A virtual dataroom (VDR), is an online, secure repository which stores documents for business. It allows data to be exchanged between different parties in a secure environment. It also helps companies conduct due diligence on M&A deals, loan syndication and private equity and venture capital deals. VDRs also provide an alternative to physical data rooms for storing documents for business in the event of an emergency, or when resources are scarce.

During mergers or acquisitions a large amount of information will be shared between the parties. This includes sensitive corporate documents and intellectual properties. To ensure privacy and compliance the information shared must be secured. A VDR simplifies communication, protects data and ensures compliance. When selecting a VDR ensure that it is fully integrated with your IT systems over here and workflows for business. Firmex is a great solution that can be customized to match your brand and provides highly flexible interfaces. Choose a provider that offers 24/7/365 customer support and has the industry expertise to understand your company’s business processes.

Make sure you check whether the VDR you are considering has specific settings for permissions based on user roles and what they have to be aware of. It should also allow MFA and user login monitoring to monitor the IP, device and location for access that is not authorized. It should also come with a range of tools for reporting that will help your team gain insights from the data stored in your VDR. Not to mention, make sure that the platform is simple to use, both for you and your potential investor or buyer.