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A virtual data room – or VDR is a secure cloud storage solution that lets businesses share sensitive documents with other companies. They provide many advantages to different industries, such as the ability to collaborate effectively and access documents at any time, and secure storage of multiple versions of the same document.

Virtual data rooms are helpful in virtually any industry where it is necessary to share confidential documents with third parties. Due diligence in M&A, fundraising and initial public offerings are a few of the most common use cases. Virtual data rooms are primarily useful for the legal and healthcare sectors, which deal with sensitive documents and highly confidential information.

Due diligence in M&A requires potential buyers to look over extensive documentation. A VDR can simplify this process by providing features such as automatic indexing, search-full-text search and role-based control. The VDR can also help M&A professionals to be in compliance with regulations through protocols reporting tools and strong security measures, such as watermarking, encryption of data, and virus scanning.

Fundraising and IPOs require high levels of collaboration between shareholders, and VDRs VDR can help with this process by providing efficient communication tools such as comment sections and Q&A. Top-rated VDRs can also help you track user activity with comprehensive reporting and logging features. In terms of pricing, the best online data room providers have pricing structures similar to internet and cell phone plans, with the base price and additions based on the feature set or duration.