What is Virtual Data Room Software?
A VDR (Virtual Data Room) is an online platform that is secure and allows the secure and easy sharing of large amounts of documents with third parties during M&A due diligence, fundraising, legal matters and many more. The most popular use case is to allow prospective buyers to look over and evaluate massive amounts of documents without fearing the disclosure of sensitive information. VDRs are therefore valuable for any business who has to share sensitive information with third parties as part of business transactions.
VDR software comes with a broad variety of features that can improve workflows, security, and collaboration. Security features such as 256-bit cryptography, virus and malware scans, two-factor verification, and many more ensure that your data remains secure. Advanced analysis and reporting tools provide complete virtual data room providers audit trails of activities on your file. Collaboration tools, such as Q&A workflows and document tracking, improve communication during deals.
Some VDR providers provide additional services like consultation or training along with their basic subscription. These services are beneficial in case you aren’t sure how to use a VDR or require additional guidance. Make sure you go through reviews before choosing a provider that offers additional services. Some review sites are funded by vendors and may feature false or biased reviews.
iDeals, cloud-based virtual dataroom that has an interface that allows drag-and-drop users to create projects in just 15 minutes. No technical knowledge is required. It also has the commitment to privacy of data and strong integrations with Salesforce, Slack, and Office 365 for ease of use and global accessibility.