A virtual dataroom (VDR) offers a secure storage space for files and allows you to share them with external collaborators. It is typically used to facilitate document exchanges in projects that require privacy and security as well as collaboration. Some examples of projects that benefit from a VDR include mergers and acquisitions, due diligence real estate transactions and court cases.
In mergers and acquisitions, buyers must have access to confidential documents as part of due diligence. A VDR lets them access documents from anywhere without having to visit the seller’s office.
The cost of the cost of a VDR will vary. Some providers have opaque pricing models where you have to talk to a sales representative to find out what the cost of a project is. Other providers operate with a more transparent model and charge either a monthly or annual cost for each user. This includes internal users, such as your employees as well as external collaborators, such as investment bankers, lawyers and auditors.
When choosing a VDR pick one that has email security an excellent uptime and customer assistance available 24 hours a day. Also, make sure their servers are located in a world-class data center with multiple levels of redundancy. This ensures that your data remains accessible and secure. Furthermore, a VDR equipped with a wide range of collaboration tools can help your project to run smoothly. These include Q&A sections as well as document annotations and the ability to assign tasks. This will boost productivity and speed up processing.