Virtual Data Room Software is an online repository that is secure and lets you share and manage confidential files and documents. The software permits multiple users to browse data in a variety of folders, download it and edit it. The system could be hosted on-premise or in a hybrid system or completely cloud-based based based on the degree of control and resources required. The feature sets vary from basic file management to granular permissions and advanced benefits of an online data room search capabilities. Some include expiration of documents watermarks that can change dynamically and lockdown features to increase security.
VDRs are primarily employed in M&A transactions. These transactions require a thorough due-diligence which requires the review of huge volumes of documentation within strict timeframes. The main issue is that M&A teams are often unprepared to handle such a massive amount of documentation.
iDeals is one of the leading vendors. Citrix, Datasite and iDeals are also among the top three. iDeals provides an easy VDR package that can be tailored to specific requirements of deals by adding additional modules. It has a robust file organization indexing, folder indexing and online file sharing along with optical character recognition and integrated redaction. It also comes with the ability to grant access to users in granular increments and provides real-time reporting of activity.
Citrix offers more extensive functionality such as a customised dashboard and sophisticated search options. Its intuitive interface makes it easy for users who are not tech-savvy to use. Its security measures are enterprise-grade and include a single line of custody encryption, audit trails.
PandaDoc simplifies tasks related to projects by combining tools to aid in the creation, execution and monitoring of projects. Its document collaboration and eSignature features help accelerate pipelines. The software is frequently utilized by consulting firms, law firms and financial services firms.