Virtual Data Room is a secure cloud storage service that lets businesses share documents with third-party users securely. It’s utilized by a variety of industries such as life science, technology, banking, M&A, and more.
Virtual data rooms are most frequently used in M&A transactions, which is the most common application of VDRs. They help facilitate due diligence, and closing deals with less risk. This is essential, since M&A can involve large amounts of documents, and be extremely sensitive.
A VDR can cut down on M&A risk by offering users with specific permissions, secure spreadsheet viewers and other features, such as screen-only mode, screenshot blocking and more. This way, only the authorized people are able to access and see the data. Security for the infrastructure is also assured by multiple backups including virus scanning, redundancy of data centers and many more.
Financial service companies have a lot of information to manage from business contracts to other legal documents to accounting reports and financial data. This makes them a perfect candidate for a VDR as they can securely store documents and share them with third party quickly.
To ensure they keep their client’s personal information safe and secure investment banks rely on online document sharing software to help with M&A transactions including capital raising, M&A transactions, and other projects. These firms need a VDR with an affordable pricing plan that is flexible and collaboration features that maximize efficiency. For instance an investment bank might want a solution with an upload speed of 5MB per second, SmartLock that allows revoking access to documents after downloading, built-in redaction, DocuSign integration, and many more.
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