In many cases, when a company requires sharing confidential documents with multiple stakeholders, it may turn to the virtual data room. These are platforms that run on software that allow authorized users to access files on any device or in any location. They place security first over sharing capabilities and provide multiple layers of security to protect documents.
The majority of VDR providers also offer an extensive array of support services to help customers throughout their use of the platform. This includes in-app live chat, phone and email, as well as training videos and dedicated team members or project managers. The majority of modern VDRs are cloud-based and compatible with mobile devices, making them easy to access from any location at any time.
Virtual data rooms can be used to share sensitive data and are particularly beneficial for complex financial transactions such as mergers and acquisitions. Before an acquisition can be approved both the buy-side and sell-side must review the documents and then approve it. Using VDRs to keep and share VDR to store and share the required documentation will ensure that the business is audit-friendly and compliant with minimal effort.
Some of the key features that most VDRs include are redaction (blacking out areas of a file so personally-identifiable information stays private), fence view (which shows only a small part of a document and prevents screenshotting) and granular document permissions (controlling who can read, edit, download, print and upload). Some VDRs have branded watermarks that ensure that the documents downloaded or printed are consistent.