VDR software lets businesses securely share critical business information with outside entities like lawyers and compliance auditors. VDR software, unlike other file sharing tools, is designed to protect sensitive business information and ensure that no one alters or erase the contents of shared documents. This makes VDR software perfect for M&A due diligence, but also in any situation where sensitive information needs to be shared with outside parties, like service providers, investors, or other interested parties.
When evaluating a virtual data room, look for the following features:
Security: VDRs have been designed to provide security that can resist malware attacks, hacks and other types of malicious behavior. Find a service that offers ISO certified security measures including encryption and backups. Additionally, VDRs should be able to VDR should permit users to set access levels for different groups of users and to change access privileges swiftly if the mood shifts during discussions.
Document Management: A well-designed VDR can make it easy to upload documents and arrange them into meaningful categories, with search functions that can find exact or partial matches and find specific folders. A VDR should also contain advanced functions like OCR, optical character recognition for PDFs as well as images and filters that will reduce the search results.
Collaboration and Communication: Search out for a VDR which includes built-in discussion features such as a chat function that allows teams to work together, and messaging capabilities that break down communication silos. Additionally the VDR should come with an API that can be used to connect it with other systems.
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