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Choosing a Virtual Data Room for Business

Choosing a Virtual Data Room for Business

Sharing documents with clients, investors or partners is crucial to your business. It’s also essential to protect your documents and communications. When selecting a virtual data room for your business you’ll need to look for a provider that offers the security features you need to have 24/7 access to authorized users two-factor authentication, timed access expiration, multiple permission levels and IP address-based access restrictions. Check the provider’s certifications to ensure that they meet the highest security standards such as SOC 1, SOC 2, ISO 27001, and HIPAA.

VDRs are used most often in M&A transactions, where buyers need to review large volumes of confidential documents prior to completing a deal. The traditional method for doing this was to have buyers travel (often by plane) to an area that was secure to look over the hard copies of the documents. The process took several days and increased the risk that the deal would fall through due to delays or other issues.

VDRs allow the confidential documents to be viewed from any location in the world which makes the process faster and increases competition among prospective buyers. This is particularly important when dealing with companies in the life sciences sector which require sharing information about everything from HIPAA compliance and clinical trials to licensing and patenting IP.

Virtual data rooms can also be used for fundraising, IPOs and corporate finance including insolvency, mergers and acquisitions, real estate transactions and asset sales, and litigation files. With the many options for sharing documents it’s easy for anyone to understand why many businesses choose to turn to VDR providers.

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