A virtual dataroom (VDR) software platform permits secure sharing and collaboration of sensitive documents. Many companies use VDRs for critical business processes such as due diligence, mergers and fundraising and purchases.
While certain VDR vendors claim to to help all industries, the majority of vendors specialize in certain industries. To narrow down the choices companies should search for vendors who offer testimonials from their clients within their industry and an example of the kinds of projects their software can handle.
Legal firms rely on VDRs to share confidential documents with attorneys, clients and other third parties in litigation and business transactions. Real estate and immovable property deals require large amounts of documents that are exchanged between interested parties, and VDRs aid in reducing the time spent. VDRs are utilized by private equity funds to communicate with their auditors, limited partners, and portfolio company management.
Businesses in the financial and banking services industry should choose a VDR provider that provides an adjustable UI, multi-language support and integration with existing IT systems. They should also think about the kinds of documents and folders they will need to store and share. The vendor should also provide different pricing options, including per-storage, per-page and a flat-rate monthly cost. Some vendors also offer a no-cost trial or a structured pricing structure that allows users to try out the service prior to committing. In the end, a great VDR is simple to use and offers an easy user interface with robust features that meet the requirements of the diverse industries.
