Virtual Data Rooms (VDRs) are online software products to manage and store files that permit business users to securely share confidential documents. These unique business software solutions facilitate document sharing, allow for efficient collaboration and automate business process. They are particularly useful during the M&A process Virtual Board Meetings where large volumes of privileged documents are shared with third party and must be protected to ensure compliance and privacy.
When a merger or acquisition both sides must efficiently collaborate on due diligence documents in order to speedily and effectively close a deal. In a VDR the business user can upload and download documents, set security levels for various parties and track access. They can mark documents or folders as favorites, speeding the review process by allowing them to revisit the content quickly.
Law enforcement agencies and legal firms employ VDRs to work with clients, internal teams and other third parties in cases that require secure sharing of documents. They require a software solution which can provide a powerful Q&A capabilities and powerful search capabilities, remote access retrieval and compliance reporting.
Pharmaceutical and biotech companies must share their intellectual property with potential partners, investors and researchers. They must make sure that their data is secure and accessible for business with features such as multiple granular permissions including snapshot blocking view only mode, eSignature integration and more.
VDRs are used by private equity funds to simplify their M&A projects and investment advisory services. They accomplish this by facilitating the sharing of documents as well as enhancing collaboration. They require a solution that allows them to upload and download sensitive information with ease, provide sophisticated search functions, and simplify and accelerate the process of due diligence and provide a convenient method for investors to look over the documents they’ve requested.