A virtual data room (VDR) is a secure repository for sharing and storing confidential data. It is useful for due diligence, M&As and tenders as well as capital raising rounds. It gives a higher level of security when communicating with other parties, and decreases the chance of sensitive information getting lost or being exposed.
A VDR typically provides an easy interface as well as 24/7 support. The best ones are intuitive and come with a very short acceptance curve and no requirement for formal training. They offer a wide range of features that make conducting due diligence much faster and simpler, including secure communication with other parties, flexible document permissions, Q&A management, customizable NDAs and drag-and drop bulk upload.
The majority of providers also offer different pricing models based on the number of users, features or the size of storage. For smaller projects or those that are one-off choosing a pay per feature could be a suitable option. For larger projects or long-term use it is recommended to select a subscription plan is more suitable.
Firmex is a safe file-sharing platform that offers a high level of security, suited for M&A due diligence. It supports a variety of file formats, is SOC 2 and HIPAA compliant, features an intelligent search function, multi-level user access controls, advanced activity tracking and alerts for usage. Its infrastructure is protected with encryption of data, virus scanning, 24-hour data recovery and a secure, online repository.
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