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A virtual data room (VDR) is an online repository of documents and other files. It is used to share confidential information during complicated business transactions like mergers and acquisitions as well as due diligence processes including financial audits, fundraising rounds and legal processes. VDRs provide greater security and control over traditional physical storage while reducing costs.
When choosing a VDR provider, make sure to choose one with a robust and extensive set of features to accommodate the requirements of your company. For example, you may want to consider whether the platform is compliant with ISO 27081 standards for data protection or has robust malware and virus scanning with an uptime of more than 99.9%, and multifactor authentication to guarantee that uploaded data remains secure. Look for customization features like color-coding to aid in identifying documents during meetings at a glance reporting that provides C-suite executives with a high-level overview they require.
The most popular use for a VDR is during M&A deals where buyers are required to review extensive documents for the companies that are being sold. M&A virtual data rooms allow for a more efficient due diligence procedure and reduce risks by restricting access of confidential information only to those parties required to view it. In an M&A transaction users also gain the ability to collaborate effectively through a VDR’s question and answer and comments sections. This increases productivity and speeds up decision-making. Additionally, M&A VDRs enable you to have full and complete audit trails, which is essential for M&A due diligence.