A virtual data space allows companies to keep, share and secure confidential documents. A VDR is usually used to perform due diligence on M&A or capital raising. However, law firms can make use of the platform to share confidential documents, including those of clients with third parties and clients, during litigation. Life science and biotech firms frequently use VDRs to work with investors and share clinical trial documents.
The individual needs of each business will determine the ideal VDR partner. Investment bankers, for example require an encrypted platform to facilitate processes such as IPOs and capital raising that require significant sharing of information. They require a VDR that is user-friendly interface, is easy to use and provides the tools required to complete transactions quickly.
A VDR provider’s ability to provide 24-hour assistance to clients is a further aspect to take into consideration. Since deals and other crucial business processes aren’t based on a 9-5 schedule, the top providers offer 24-7 support that is multilingual to help clients and Full Report users succeed.
Find a vendor who offers robust security features, such as malware scanning and multifactor authenticating. A robust permission system, which allows administrators to define access rights based on the roles and responsibilities, is also vital for keeping security. To prevent data leakage it is recommended to look for a VDR with watermarking and print/download protection. A variety of reporting and analytics options should be available to allow you to monitor the activities of users.