Virtual Data Room Software provides an online repository that is secure for sharing and managing confidential documents and files. This software typically enables multiple users to browse, download and edit data within one or more folders. The system can be hosted on premises, in a hybrid or cloud environment depending on the amount of resources and level of control required. The feature sets vary from basic file management to more granular permissions and advanced search capabilities. Some include expiration of documents watermarks that can change dynamically and lockdown features to increase security.
VDRs are mostly utilized in M&A transactions. These transactions require meticulous due diligence which requires the review of huge volumes of documentation within strict timeframes. The problem is that M&A departments are not always prepared to handle such a massive volume of documents.
iDeals is one of the leading vendors. Citrix, Datasite and iDeals are also amongst the top three. iDeals provides the most basic VDR package, which can be customized to meet specific deal requirements with additional modules. It features robust file organization as well as folder indexing and online file sharing, as well as optical character recognition and integrated redaction. It also has access rights that are granular and real-time activity monitoring.
Citrix offers more features such as a customised dashboard and advanced search options. Its intuitive interface is easy to use even for non-technical users. Its enterprise-grade security features include one chain of custody, encryption, and audit trails.
PandaDoc simplifies project-related tasks by combining tools to aid in the creation, implementation, and monitoring of projects. Its document collaboration and eSignature features help accelerate pipelines. Consulting firms, financial service companies and law offices make use of the software.