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Choosing VDR Providers
A virtual data room (VDR) is a secure platform that can be used to share sensitive documents with multiple parties. VDRs are commonly used for due diligence during mergers and acquisitions or fundraising, IPOs, bankruptcy, restructuring litigation, and other processes that call for sensitive document sharing without the risk of data exposure.
A reputable VDR unlike file-sharing for consumers applications, provides high-end security standards, detailed reports on access and activity that can help streamline workflows, and efficient tools for conducting due diligence. VDRs cut operational costs since they eliminate the need to print documents, physical storage and couriers.
When deciding on the VDR provider, you should consider how the solution will be used and the level of technical support required. You should look for features that are essential to your use case, such as an intuitive interface with mobile accessibility, the ability to customize. You might need a project manager who is available 24/7/365. 24/7/365 support. Check if the service provider offers a variety of pricing models such as per-storage and per page charges and monthly fees.
Select the VDR that is compatible with all major operating systems and browsers which means it is compatible with the software and devices that your team is using. Find a VDR that provides a no-cost trial to test its functionality and usability before you make a purchase. Also, search for a service that offers many storage options and recommends data hosting facilities near your business to ensure compliance with local laws. Lastly, consider a provider that supports multiple languages and support via live chat, phone and email.
