VDR software allows companies to share confidential documents with outside parties, such as prospective mergers and acquisitions investors or clients. This is particularly beneficial in the legal field, where many procedures require the sharing of sensitive documents. If it’s an M&A or due diligence process or fundraising the virtual data room streamlines the process and ensures that confidential information isn’t shared with untrusted parties.

Additionally, the ability to integrate the platform with other business applications allows parties to collaborate on projects. As an example, the integration of Asana lets users link tasks within Asana to relevant documents stored on VDR. This allows project managers and teams to keep track of the progress of their projects, as well as duties.

Look for a platform that offers features that match your needs. A VDR must be secure with anti-virus and malware scanning, multifactor identification, and advanced encryption. It should, in addition, include an audit log which records all user and document activities and the capability to dig deeper into these details. It is also important to determine if the VDR partner has certifications from third parties, such as SOC, to give you assurance that the platform is in line with industry-leading security standards.

Another crucial feature is a simple, clear interface that’s just as accessible to the CFO as it is for the entry-level accountant. Choose a vendor who prioritizes this with a simple configuration and numerous deployment options. Check if your VDR can be customized with your logo, terms and conditions, and general layout.