The virtual dataroom (VDR) provides a secure platform to share documents in a variety of scenarios. Whether during due diligence in M&A, an IPO or restructuring the VDR can be a useful solution for any document sharing project. The best VDR providers offer expert customer service via multiple channels including in-app live chat and telephone. A majority of these services provide support for multiple languages, as well as training videos.
The most frequent use for a digital data room is during due diligence in M&A transactions. In this case, the sell-side wants to communicate all relevant documents with prospective investors in a secure environment However, they also need to ensure that any sensitive information stays private. The VDR ensures that only those people can access documents they require to carry out their tasks. This is done by granting permissions granular to individual files and folders.
Furthermore, the logical layout of the file system and easy navigation makes it easy for users to locate the information they require. To enhance users’ experience, some VDRs permit users to create an individual data room theme and incorporate company logos onto their dashboards.
Digital data rooms can be accessed via any device with internet connectivity and a web browser. This makes communication easier between boards of directors, leading to faster decision-making and more efficient workflow. Lastly digital data rooms give an audit trail of all actions, from the moment the file is viewed until which IP address it was accessing it from.