A virtual data room is a safe platform that lets you share, store and collaborate on documents. Modern VDRs provide a variety of features to assist you in managing and organizing the information you store including two-way sync and drag-and-drop capabilities that can get rooms up and up and running in just a few minutes. Furthermore, granular permissions, control of saving and printing that track all actions, advanced questions and answers and reporting make sure that your team is always in sync.
Due diligence is the most popular application of the VDR during M&A transactions. The sell-side has to review and provide documentation to the buyer for the transaction. Both parties must do this in a controlled data synchrony setting.
Other important data room features include:
Document labels. The addition and management of labels will enable you to organize files into a folder structure that makes finding the information easier. Certain VDRs also provide indexing automatically which can make the task of organizing thousands of files easier.
Searching is integrated. Searching in the VDR can help you find the information quickly. Certain VDRs also come with advanced features like the ability to instantly scroll through a viewer, which speeds up document viewing. In addition, some VDRs allow you to filter files by metadata or by file extension.
Customer support. If you require assistance with a particular feature or simply have a general question regarding how to use a data room, look for a service that provides 24/7 support through in-app chat, phone and email. Some companies even have dedicated teams that can handle the most complex customer requests and offer expert advice.