A virtual information room (VDR) is an encrypted cloud-based platform for exchanging documents and files. These platforms are armed with advanced features like simplified user credentials, more precise control of access, customizable permissions and activity tracking.
These features allow companies to comply with the security requirements of their projects while still maintaining the same workflow and guaranteeing data privacy. VDRs can also include security protocols that are based on regulations in the industry, like GDPR. These features help ensure that users only see what they require, thereby preventing mistakes and data breaches that can delay deals and cost businesses millions.
Private equity firms, investment banks firms, and other financial institutions make use of virtual document repositories (VDRs) to manage large volumes confidential documents during M&A transactions. By using a VDR to share and save files, these businesses can conduct due diligence without the need to transfer documents between parties or risk losing sensitive data.
VDRs are also extensively used by life science companies, such as pharmaceuticals and biotechs. These companies must be able to communicate in real-time and securely with partners in order to collaborate on clinical trials or R&D. They must also be able to meet strict regulatory requirements for example, HIPAA or ISO. VDRs that have features like zoomable thumbnails, watermarking, and the ability to prevent screenshots allow life sciences companies to achieve this while protecting their most sensitive data.
VDRs are also utilized to raise capital, real estate transactions, and regulatory risks management. Through the integration of VDRs into their workflows the industries are able to collaborate on projects with security and in real-time, no matter the location of their operations.
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