A virtual data room (VDR) is an encrypted platform to share sensitive information with several parties. VDRs are frequently used for due diligence during mergers and acquisitions, fundraising, IPOs, bankruptcy, restructuring litigation, and other processes which require sensitive document sharing without the risk of data exposure.

In contrast to consumer-grade file-sharing applications, a quality VDR provides advanced security standards, access to granular levels and activity reports that assist in moving workflows forward. Additionally, it offers streamlined tools for conducting due diligence. VDRs also help reduce operational costs by eliminating the requirement for printed documents and physical storage space and couriers.

When selecting when choosing a VDR provider, you should consider the way the solution will be used and the amount of technical support needed. Look for features that are likely to be crucial to your specific use, such as a mobile accessibility, intuitive interface and customisation. You might also require a dedicated project manager and 24/7/365 customer support. Be sure to verify the pricing options offered by your provider including per-page and per-storage fees.

Choose the VDR that is compatible with all major operating systems and browsers, so it is compatible with the devices and software that your team utilizes. Choose a VDR that offers a free trial so you can test its functionality and usability before committing to a purchase. Choose a VDR provider that provides a variety of storage options, and offers nearby data hosting locations to ensure that you are in compliance with local laws. Lastly, consider a provider that provides multiple languages as well as support via live chat, phone, and email.

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