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Business Software – What is a Virtual Data Room?
It’s essential that companies have all the data they need to make key decisions, including M&A deals, tenders, or capital raising. This can involve scouring through hundreds of thousands of highly sensitive documents that are susceptible to hacker attacks, data breaches, and other security threats. Fortunately, there is an answer that combines the access to information with secure documents and collaboration tools. It’s called the virtual data room (VDR).
A VDR is a piece of software used in business that facilitates the simple and secure sharing of information during due diligence procedures. It is specifically designed for the M&A as well as private equity and investment advisory fields, but it can be used by any business looking to execute an important deal or undertake a project. It’s typically a safe cloud-based repository that stores important documents including financial statements, legal agreements, and IP protection documentation.
The most effective VDRs are those that have an organized structure for their folders which makes it simple to navigate. They come with customizable security features which allow you to limit access to files by creating timeouts as well as auto-expiration. You can also limit viewing, printing and downloading of documents and generate reports about document activity.
VDRs are typically hosted in data centers of the highest quality that are protected by physical security measures such as backups of data offsite as well as fire suppression and biometric access control. They also have global accessibility which allows prospective buyers and investors to access important documents without having to travel to your company’s headquarters or other locations.
