VDR software permits companies to share confidential documents with external individuals such as clients or prospective investors. This is particularly beneficial for the legal industry, where many procedures require the sharing of sensitive documents. Virtual data rooms are helpful for M&As, due diligence procedures fundraising, IPOs, or other fundraising. They can streamline the process and ensure that crucial information is not shared with unauthorised third parties.

In addition, the ability to integrate the platform with existing business applications makes it easier for parties to work on projects together. For instance the integration with Asana allows users to link tasks within Asana with relevant documents on the VDR platform. This helps project managers and teams to keep track of the development of their projects and duties.

Find a platform that offers features that will meet your needs. A VDR must be secure with anti-virus and malware scanning, multifactor identification, and advanced encryption. It should have an audit log, which keeps track of all document and user activities, and the ability to drill into these details. It’s also worth checking if a VDR partner is certified by a third party like SOC, to give you assurance that the platform is in line with industry-leading security standards.

A clear, easy-to-use interface is another important feature. It should be accessible to both the CFO and the accountant at a basic level. Pick a vendor that puts a premium on this and has a simple setup and numerous options for deployment. Also, make sure you can customise the look of your VDR by adding your logo as well as terms and conditions and general layout.

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