
When choosing a VDR be sure to look for features that make it simple to use. A VDR that requires extensive training will not be a valuable tool for your team. Ask prospective partners to show you a demo so that you can see the ease or complexity of their software is. Look also for an extensive list of languages that are supported, and also real-time analytics that provide the behind-the scenes intelligence you need.
A top-rated feature is security. A trustworthy VDR partner will have solid security measures in place, such as malware and virus scanning multifactor authentication, data siloing within private cloud servers and accident redemption. Look for third-party certifications, like ISO 27081. ISO 27081, that validate the VDR’s security measures and give you what is a data room assurance.
The life sciences industry is the biggest user of VDRs. Pharmaceutical and biotech companies need to protect their intellectual property. They must also be able to communicate with investors to create and distribute safe drugs which patients will pay for and take.