Virtual data rooms are commonly used by businesses to share confidential documents with multiple parties. These platforms are software-based and permit authorized users to access documents on any device. They focus on security over sharing capabilities, and most offer multiple layers of protection to keep documents private.

The majority of VDR providers also offer a wide range of support services to assist customers with their use of the platform. Live chat is available in the app, phone and email, as well as training videos and dedicated teams or project managers. Most modern VDRs are cloud-based and are compatible with mobile devices. This makes them easy to access from anywhere, at any time.

Virtual data rooms are used to share sensitive information, and they are particularly useful during complex financial transactions like mergers and acquisitions. Before a transaction can be completed, both the buy-side and sell-side will need to review the documentation and approve the transaction. Utilizing the VDR for storing and sharing all the necessary documents businesses can remain secure and audit-friendly without a lot of effort.

Some of the key features that most VDRs include are redaction (blacking out areas of a file so personally-identifiable information stays private), fence view (which shows only a small part of a document and prevents screenshotting) and granular document permissions (controlling who can read, edit, download, print and upload). Some VDRs provide branded watermarks to ensure that the documents downloaded or printed are consistent.

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