A virtual data room is a cloud-based service designed to securely store and share confidential business documents. Most often, they’re employed in M&A transactions, but can also be used to conduct due diligence, lending and asset management. Virtual data rooms offer a high degree of security, advanced permissions, Q&A capabilities and other features that make them appropriate for any business that requires the secure transfer of documents.

Consider the his response user reviews and ratings when selecting a virtual dataroom provider. Find a provider with a long history and multiple satisfied customers. It is also important to ensure that the vendor gives a no-cost trial period, so that you can test the software to determine if it meets your needs. Look for features that accelerate the process of working with documents and files, such as auto-indexing, bulk uploading fence view, document printing, PDF conversion, as well as third-party integrations. Check if the platform complies with regulatory compliance requirements, like HIPAA. GDPR, CCPA, and SOX.

Look for a virtual room that has access rights that are granular with multi-factor authentication, time and IP-based access restrictions, and easy group configuration. Find out if it is possible to restrict the access rights of specific folders and files. Also, look for a VDR which offers a variety of notification options, such as alerts when new documents are added or deleted as well as when users open documents.