Virtual data rooms are unique software products for businesses that can reduce cyber-attacks and safeguard sensitive files. They have become essential for due diligence, M&A and other business transactions. However there are many differences between VDR providers. VDR providers are made equal. They differ in terms as well as storage capacity and price. Some also offer additional services to allow for a smooth transaction.
A reliable VDR provider will offer an online repository that is secure as well as strong security features, such as two-step authentication sessions, session timeouts and location restrictions document watermarking, view-only modes screen-blocking, granular user permissions, and many other options for downloading documents. Increased productivity is achieved by introducing features such as a custom dashboard or an integrated eSignature tool. The most effective VDRs come with a quick uploading speed, virus scanning and a variety of storage options.
Certain VDRs specialize in specific industries. For example, some provide compliance-focused solutions for medical and biotech companies. Others are designed to simplify M&A due diligence. SmartRoom is one example. It is a VDR specifically designed for M&A that can simplify deal makers’ lives with features like an all-in-one sign-on system for all parties involved in the transaction, redaction built-in and a variety of project management tools.
Other VDRs are designed specifically for specific industries, such as real estate, accounting, and law. These applications require frequent transmission of documents, and must be secured against unauthorized viewing. A good example is the construction of a structure, where contracts are exchanged between many contractors simultaneously. A quality VDR lets these documents be stored, and easily viewed by remote users.