Comparing virtual data room providers is crucial. You must take into consideration their functionality, security and cost. This article will help you evaluate your options and determine the best provider to suit your business’s needs.
The term “virtual data room” is used to refer to an online repository used for the storage and sharing of private documents. Documentation is usually of high value and confidentiality is necessary to safeguard intellectual property. Virtual data rooms are commonly used in M&A due-diligence, as well as other business transactions. The technology is beneficial to any business that needs to share confidential documents externally.
While free VDRs may seem appealing virtual data rooms service however they usually lack essential security features and are susceptible to data theft and data breaches. If your business has significant value, it’s highly recommended that you invest in a well-respected secure VDR.
Some VDR providers charge per project, which is ideal for sharing documents for a limited transaction. Others charge on a per-user basis, which is more expensive, but allows unlimited data rooms and storage.
Some vendors are specific to industries, such as iDeals VDR which was built to assist with M&A Due Diligence. Intralinks is an extensive deal maker that offers advanced features like real-time vector watermarking in real time, classification labels, and more. Additionally, they offer the most comprehensive compliance certifications, which include FedRAMP, HIPAA and GDPR. They also allow for strict access control and identify abnormal behavior, such as an employee downloading the company’s entire library.