A virtual data room (VDR) is an encrypted repository for sharing and storing confidential documents. It can aid in due diligence, M&As, tenders and capital raising rounds because it allows a more structured review of documents in a controlled environment. It offers a higher degree of security when communicating with external parties, and reduces the risk of sensitive information getting lost or being exposed.
Typically an VDR has a user-friendly interface and 24-hour customer assistance. The most effective VDRs are user-friendly and require minimal training. They offer a wide range of features that make conducting due diligence much faster and more efficient, such as secure communication with other parties, granular document permissions, Q&A management, customizable NDAs, and drag-and-drop bulk upload.
Most providers also provide different pricing models depending https://allsmarthomecompany.com/data-breach-prevention-the-benefits-of-using-data-room-software/ on the amount of users, features or the size of storage. For smaller projects or those which are only one-off projects option, a pay-per-use feature is a great option. For larger projects or long-term use the option of a subscription plan is more suitable.
Firmex is a specialized file-sharing platform with a high level of security. It’s ideal for M&A due-diligence. It supports different formats for files and is HIPAA and SOC 2 compliant. It also comes with an intelligent search feature, multi-level access control, advanced tracking and usage notifications, as well as multi-level user control. The infrastructure is protected by data encryption, 24 hour data recovery, virus scanning and a secure online repository.