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When companies negotiate deals or investing, they need to review a significant amount of documents. This can be overwhelming, especially in the case of documents that are highly secret. A virtual dataroom (VDR) allows multiple parties to review documents simultaneously in a secure environment. This allows the transaction to move quickly and minimizes any security dangers.

VDRs are becoming increasingly valuable in a variety of fields like M&A and fundraising, as well as IPOs. The technology is also being used by SMEs and startups that may have hybrid teams or work remotely.

When choosing a VDR there are a number of important factors to consider. These include:

Document Security

A VDR should have a top level document security, with access permissions that are adapted to the specific project or user. Two-factor authentication is a beneficial feature since it adds an additional layer of security requiring users to verify their identity via a second method, such as a code they send to their mobile phones.

Streamlined Document Management

There are a number of tools to manage projects. Document version control is just one. Administrators can track the history of documents and determine the date they were modified. A useful feature is the possibility of adding personal notes to any document that cannot be viewed by other users. This feature allows team members to highlight the most important areas of a document. It can help prevent miscommunication.