A virtual data room (VDR) is an encrypted repository for sharing and storing confidential documents. It can aid in due diligence, M&As, tenders and capital raising rounds by allowing an organized review of documents in a controlled setting. It gives a higher level of security when communicating with outside parties, and reduces the chance of sensitive data being lost or leaks.

Typically it is the case that a VDR provides an easy-to-use interface and 24-hour customer assistance. The most efficient VDRs are simple and require little training. They have a broad range of features that make conducting due diligence much faster and simpler, including secure communication with other parties, granular document permissions including Q&A management and customization of NDAs and drag-and-drop bulk upload.

Most providers also provide different pricing models based on the number of features, users, or storage size. Pay per feature is a good option for smaller projects and one-offs. For larger projects and long-term use, the choice of subscription plans is more suitable.

Firmex is a sophisticated file-sharing platform with a high level of security. It’s ideal for M&A due-diligence. It supports different formats of files and is HIPAA and SOC 2 compliant. It includes an intelligent search feature, multi-level access control advanced tracking and usage notifications, as well as multi-level user control. Its infrastructure is secured with data encryption, virus scanning, 24-hour data recovery and an online, secure repository.

data room providers