A virtual dataroom (VDR) is a safe way for businesses to share documents with a third party. These are usually used during due diligence processes in any business transaction, but they can also be utilized to store a large number of documents belonging to the company for internal teams.
When selecting the right VDR, it is crucial to think about the storage capacity and features that are required for your specific project. You can use a calculator located on the vendor’s website to determine how much space you’ll need. Additionally, it is crucial to keep in mind that text documents take less space than high-res images or technical drawings.
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Online data rooms are commonly utilized in M&A transactions however, they can be used for many other reasons. For instance life science companies typically require confidential documents to share with potential investors. This can include information on patents or product development, as well as financial performance. This type of sharing can take a lot of effort and it is vital to protect the information by using robust security features.
The top VDRs provide enterprise-grade handles to safeguard sensitive files from unauthorised access. Users can also make an access agreement for sensitive files, and then add watermarks to block unauthorized sharing of documents and modification. Some vendors even offer 24/7 customer service and have experts who can answer questions or provide assistance on any other aspect of the VDR program.