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Choosing a Virtual Data Room for Business
Sharing documents with investors, clients, or partners can be crucial to your business. It’s important to protect your documents and communications. When choosing a virtual data room for your business you’ll need to look for a service that offers the security features you need such as 24/7 access to authorized users two-factor authentication, timed access expiration, multiple permission levels and IP address-based access limitations. Examine the provider’s compliance certificates to ensure that they comply with the highest security standards, such as SOC 1 & SOC 2, ISO 27001 and HIPAA.
VDRs are most commonly used in M&A transactions, where buyers need to go through large volumes of confidential documents prior to completing a deal. The standard method of doing this was for buyers to travel (often via plane) to a secure location to review the hard copies of the documents. This took a long time and increased the chance that the deal could fail due to delays or other issues.
VDRs enable confidential documents to be viewed from any place across the globe which speeds up and increases the competition between buyers. This is especially crucial when dealing with life science firms, who need to share information regarding everything from clinical trials and HIPAA compliance to patenting and licensing IP.
Other reasons to use virtual data rooms include fundraising, IPOs, corporate finance mergers, insolvency and bankruptcy, real estate transactions, litigation and asset sales files. With the wide range of options for sharing documents it’s clear why businesses are turning to VDR providers.
