The virtual data room (VDR) is an extremely secure platform that allows document sharing in many business scenarios. For example, whether it’s due diligence in M&A, an IPO or restructuring, the VDR is a viable solution for virtually any document-sharing project. The top VDR providers offer expert customer service through multiple channels, including live chat in the app and on the phone. Furthermore, many of these solutions support multiple languages and provide training videos.
The most popular use of digital datarooms is due diligence in M&A transactions. In this stage the sell-side has to provide all relevant documents to prospective investors, but also ensure that sensitive information is kept secret. The VDR ensures all documents are accessed only by those who require them to do their job. This is accomplished by assigning granular permissions to individual files and folders.
The logical file structure and easy navigation make it easy to find the information you require. To further improve user experience, certain VDRs allow users to build an individual data room theme and even add logos of their company to their dashboards.
Another excellent feature of digital data rooms is that they can be accessed from any device as long as it has internet access and a modern web browser. This flexibility allows for communication between boards of directors and helps speed up decision-making and a more efficient workflow. Digital data rooms also offer an audit trail of every activity. This covers everything from the time the file was viewed to the IP address from the location it was visited.