A virtual dataroom is a clubhouse where your company’s most valuable information is kept confidential. It’s a great tool for due diligence, IPOs and other sensitive projects. This tool makes sharing important information simple, whether you’re at home in your pj’s drinking coffee with your best friend, or working remotely.

The best VDR providers offer a no-cost trial so that you can determine whether their services satisfy your requirements. If you decide to choose a VDR partner, be sure to look for security features that are robust. Multifactor authentication, encryption that is top of the line and restrictions on users will ensure that unauthorized parties cannot access your personal information.

The ability to customize reports is an important feature. The most reliable VDRs let you set up customized dashboards for various groups and stakeholders so that they can view the most important information in an instant. It is also important to ensure that your VDR is fully connected to the other software your team uses, as it will reduce manual effort and reduce the chance of making mistakes.

Final note: ensure that your VDR is equipped with the tools to support the dealmaking process. For instance, it should allow you to manage multiple projects within the same data space. This is particularly important for M&A deals, where a deal could include documents informative post from several potential buyers. Examine whether a VDR can be used to store confidential files and proprietary files. This includes files connected to licensing intellectual properties.