Many industries and businesses utilize online data rooms to store, review and share sensitive documents. The most common use case involves due diligence during M&A deals. Both the sell-side as well as prospective investors require a secure platform to review all relevant documentation needed for an acquisition. Without such an organized repository, it could take significantly longer to conclude the deal and could even sabotage the deal.

A secure virtual dataroom permits attorneys, both internal and external auditors, regulators, and other stakeholders to work using one interface. This reduces time and costs and allows transparency for all parties. It’s also a fantastic next tool for evaluating company practices and compliance. Many vendors offer reporting tools that provide an exhaustive view of all activities in the online deal room. This can improve efficiency.

The most effective virtual data rooms allow for an easy collaboration process and convenient access using a mobile device or web browser. They have features that make it easy to set permissions for individual users or groups of users. You can also mark all pages of documents and remotely revoke access during transactions to avoid disclosure. In addition to a user-friendly interface the best VDR vendor should offer transparency in pricing and superior customer support.