Virtual Data Room software is used to securely store and share important documents and files. This could include business partners, investors buyers, as well as legal counsel. Life technology and science businesses are the most frequent users of VDRs however any business with private documents that need to be stored and shared could benefit from one.

When deciding on a VDR, consider these features:

Security: Multi-factor authentication, advanced encryption and custom permissions offer a high level of security. They also assist in preventing data breaches and unauthorised access to data that could disrupt deals and cost millions of dollars.

Efficient document management: A clear structure for folders is essential to make it easier for participants. Find a VDR that lets you easily upload, organize and index documents and also offers a variety of tools for searching to speed the process of due diligence. Also, make sure the VDR is compatible with your specific language requirements as many of the top VDRs offer multilingual support.

User tracking and analytics: Look for a VDR that provides comprehensive audit trails with detailed specificity for each login, agreement clicked through, video watched, document viewed, printed or downloaded. This will provide transparency and accountability, which will help speed up the due diligence process and ensure regulatory compliance.

Simple to use: Choose a VDR that was designed with the experience of your team in mind. The system should be easy to use and navigate using features such as thumbnail-sized images of documents, drag-and drop file upload, and intuitive search capabilities.