A virtual data space allows businesses to keep, share and secure private documents. Most commonly the VDR is utilized in due diligence in M&A and capital raising, but the platform can also be utilized by law firms to share privileged documents with clients and third parties in litigation. Biotech and life science firms often use a VDR to communicate with investors and also to share clinical trial documents.

Choosing the right VDR partner depends on the unique needs of every business. Investment bankers require an encrypted platform for transactions such as IPOs and raising capital that require significant sharing of information. They should find the right VDR with a user-friendly interface that is easy to navigate and comes with the tools they require to make transactions swiftly.

Another thing to consider is whether the VDR provider provides round-the-clock customer support. Because deals and other important business processes don’t run on a 9-5 schedule, the top providers provide 24-7 support that is multilingual to help their clients and users succeed.

Find a company that has robust security features, like malware scanning and multifactor authenticating. A robust permission system, that allows administrators to assign access rights according to the roles and responsibilities and responsibilities, is essential to keeping security. Also, consider a VDR that offers watermarking and print/download prevention to prevent data websites leaks. A myriad of reporting and analytics options are also available to allow you to monitor the user’s activities.