What Is a Virtual Data Room?

VDR

A virtual dataroom (VDR) is an application developed to secure document sharing and due diligence. This is different from the popular applications for sharing files such as Dropbox or Google Drive that aren’t designed to be used in business scenarios that require more security and compliance.

M&A: If a company is contemplating an acquisition or is required to share sensitive data with prospective buyers in any other manner, VDRs are a great instrument to monitor activities and grant access. For instance, an VDR with robust activity tracking lets administrators know who has opened and downloaded files, as well as at what times they were opened. This ensures that confidential documents are not viewed without authorization. In addition in the event that a deal does not close, the capability to instantly revoke access is a valuable feature.

Private Equity & Venture Capital – Raising capital may require multiple rounds of sophisticated investors. A VDR online lets companies securely transfer financial documents and records as well as keeping control over the information.

A VDR also allows for e-Signature of contracts and other documentation. This eliminates the need to send draft documents back and forth through email or use an external eSign provider, which could present additional security risk. Modern VDRs can also provide the use of granular security options for files and folders. They can also use real-time vector labels, classification labels and permissions that limit access to data that is not authorized. They can also create reports and analytics for admins to monitor the activity of data.

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— Posted on May 26, 2024 at 12:00 am by permagroove