Companies involved in due diligence, M&A or other transactions require the ability to share sensitive data in a secure way. Top virtual data room providers provide a secure platform that can be accessed at any point of the day, on any device. They facilitate collaboration between different parties, and have a dedicated assistance staff available to assist with any problems.
In addition to document storage, collaboration tools, and electronic signature integration, a great VDR should also provide advanced analytics and reports. This allows stakeholders to track the level of activity and engagement in real-time. This improves transparency and accountability during a due diligence process as well as help managers to spot security dangers.
The best virtual datarooms are simple to manage and setup, and they offer numerous features that are suited to various types of industries and project requirements. For example, FirmRoom offers bank-grade security with a simple user interface for efficient document management and collaboration. It also has powerful redlining and editing capabilities to speed up deal processing. Other features include two-factor authentication session timeouts, location restrictions, granular permissions, and secure spreadsheet viewers.
Other features specific to industry include compliance reporting and a searchable document repository, and secure file sharing. These features will ensure that companies meet regulatory requirements and adhere to their privacy policies. It’s also worth looking into providers that provide flat-rate pricing that can be arranged monthly or annually. This will save businesses money when compared to traditional pricing models that charge per page.