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What Is a Virtual Data Room?

Virtual data rooms are typically used by businesses to share confidential documents among multiple stakeholders. These are software-based platforms that make it easy for authorized users to access files from any device and location. They focus on security over sharing capabilities and provide multiple layers of security to protect the privacy of documents.

The majority of VDR providers also feature an extensive selection of support options to help users throughout their use of the platform. There are videos for training as well as live chat within the app as well as phone support. Most modern VDRs are cloud-based and are compatible with mobile devices. This makes them simple to access from any location, anytime.

Virtual data rooms are utilized to share sensitive information, and are particularly beneficial for complex financial transactions like mergers and acquisitions. Both the sell-side and buy-side of a transaction will need to review and approve documentation before the transaction can take place. Utilizing VDRs to keep and share VDR to save and share the needed documentation ensures that the business is audit-friendly and compliant with minimal effort.

Some of the key features that most VDRs include are redaction (blacking out areas of a file so personally-identifiable information stays private), fence view (which shows only a small part of a document and prevents screenshotting) and granular document permissions (controlling who can read, edit, download, print and upload). Certain VDRs provide branded watermarks to ensure that the documents printed or downloaded are identical.

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