Virtual data rooms are online platforms that enable document storage, sharing, and collaboration–completely remotely. They eliminate the need for infrastructure, and provide access to anywhere, anytime, and robust security via user permissions and access logs. They encourage stakeholders to communicate with each other, thus accelerating the deal.
VDRs are used by companies and organisations to store and share confidential documents that are of high value in a business transaction. This includes mergers and purchases due diligence processes, regulatory filings along with fundraising, investor relations and other corporate events.
Investment bankers are the most common users of VDRs that assist both the sell-side and the buy-side in financial transactions by preparing documentation and facilitating negotiations. They are usually looking for an easy, quick solution to manage the process.
Life science companies typically deal with sensitive documents, including patents, research findings, and clinical trial findings, that must be stored in a secure environment. VDRs are the perfect choice for them.
It is recommended to evaluate features and cost-points as well as security features and usability in a free trial. This will help you make the best decision to meet your company’s unique needs. You should also look for specific features that can be customized, such as adding watermarks to your data room or naming it, and reporting that can be viewed at a glance to give C-suite executives a quick overview of the situation to make quick decisions. iDeals includes all of these options and more. You can also test the platform by signing up for a free trial.