A virtual dataroom is a software that allows you to safely store, share and collaborate on documents. Modern VDRs come with a host of features that help you organize and manage the information you store with two-way syncing, as well as drag-and-drop features that get a room up and running in a matter of minutes. Furthermore, granular permissions for users, control of saving and printing and tracking of all actions, sophisticated questions and answers, and reporting make sure that your team is always in sync.
Due diligence is the most frequent use of a VDR during M&A transactions. The seller side must review and provide the buy-side with documentation regarding the transaction, and both sides need a place to do so in a controlled environment.
Other important features of a data space include:
Document labels. The addition and management of labels enables you to categorize your files in an structured folder structure that makes it easier to locate the information you need. Certain VDRs have automatic indexing capabilities that makes it easier to organize thousands of files quicker.
Integrated search functionality. Searching within the VDR helps you quickly find the information you require and some VDRs come with advanced features, such as an instant scroll-through viewer which can speed up document viewing. In addition, some VDRs allow users to filter documents according to their metadata or based on their file extension.
Customer support. If you’re having questions about specific features or a general question about how to make use of the data room, choose a provider who provides 24/7 support via email, phone and in-app chat. Some providers even have teams to handle the most complex customer requests and offer professional assistance.
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