When you’re in business sharing documents with clients as well as investors, partners or clients is crucial. It’s also essential to ensure the security of your documents and communications. You’ll want to choose a virtual dataroom for business that offers the security features you need such as 24/7 access to authorized users two-factor authentication; a timed access expiration, multiple permission levels; and IP-address-based access restrictions. Check out the provider’s compliance certificates to ensure they match top security standards, including 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 of confidential documents before closing a deal. The standard procedure was for buyers (often on a plane) to go to a secure location and examine the hard copies. This process took days and increased the chances that the deal would fall through because of delays and other issues.

VDRs allow confidential documents to be viewed anywhere in the globe, which increases speed and competition between prospective buyers. This is particularly crucial when dealing with life science companies which need to share data about everything from clinical trial data and HIPAA compliance to patenting and licensing IP.

Virtual data rooms can also be used for fundraising, IPOs and corporate finance including insolvency, mergers and acquisitions as well as real estate transactions and asset sales, as well as litigation files. It’s easy to see why so many companies turn to VDR providers.

www.dataroomcompany.com/6-ways-a-virtual-data-room-can-transform-your-business/