Virtual data rooms offer secure convenient and efficient ways to share and store sensitive documents related to business transactions. They are usually used by companies seeking to process an M&A deal or by life science companies with intellectual property that requires secure storage and protection.
With VDRs you can review and access documents from any place with a secure internet connection. This removes the need for physical travel and increases due diligence for buyers across the world, increasing the chances of an efficient transaction. Secure remote access lets you keep files safe, with advanced encryption and strict controls on access. Audit and activity tracking in detail trails are important features that let you monitor who views, prints, or downloads which files.
VDRs come with a variety of other time-saving options, including unlimited scrolling and a customizable search bar for faster document scanning. They are also great for collaborative projects because they allow multiple users to log in simultaneously. You can also control the permissions that each user has with document level access.
Downloading a mobile app lets you use your VDR while on the go. This is ideal for remote work. Modern vendors provide professional customer service through chats on the app multilingual support teams through email and telephone, help centers and videos of their products. Because M&A transactions and other important processes aren’t limited to an 8-5 workday it’s essential that your chosen VDR has a 24/7 support.