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What is Virtual Data Room Software (VDR)?
A VDR is a secure, online platform that permits third parties to share large volumes of documents in a safe and simple manner during M&A due-diligence fundraising, legal issues and other scenarios. The most commonly used application is to allow potential buyers to look over large amounts of documents and analyze the information without worrying about exposing confidential data. This makes VDRs an ideal tool for any business who needs to share sensitive corporate information with third parties during business transactions.
VDR software includes a variety of features that can improve workflows and security as well as collaboration. Security features such as 256-bit cryptography malware and virus scans, two factor verification, and many others ensure that your data is always secure. Furthermore advanced analytics and reporting tools allow for complete audit trails of file activity. Collaboration tools, such as Q&A workflows and document tracking, streamline communication during deals.
Some VDR providers also offer additional services, such as training or consultation, which are available as part of a regular subscription. These are great in case you aren’t sure how to make use of the VDR or require more guidance. Make sure you read reviews before deciding on the provider that offers additional services. Some review sites could be paid by vendors and may contain false or biased testimonials.
iDeals is an intuitive, cloud-based virtual data room that features a drag and drop interface that lets users set up an entire project in less than 15 minutes, with no technical expertise required. It also boasts a firm commitment to data security as well as robust integrations with Salesforce Slack and Office 365, for ease of use, global accessibility, and global accessibility.
