A vdr (virtual data room) is a digital space for sharing documents and files with other parties in a safe manner. It is accessible through an internet browser or a software system, and features granular document control, activity monitoring, Q&A messaging and other tools to enhance collaboration on projects. It is a useful tool for businesses involved in transactions or business processes that require sensitive data to be shared across several parties.
Investment banking processes such as IPOs capital raising, IPOs, and M&A require an abundance of information sharing. A vdr is a tool to keep and review important documents, which can simplify the process and reduce risk.
Other industries that rely on a vdr include immovable property management (land and housing) technology, as well as biotech/pharma. These companies often have to share sensitive information with clients, third parties and legal teams, investors or even clients. A vdr is a safe way to share confidential information without the need for costly meetings in person and couriering of physical documents.
When selecting a vdr service provider, make sure you choose one that has extensive experience supporting business processes similar to yours. Make sure that the vendor offers support 24 hours a day, 7 days a week, including nights and weekends. Additionally, ensure that your vdr provider offers in-app chat and phone support that is available in several languages and that their customer service representatives are knowledgeable of the specifics of your industry. This will enable them to provide you with speedy and accurate assistance when issues arise.