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A virtual dataroom is a cloud-based solution that lets you secure documents that are confidential. In the past the virtual data rooms were used for M&A due-diligence. However they are now being used across all industries that require an efficient method of managing sensitive documents. For instance, consulting companies often have to share information with clients or external partners and require a controlled environment; a VDR can handle this without difficulty. Manufacturing industries also depend on them to share new designs and data about products. In essence, any business that needs to share highly sensitive information will be able to find a VDR useful.

Picking the right service provider is vital. Founders have a variety of traditional options, such as Google Drive and Dropbox, along data rooms with specialist software. It’s important to do thorough research and read the reviews of the various providers before deciding. It’s also an excellent idea to ask for a no-cost trial of the software.

What are the main features of a great data room for investors?

Founders should select the platform that offers granular permissions such as a question-and-answer tool, as well as multiple factor authentication. A platform should also permit users to access documents in bulk and provide an easy way to invite a large number of people at once.

PandaDoc, a leading document management and eSignature service lets you create your virtual dataroom with just one click. Set up a 15-minute demonstration to find out how you can speed up the process of creating and signing documents with PandaDoc and get your deals completed faster.