Virtual data rooms have become a standard for companies that require secure document sharing with third-party companies. VDR users from a broad spectrum of industries, such as M&A banking, law and healthcare, rely on these services to share confidential documents beyond their firewalls to clients, customers, regulators and more. VDRs let users decide who can access what information and for how long. They also provide detailed activity reports so that they can track who has downloaded, viewed or edited certain files and documents.
For instance, the world’s most user-friendly VDR, FirmRoom, offers smart redaction capabilities that automatically highlights and removes redactions from text, images or areas of documents without affecting original content. FirmRoom also provides multiple levels of access ranging from viewing only to editing, and gives users the flexibility to alter these settings for each user or group of users.
Other VDR innovations, like infinite scrolling or search capability through keywords, help speed up due diligence and make it easier to process. These tools allow users to save time by focusing only on the most relevant and important documents and files. Tagging and indexing systems that are comprehensive can also help users when they work with complex documents.
VDRs are especially useful for aiding due diligence during immovable property M&A and closing deals. This is because the ability to access and review documents using mobile devices at any time is vital for this type of business.
