A virtual dataroom is a software that allows you to securely store, share, and collaborate on documents. Modern VDRs offer many features that can help you organize and manage the data you store including two-way sync and drag-and-drop functionality that gets rooms up and running in a matter of minutes. Furthermore, granular permissions for users, printing and saving controls as well as tracking all actions advanced questions and answers, and reporting will ensure that you have a seamless collaboration.
Due diligence is the most commonly used use of a VDR during M&A transactions. The sell-side has to review and provide the buy-side with documentation regarding the transaction, and both sides require a location to do so in a controlled space.
Other important features of a good data room include:
Document labels. Adding and managing labels will enable you to organize your files into a folder structure which makes finding the information easier. Some VDRs also provide indexing automatically which makes the task of organizing thousands of files even easier.
Search functionality integrated into the. Searching inside a VDR can help you find the information quickly. Certain VDRs also have advanced features, for instance, an instant scroll-through viewer which speeds up document viewing. Additionally, certain VDRs allow users to filter documents by metadata or based on their extension.
Customer support. If you need help regarding a specific feature, or simply have a general question regarding the use of a data room, search for a provider that provides round-the-clock support via in-app chat telephone, email and in-app chat. Some companies have teams dedicated to handling the most complicated requests and provide expert assistance.
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