What is a Virtual Data Room?

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A virtual data room (VDR) is an online repository for storing and sharing confidential information. It’s a great tool to aid in the implementation of complex processes that require the disclosure to third-party individuals of sensitive information outside the corporate firewall.

Typically VDRs are used in M&A transactions. However VDRs can be beneficial in any circumstance where you need to share large volumes of private documentation with other stakeholders. VDRs let you maintain control over the information and prevent leaks, even when multiple parties are examining your documents at the same time.

Choose a VDR that has a proven track record in providing secure document sharing to customers in your industry. Find out if they provide an initial trial period that allows you to test the system out with your potential partners prior to signing a service contract.

Look for a VDR that can support a broad variety of file types but also provides customizable permission settings, security measures as well as watermarking. You should be able revoke remote access for digital rights management.

Most VDR providers have users a Q&A area where they can ask questions and receive immediate responses by experts in support. Some providers also have an expert team for specific industries. They will be able help you get the most from your VDR. It is important to select an organization that provides 24/7 support and can be reached through a variety of channels, including phone and chat.