Virtual data rooms have become the norm for organizations which require secure sharing of documents with third party. VDRs are utilized by a range of industries like M&As law, banking, healthcare and more to share confidential documents with clients, regulators, customers and others. VDRs allow users to control who has access to what information and for the length of time. They also provide detailed activity reports to allow them to know who has seen, downloaded and edited specific files and documents.
FirmRoom is the most intuitive VDR in the world. It offers intelligent redaction that automatically highlights and redacts images, text or sections of documents, without altering the original content. The platform also provides a variety of levels of access ranging from viewing only to editing, giving users the ability to tailor these settings for each user or group of users.
Other VDR innovations such as endless scrolling and search features for keywords help accelerate due diligence. With these tools, users can reduce time by focusing on the most important and relevant documents and files. Tagging and indexing systems that are comprehensive will also assist users when they work with more complex documents.
In the case of immovable property M&A, VDRs are particularly helpful in aiding due diligence and closing deals. This is due to the ability to access and review documents from mobile devices is essential in this business to remain productive even when away from the office.