Since business has gone digital, many processes have taken a different form. Now, companies use online platforms to store and share sensitive documents during transactions. But not all platforms can provide the necessary security measures and tools to make your transaction secure, efficient, and easy. Virtual data rooms are professional cloud spaces that cater to all your business needs during transactions. This article will look at the VDR providers offering the best transacting services.
Benefits of VDRs during transactional time
A virtual data room offers a safe space for both parties to a transaction. Inside the platform, you can freely exchange sensitive documents, ask questions regarding the transaction, and be assured that your sensitive data won’t be exposed to a breach from the outside or inside. This advantage allows you to act faster, more confident, and more efficiently, resulting in a much faster and more successful transaction. Below we will highlight the main benefits that VDRs offer during the transaction process:
- Powerful protection
The main reason storing data and a transaction inside a VDR space are so successful is its security. Spaces are certified solutions to international security standards. They offer advanced security features that allow space administrators full control over secure financial transactions. In addition, they offer data encryption, dual authentication, backup, remote destruction, and granular access control.
- Comfort and ease of use
Transferring data over insecure sources is too risky, and verifying physical documents is too long and tedious. Virtual data rooms allow you to conduct due diligence and even sign a transaction without leaving your office. VDR offers access from any device and OS. You can enter the space from anywhere. The intuitive interface allows you to adapt to the platform and get to work quickly.
- Cost reduction
Maintaining a physical data room can be very expensive. The cost of consumables, space rental, employee salaries, and more is something not everyone can afford. VDRs are a more flexible, secure, and cost-effective solution.
Space administrators can see the activity of other users in the space. For example, they can see what documents users have reviewed and what actions have been performed there, which provides a greater understanding of where things are going.
Best VDR providers for transactions
The VDR market offers many different solutions, but not all are the best option for transactions. Below we’ll highlight the best data room providers for document and transaction control:
- Citrix Sharefiles
Citrix is a virtual data room designed to serve medium to large companies. Today, more than four hundred thousand business executives trust the space with their data. In addition, Citrix offers robust transaction tools, including a secure document viewer, automated activity reports, and detailed document access permissions.
Intralinks has been a large-scale data room platform in business since 2002. The provider specializes only in large-scale companies and can offer services to various industries. Intralinks runs successful large-scale transactions such as mergers and acquisitions, asset sales, and so on, providing multiple security certificates and advanced security features. In addition, VDR offers strong encryption, a data analysis tool, and an audit trail.
Even though DealRoom has been a relatively young provider since 2012, it has still made visible market gains. The provider is a platform with a thoughtful and simple interface and flexible tools for deal management. VDR specializes in due diligence and M&A, offering a secure document viewer, built-in document search, project management tools, and project performance tracking.