If you are about to start work on an M&A, IPO or fundraising deal, you’re about to come across virtual data room (VDR) software.
It might not sound familiar, but VDR software has been around for more than two decades.
A VDR allows multiple parties to share and collaborate on a deal’s critical information through a secure and encrypted web platform.
Traditional VDR software is powerful and geared with a full suite of functionalities, from quick VDR setup to AI-powered automatic M&A workflow. It has been designed to cater the appetite of huge businesses with mega deals.
And unsurprisingly, it’s not exactly cost effective, especially to small/medium businesses that just needed a few of the full set of features, like secure file-sharing, pincode-based collaboration with external users, and complete audit trail.
If your company runs on Workspace and is in need of a light version VDR, we have good news for you.
Since September 2020, Google releases the visitor sharing (https://gsuiteupdates.googleblog.com/2020/08/visitor-sharing-non-google-accounts-drive-docs-sheets-slides.html) feature.
What you can do with this new feature:
Rich collaboration—including comments, edits, and more—with anyone you need to work with, regardless of whether they have a Google account.
Audit logging for collaboration with visitors, so that all interactions are monitored and recorded.
Ability to revoke access and remove collaborators as needed.
Reduced need to download, email, or create separate files to work with external users who don’t have Google accounts.
With these newly added functionalities, backed by Google's security measures, we are confident that Google Drive could be a worthwhile alternative to expensive VDR software.
Still in doubt? Reach us through the "Help" button at the bottom. We'll be happy to discuss how we can help you trim your software costs by replacing paid third-party solutions with features already available in Workspace.