A virtual dataroom is an application which provides centralized, secure storage of digital documents. It allows users to share information with external and internal stakeholders. Document version tracking and improved security are also possible.
Investment bankers utilize VDRs to conduct due diligence in M&A transactions. These transactions usually require multiple parties to look over huge volumes of confidential documents. For a deal to be concluded, they need to be able to upload, review and download the confidential documents quickly. They also require an efficient storage space for this sensitive information. A VDR with a clearly defined folder structure and robust controls for access to documents that can be revoked instantly in the event that the deal fails making it easier for them to do so.
VDRs can also be used to audit regulatory filings and audits, which require transparency between internal stakeholders and external regulators. These projects typically require lengthy collaborations between teams that span different locations and time zones. A VDR is designed to facilitate collaboration and tracking activity, as well as communication with all parties involved is easy to use with an VDR.
When selecting a service look for features such as drag-and-drop capabilities for bulk uploads of files, as well as support for the most popular extensions for files. It is also important to know the level of physical security the company can provide with offsite backups, redundancy, and fire protection. Find out if they have the option to add dynamic watermarks to the viewed and printed files, or limit access for specific IP addresses.
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