A virtual data room (VDR) is an encrypted software platform that facilitates collaboration and sharing of documents for different business processes. VDRs can be extremely useful for M&A due-diligence, financing, legal processes, and any other projects that require the disclosure private information to parties beyond the corporate firewall.
Certain traditional VDR providers require users to download and install desktop software or plugins to access security features. This can slow the review process, restrict access to the VDR and prevent some prospective customers or partners from taking part at all. Modern VDR provides a more seamless user experience by incorporating native browser support, resulting in an enhanced user-friendly, flexible and intuitive solution.
In addition to offering an organized repository of files, many VDRs have search features that are able to detect text within all file types, including PDF and Excel documents. This granular activity tracking is especially important for M&A due diligence and fundraising, as it allows administrators to know how much interest their documents are generating with bidders or investors.
Additionally, many VDRs allow for folder level security and user permissions to ensure that only those who require to access a particular document are able to access it. Private equity and venture capital firms make use of this feature to share reports with their portfolio companies, limited partner and investors to protect confidentiality and speed up the review process. Pharmaceutical and biotech companies utilize VDRs to speedily share intellectual property and the results of clinical trials with research partners as well as regulatory agencies.
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