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Three things you should know about virtual data rooms

Written by on May 7, 2014 in Business, Product - No comments

Virtual data rooms are the new boardrooms when it comes to major business transactions. These cloud-based repositories allow you to easily control, share and track confidential documents, making complex deals and quick data sharing simple and secure.

But if you’re not sure how a virtual data room could help you, or if you’re wondering what to look for in evaluating a solution, here are three important things to know about virtual data rooms.

1. Ease of use is a must

Sophisticated data-sharing solutions shouldn’t be difficult to set up or to use. Look for solutions that offer unlimited data rooms and client users in a web-based system that all parties can access easily. And make sure your account comes with free 24/7 customer support; if something doesn’t work as expected, you don’t want to be stuck troubleshooting on your own when facing a hard deadline or frustrated investor.

2. Security is more than encryption

Bank-grade encryption and secure datacenters should be a minimum standard for any data-sharing service. You should also look for security settings you can customize yourself. Granular permissions controls allow you to share specific documents and folders with different people and also provide tracking and notifications so you can see who is doing what at any given time. You should be able to set view-only permissions to restrict downloads and printing; dynamic watermarking can further protect your documents by imprinting users’ names and other identifying features onto every page they view.

3. Virtual data rooms aren’t just for M&A anymore

Venture capital and private equity firms use virtual data rooms to organize confidential information for bidders, create LP/investor portals, and support fundraising, investor reporting, exiting investments, portfolio management and more. Biotech and pharmaceutical companies use virtual data rooms to protect intellectual property and share information with licensing partners. Legal professionals use virtual data rooms to manage due diligence for M&A. The list goes on. Bottom line: if you’re managing a transaction that requires you to organize and share a vast amount of confidential data very quickly and easily, a virtual data room could be your answer.

To learn more about the virtual data room solution from Citrix ShareFile, check out this webinar or schedule a demo with our VDR team to see if Citrix ShareFile can meet your business’s needs.

About the Author

Caitlin Russell (@caitlin_russell) is a writer and editor for Citrix, where she contributes to a wide variety of marketing initiatives, including the website, blog and product-related collateral. A journalism graduate of the University of North Carolina at Chapel Hill, she worked in public relations prior to joining Citrix in July 2013.