A virtual dataroom (VDR) allows you to share and save confidential data in a safe environment. It assists with due diligence, M&As, tenders and capital raising rounds because it allows the systematic review of documents in a controlled environment. It also provides a higher level of security than email when communicating with other parties and reduces the chance of sensitive information becoming leaked or lost during transport.
Typically it is the case that a VDR offers an easy-to-use interface, and 24×7 customer support. The most effective VDRs are easy to use and require little or no training. They provide a variety of features that make the process of conducting due diligence much faster and more efficient, such as secure communication with other parties, granular permissions for documents Q&A management, custom NDAs and drag-and-drop bulk upload.
Many providers also offer a range of pricing models dependent on the number of features, users, or storage size. For smaller projects or ones that are just one-off events choosing a pay per feature could be a suitable option. Subscription plans are more appropriate for larger projects or long-term usage.
Firmex is an advanced file-sharing platform that has a high security level. It’s ideal for M&A due-diligence. It supports a range of formats for files and is SOC 2 and HIPAA compliant with an intelligent search function as well as multi-level user access controls as well as advanced activity tracking and alerts for usage. Its infrastructure is protected with data encryption, 24 hour data recovery, virus scanning and an online repository that is secure.