Virtual data room software is an online secure space for sharing and working on documents that are time-sensitive. Common applications include document disclosure and review during M&A due diligence, sharing legal documents with law firm teams to help prepare cases and enticing prospects with documents during sales processes.
Whatever the size of a business any business should think about investing in a VDR solution. A good VDR solution should include basic features like search, audit logging and more granular sharing. Advanced functions can enhance the workflow of a business and boost the efficiency of the system. Some vendors also offer extra services to help facilitate a successful deal. Support services are often offered as part of a package that helps save money by using virtual data rooms.
Brainloop CapLinked and Securedocs are among the most popular companies that offer a range of functions. Each of them has a range of features that can be helpful in the M&A process, such as granular permissions, digital watermarking and audit logs. They support a variety of file types and are available in a variety of languages. They should be able provide secure access through a web browser or their own mobile application.
Other useful features include custom branding and complete security. For instance the most reliable data rooms provide the ability to wipe mobile apps remotely as well as a proprietary file scanner engine to block ransomware and detailed audits. Additionally, a reliable vendor should be ISO 27001 certified and ensure that their platform is designed to meet the needs of its clients.