Virtual data rooms, or VDRs, are software applications for businesses that permit secure and convenient sharing of sensitive corporate documents. They are usually used for M&A capital raises, strategic reviews and tenders. They can be used by any company of any size and industry. They can be accessed through web browsers or mobile apps. They provide professional customer support through different channels, including in-app chat telephone, email and chat. Their customer service representatives are typically multi-lingual, and can handle even the most complex requests.
The most common use case for VDRs is M&A due diligence, in which potential buyers need an opportunity to review company documentation. However, VDRs can be useful for companies in any situation that requires the review of confidential documents from third parties.
Certain VDRs feature advanced encryption in the process and in the rest of the device, granular document permissions, and distinct access and revocation procedures. This protects the most critical information in your company and prevents data theft by unauthorised parties. They allow you to customize folders and documents, with features like watermarking blind view, printing disabled and more.
Other features include the capability to collaborate and communicate more effectively via Q&As, chat tools integrated into and granular permissions for individual documents. VDRs offer more transparency than other systems of document management, and can help you make better choices using reports, analytics, and the option of versioning. They also offer automation of tasks that can be tedious and time-consuming. This helps reduce manual errors especially in high-risk transactions or document-heavy processes.
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