Virtual data rooms are typically employed by companies to share confidential documents with various stakeholders. These are platforms that run on software that make it easy for authorized users to access documents from any device and location. They tend to prioritize security over sharing and offer several layers of security to ensure documents remain private.

The majority of VDR providers provide a broad variety of support services to enable customers to get the most from their platform. This includes live chat in-app telephone and email support along with training videos and dedicated teams or project managers. The most modern VDRs run on the cloud and are compatible with mobile devices. This makes them easy to access from any location, anytime.

Virtual data rooms can be used to share sensitive information and are especially useful for complex financial transactions such as mergers and acquisitions. Before the transaction can be concluded both the buy-side as well as the sellers must go through the documentation and agree to the transaction. Using a VDR to store and share the required documents ensures that the company can remain compliant and audit-friendly with the least 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). Some VDRs even provide branded watermarking for a consistent look and feel across all documents that are downloaded or printed on the platform.

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