When a company must share confidential documents with multiple parties, it can turn to a virtual data room. These platforms are software-based and allow authorized users to access documents from any device. They focus on security over sharing capabilities, and they typically offer multiple layers of protection to keep documents private.
Most VDR providers offer a wide variety of support options that assist customers in getting the most benefit from their platform. This includes live chat in-app or phone and training videos and dedicated team members or project managers. Most modern VDRs are cloud-based and are compatible with mobile devices, making them simple to access from any location anytime.
Virtual data rooms are used to share sensitive information, and are particularly beneficial during complex financial transactions such as mergers and acquisitions. Both sides of a deal need to review and approve documentation before the transaction can take place. Utilizing a VDR to store and share all the necessary documents the company can stay compliant and audit friendly without a lot of 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 offer branded watermarking to ensure a uniform look and feel across all documents that are printed or downloaded on the platform.