Virtual Data Room (VDR) is a software platform that businesses can store and share sensitive information in a safe environment. It is typically used for due diligence during mergers and acquisitions, as well as litigation and other financial transactions.

The VDR industry is extremely fragmented, with providers offering a variety of features and price points. The most reliable providers have an intuitive user interface and support personnel who can speak several languages. They also have a comprehensive analytics function that gives behind-the-scenes information regarding how documents are opened.

Certain data rooms are made for specific industries. For instance the life science industry requires documents that contain intellectual property and medical information to be stored and shared. Many providers provide built-in functionality to facilitate these processes. For example redaction (blacking areas of files that contain personally identifiable information) is a common feature. The property industry that is immovable needs to communicate contracts to contractors in order to facilitate construction projects. Certain vendors have built-in functions for this, like the ability to share blueprints or other important documents instantly with subcontractors using a VDR.

Ask for a free demo and consider how easy it is to navigate. A VDR that is difficult to navigate will be virtual data room software for business not efficient, so be sure you have the ability to test all features using the free account before making the decision to commit. Also, think about the reliability and uptime of the VDR. A reliable VDR is one that is available and available at all times, with minimal or interruptions.