Virtual Data Room is a secure cloud storage service that lets businesses share documents with other parties securely. It’s used by a variety of industries like life science technology, banking, M&A, and more.
Virtual data rooms are most often used for M&A transactions which is the most common application of VDRs. They facilitate due diligence, and conclude deals with less risk. This is particularly important because M&A involves large amounts of documentation, and can be highly sensitive.
A VDR can reduce M&A risk by providing users with granular access rights with secure spreadsheet viewers, as well as other features such as view-only mode, screenshot blocking and more. So, only the appropriate individuals can access and view the data. Security of the infrastructure is also guaranteed with multiple backups and virus scanning.
Financial service companies have a wealth of information to manage from business contracts to other legal documents to accounting and financial reports. This makes them a great candidate for the use of a VDR because they can keep their documents securely and share them with third parties quickly and easily.
To ensure they keep their client’s data secure and compliant Investment banks rely on online document sharing software to help with M&A transactions, capital raising, and other projects. To make the most efficient use of their resources the firms require an VDR that comes with a broad range of collaboration features and flexible pricing plans. For instance an investment bank would need a solution with an upload speed of 5MB per second, SmartLock that allows revoking access to documents after they’ve been downloaded built-in redaction features, DocuSign integration, and much more.
look here about secure document storage ensuring confidentiality in the online board room