How to Select a Virtual Data Room for Your Industry

A virtual dataroom (VDR) software platform allows secure sharing and collaboration of sensitive documents. Many companies use VDRs for critical business processes, such as due diligence, mergers, fundraising and purchases.

While some VDR vendors boast of their ability to serve every industry, the majority of vendors specialize in a specific area. To narrow down the choices, companies should look for vendors who provide testimonials from clients within their specific industries and an explanation of the types of projects their software is able to handle.

Legal firms utilize VDRs to share confidential documents in business and litigation transactions with attorneys, clients, and third party. VDRs simplify the process of sharing documents between the parties involved in real estate and immovable properties transactions. VDRs are used by private equity funds to communicate with their auditors, limited partners, and management of the portfolio company.

Businesses working in the banking and financial services industry should look for a VDR provider that has a customizable UI with multi-language support as well as integration with existing IT systems. They should also take into consideration the types of documents and folders they will need to share and store. The vendor should also provide an array of pricing options, including per-page, per-storage and a flat-rate monthly fee. Some vendors offer a free trail or a tier pricing structure that lets users test the service before they commit to. A virtual data room provider great VDR is user-friendly and has an easy interface that incorporates robust features to meet the requirements of a variety of industries.