In many cases, when a company needs to share confidential documentation with a variety of stakeholders, it may turn to the virtual data room. These are software-based platforms that permit authorized users to access files from any device or place. They are the most secure and provide multiple layers of protection to ensure documents remain private.
The majority of VDR providers also provide an extensive range of support services to assist users throughout their use of the platform. This includes live chat in-app as well as email and phone support along with training videos and dedicated project managers or teams. The majority of modern VDRs are cloud-based and are compatible with mobile devices, making them easy to access from anywhere anytime.
Virtual data rooms can be used to share sensitive information and are especially useful when dealing with financial transactions that are complicated, like mergers or acquisitions. Before the transaction can be concluded both the buy-side and sellers must go through the documents and then approve the transaction. With the VDR for storing and sharing the required documents, the business can remain legally compliant and audit-friendly with little 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 even have branded watermarking to ensure a consistent appearance and feel across all documents printed or downloaded on the platform.