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A virtual data room is an online platform that permits the secure and efficient exchange of data with third-party parties. It is usually employed during the M&A phase, when buyers are reviewing large volumes of documents, but can also be used for any scenario where secure access to data is required by third parties.

Be aware of your company’s requirements when choosing your VDR. Some industries make heavy use of VDRs which include M&A due diligence intellectual property protection and biotech licensing. Small businesses too can benefit from securely sharing files and documents with board communications prospective investors, and others.

The cost structure is also important when choosing the right VDR. Select providers that offer different pricing options, such as flat charges and unlimited usage. These pricing models are similar to those offered by cell phone plans and internet plans. This allows you to know exactly what you’re paying.

The most effective VDRs offer user-friendly, simple-to-use interfaces that are suitable both for the CFO as well as the entry-level accountant. Additionally, they should be secure enough to meet the demands of your industry and offer audit logs to demonstrate the activities of users within the data room.

You should try out several VDRs before deciding on one for your company. This will allow you to assess the features and ensure you get the most out of the tool without having to spend money on extras.