A virtual dataroom (VDR) is an online repository of documents for business that only those with the appropriate permissions can access. This kind of digital platform is commonly used in procedures that require secure sharing of documents as well as due diligence in mergers and acquisitions (M&A) and venture capital financing. Legal firms also make use of VDRs to share files with clients and other interested parties in legal processes such as litigation, bankruptcy or fundraising.
VDR services include enhanced security features such as watermarking, two-factor authentication, and the ability to control permissions in a granular manner. Users can limit who can access specific folders or documents. VDRs also come with a range of advanced tools to reduce the possibility of sensitive information being exposed. They include auto-redactions, data privacy assessments and watermarking.
Another advantage is their ability to reduce the amount of time required for M&A transactions and other business deals by allowing people involved to access information more quickly. Furthermore, VDRs feature collaboration functions that boost productivity during the data room process, including the ability to add annotations to files, Q&A sections and the ability to assign tasks.
Finally, many VDR providers provide high-quality customer support, with options like in-app live chat as well as phone and email multilingual support and help centers that include product videos. This is a major advantage over standard cloud storage that doesn’t put the same importance on customer support. This is especially relevant for M&A deals, where the stakes are high and there is lots of pressure to close quickly.
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