VDR portals are web-based secured databases that can store documents and data files that are linked to legal trades and procedures. They allow protected access using a secure access ID, and provide a variety of features designed to cut down on the cost of supervision and reduce the risk of human errors. They are commonly employed by lawyers during the due diligence process of mergers and acquisitions (M&A).
A VDR should have an advanced search feature that searches documents such as files, folders, and documents using a specific set of keywords. It should also show a small portion of the document prior to opening it. It should also include a Q&A function that allows users to ask questions and get answers from experts, as well as an integrated document viewer that allows them to scroll through several documents at the same time. It should also be mobile friendly and be compatible with multiple devices. No additional plugins are required to run on iOS, Android, or Blackberry devices.
The most effective VDR portals offer tracking at the page level to display who has been looking at what and when. They additionally come with tagging functions that make it easier to arrange docs and include redaction and fence get features that blacks away parts of information to ensure personally-identifiable info stays private and prevents screenshotting. These features are especially useful in investment banking processes like IPOs and capital-raising, which usually require large volumes of documentation to be uploaded.
Other essential features a quality VDR must have include an intuitive interface, secure document storage and compliance reporting. It must also be able to integrate with existing workflows, and also have a custom API. It should also come with the single sign-on feature that allows employees from the corporate office to access the VDR without creating their own logins. In addition it should be supported by a great customer support team that is available 24/7 to assist with any technical issues.
