A virtual data room (VDR) is an internet-based repository for sharing files securely and rapidly. It is distinct from traditional document sharing platforms in that it allows multiple users to access the platform at the same time and has features such as granular tracking of activity. Furthermore, it has been built to accommodate a wide range of file types and sizes. This makes it perfect for legal transactions, M&A and fundraising.
The top VDR providers have a user-friendly interface and meet security and compliance standards. They also offer a vast range of functions that help businesses to operate more efficiently and effectively. They also let you monitor your activity and include watermarks. They also provide electronic signatures and encryption. Some are compatible with various operating systems.
It is essential to determine the goals and requirements of your business prior to deciding on the right VDR. For example, a start-up will likely require a platform that is simple to use with a short learning time and a 24 hour support team. A M&A business may require a VDR capable of handling large amounts of data.
The top VDR providers offer a range of pricing plans to meet different business models and budgets. Some charge per page, while others are charged by size of storage. Some also offer a monthly cost that covers unlimited pages and an legal due diligence amount of users. Some firms offer free trials to let potential customers try the software out before purchasing it.