Virtual data rooms are online platforms that enable document storage, sharing, and collaboration–completely remotely. They remove the need for infrastructure and provide anytime, anywhere access as well as secure access to users through permissions and access logs. They encourage stakeholders to communicate with one another, which speeds up the process.
Businesses and organizations use VDRs to keep and share private documents that is valuable during any business transaction. This includes mergers and acquisitions due diligence procedures and regulatory filings and investor relations, fundraising, and other corporate events.
Investment bankers are among the most common users of VDRs helping both the sell-side and the buy-side in financial transactions through the preparation of documentation and facilitating negotiations. They typically seek an easy-to-use and quick solution to manage transactions.
The life science industry frequently deals with all sorts of sensitive documents, such as patents, research results, and clinical trials, that requires storage in a secure setting. This makes them a perfect choice for VDRs.
Ultimately, it is best to compare features, cost-points, security implementations, and usability in a free trial. This will allow you to make an informed decision that is tailored to your company’s needs. It is also important to look for specific features that can be customized, such as adding watermarks to your data room or naming it, and reports that can be reviewed at a glance to give C-suite executives an overview to make quick decisions. iDeals includes all of these options and more. You can also try the platform by signing up for a free trial.