Virtual data rooms are online platforms that enable document storage, sharing, and collaboration–completely remotely. They eliminate the need for infrastructure and provide access to anywhere, anytime, and robust security via user permissions and access logs. They encourage stakeholders to communicate with each other, thus accelerating the process.
Organizations and companies employ VDRs to keep and share private documents that is of high value in an enterprise transaction. This includes mergers and purchases due diligence procedures, regulatory filings along with fundraising, investor relations and other corporate events.
Investment bankers are among the most frequent users of VDRs that assist both the sell-side as also the buy-side in financial transactions by preparing documents and facilitating negotiations. They usually seek an easy, quick solution to manage the process.
The life science industry typically is involved in all sorts of sensitive documentation, such as research results, patents and clinical trials, which must be stored in a secure location. VDRs are a perfect fit for this.
In the end, it’s best to compare features, cost-points security, implementations of security, and usability during a free trial. This will help you make the most informed decision to meet your business’s specific requirements. You should also look for customization features, such as adding watermarks to your data rooms or branding it, as well as reports that are able to be viewed at a glance to provide executives in the C-suite a clear picture to make quick decisions. iDeals offers all of these options and more. You can also try the platform by signing up for a free trial.