Despite the many differences in their work, investment bankers love the finer details of potential deals. They are frequently involved in M&As, raising capital or issuing rights and other financial transactions that require significant amounts of sensitive information. To enhance the efficiency of these processes they make use of virtual datarooms that allow them to share files and collaborate both internally and with external parties. In the past, these conversations were held through emails that were difficult to manage and susceptible to mistakes. However, a VDR platform, everyone has access to the same documents, eliminating misunderstandings and delays.
The ideal virtual data room is easy to set up and simple to use, and provides the right level of security for every user. You should look for a flat-rate pricing option to prevent overages during the course of the project. Moreover, the best providers provide support all hours of the day, even on weekends and holidays. It is important to be aware of the number of languages supported and the capacity to work with an expert team.
A good VDR will have a programmable interface that lets you add company logos and colors. It is also important to check the compatibility of the platform with different operating platforms and devices. Also, make sure that your VDR provider is equipped with all the security certifications required. It should, for example have certifications like ISO 27001, SOC1/2/3, GDPR and HIPAA. In addition, it should have advanced features like redaction and fence view that blacks out parts of a document to protect personally-identifiable information.