A virtual data room (VDR) is a cloud-based storage space for documents and other data files that is used to share confidential information during complex business transactions, such as mergers and acquisitions as well as due diligence processes including fundraising rounds, financial audits and legal processes. VDRs provide greater security and control over traditional physical storage, while also reducing costs.

When selecting a VDR provider, make sure you select one that offers a robust and comprehensive set of features to meet the requirements of your business. For example, you may think about whether the platform complies with ISO 27081 standards for data security or is equipped with an effective virus and malware scanner with an uptime of more than 99.9% and multifactor authentication to guarantee that your data is protected. Similarly, look for customization options, such as color-coding for easy identification of specific documents in internal meetings. Additionally, you can get at-a-glance reporting that gives executives from the C-suite with the information they need.

A VDR is typically used in M&A transactions, where potential buyers review extensive documents regarding the companies that are being sold. M&A virtual datarooms allow for an efficient due diligence process, and lower risk since they limit access to confidential information only to those parties who need to see it. During a M&A deal users also benefit from the VDR’s Q&A section and comments. This improves productivity and accelerates decision-making. Additionally, M&A VDRs enable you to keep complete and thorough audit trails, which are essential for M&A due diligence.

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