The virtual dataroom (VDR) provides a secure platform to share documents in various business scenarios. It could be used for due diligence in M&A or during an IPO or restructuring, the VDR is a feasible solution for virtually any document-sharing project. The top VDR providers offer professional customer service via multiple channels including in-app live chat and phone. Additionally, many of these services support multiple languages and offer training videos.
The most commonly used use for a digital dataroom is in due diligence in M&A transactions. During this time the sell-side has to communicate all relevant documents to prospective investors, but also make sure that sensitive information remains private. The VDR ensures that all documents are accessible only by those who require them to do their job. This is accomplished through the assignment of granular access rights to specific folders and files.
Furthermore, the logical layout of the file system and easy navigation makes it easy for users to find what they need. Some VDRs offer the possibility to change the data room theme, and to put logos of the company on the dashboards.
Digital data rooms can be accessed via any device with internet connectivity and a modern web browser. This flexibility facilitates communication between directors of boards and helps speed up decision-making and an efficient workflow. Digital data rooms also offer an audit trail of every activity. This includes everything from the moment the file was opened to the IP address from which it was visited.