When you’re running a business sharing documents with clients or investors, partners, or clients can be essential. It is essential to secure your documents and communications. You should select a virtual dataroom that offers the security features you need access to 24/7 to authorized users and two-factor authentication, timed access expiration, multiple permission levels; and IP-address-based access restrictions. Examine the provider’s compliance certificates to ensure that they comply with the highest security standards, like SOC 1 and SOC 2, ISO 27001 and HIPAA.
VDRs are most commonly used in M&A transactions where buyers have to review large volumes confidential documents before closing a deal. The standard procedure was for buyers (often on the plane) to travel to a secure place and examine the hard copies. The process took several days and increased the chance that the deal would fall through due to delays or other issues.
VDRs enable confidential documents to be viewed anywhere in the globe which increases speed and competition between buyers. This is especially crucial when dealing with life science companies which need to share data regarding everything from clinical trials and HIPAA compliance to patenting and licensing IP.
Other uses for virtual data rooms include fundraising, IPOs, corporate finance mergers and insolvency real estate transactions, assets sales and litigation files. It’s easy to see why so many companies turn to VDR providers.
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