A virtual dataroom is a secure and safe platform that allows the sharing of confidential documents with multiple parties over the internet. Typically, VDRs are used for due diligence and other M&A processes however, they can also be used at any time businesses need to share documents with other parties online. VDRs provide a variety of services to allow for effective collaboration between involved parties and accelerate the flow of transactions. This is why they are often considered more efficient than traditional cloud storage solutions when it comes to managing complicated business transactions.
Companies in the life sciences sector that include biotech, pharmaceuticals and medical devices, deal with sensitive intellectual properties that require secure storage and quick access for other parties. These processes typically involve a great deal of due diligence as well as collaboration with various stakeholders, including potential investors. It is therefore crucial that a company select the VDR that best meets their needs. Comparing the features, capabilities and security solutions of various vendors by using a trial offer is a great way to start.
Choose a service that provides an easy user interface, a variety of deployment options, and a single sign on for all projects. Also, look for one that has customizable branding and watermarking features. Find out if they have a variety of reporting and analytics as in addition to multilingual support via phone, email or in-app.