Unlike free file sharing tools which allow users to save files on their personal computers, data room providers are specifically designed for business use and provide high-end security features such as virus scanning encryption, firewalls, fetch view and role-based access restrictions. They also allow you to create workspaces where all your company’s information is kept in one place. This facilitates collaboration more than ever before.
The most commonly used use of a virtual data room service is in M&A transactions in which companies exchange confidential information with third-party companies. By facilitating exchange of this information, the VDR reduces due diligence time and allows parties to make more confident decisions quicker. Another use case is raising funds, where businesses are required to divulge sensitive information to potential investors. By using a virtual data room, startups and businesses can provide potential investors with access to vital documents and financial data in a secure space.
To find a top-rated provider you should look for one that has good reputation and a variety of features. A quality VDR for instance, will have advanced search capabilities, such as full text search using optical character recognition (OCR), which is available on PDFs and images. It should also feature an interactive watermark that stops unwanted duplication and sharing, and should permit the setting of clear and logical access setting for hierarchy.
Brainloop, a renowned virtual data room (VDR) provider, offers the same features however in a more customized and user-friendly manner. It also lets you customize your dataroom by adding the color scheme and logo along with personalized notifications and emails.
