What is virtual dataroom?

A virtual data room (VDR) is a cloud-based solution to securely keep and share confidential documents online. These digital solutions allow users to access their files through an encrypted internet connection from any device. VDRs are a favored solution for businesses seeking to streamline document management and increase collaboration.

Many businesses use VDRs to conduct due diligence at the time of a transaction or other business event. This process involves the review of large volumes of confidential documents by a variety of parties. A VDR allows buyers access to the information they need without having to travel to the office of the seller, saving time and money.

Multiple parties must review and sign mountains of paperwork when businesses are selling or undergoing mergers or acquisitions. Prior to the advent of digital spaces, this would typically require extensive travel between locations, and sensitive documents could be stolen or lost. With the advent of a VDR documents can be securely stored online and accessible by all stakeholders anyplace in the world.

A quality VDR will offer a variety of features that can be customized to meet a variety of requirements. It should be capable of handling high volumes of data, allow easy access to remote employees, and support a variety of operating systems. It should also have a comprehensive backup strategy to ensure the security of information in the event of a sudden technical problem. The top virtual data rooms VDR providers also offer 24/7 customer support to help with any questions that arise.