A virtual data room is a secure platform that lets you organize, share and collaborate on documents. Modern VDRs provide a variety of features to aid in organizing and managing the data you keep with two-way syncing, as well as drag-and-drop functionality that gets the room running in a matter of minutes. Additionally, you can have restricted access privileges printing and save controls, tracking of all actions, advanced Q&A and reports ensure seamless collaboration.
Due diligence is the most popular application of the VDR during M&A transactions. The sell-side has to review and provide the buy-side with the necessary documentation for the transaction, and both sides require a location to do it in a controlled space.
Other important features of a good data room include:
Document labels. By adding and managing labels, you to categorize files in an well-organized folder structure, making it easier to find the information you require. Some VDRs also offer automatic indexing which can make the task of organizing thousands of files even quicker.
Search functionality integrated. Utilizing search within a VDR helps you quickly find the information you require and some VDRs include advanced features such as an instant scroll-through viewer which can speed up document viewing. Additionally, certain VDRs allow you to filter your files based on their metadata or based on their file extension.
Customer support. If you need help with a specific feature or simply have a general question regarding how to use the data room, look for a provider that provides round-the-clock support via in-app chat or by phone. Some providers even have dedicated teams to handle the most complicated customer inquiries and offer professional advice.
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