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Virtual data rooms are a popular way to share sensitive documents such as intellectual property, financial documents, litigation files, etc. They offer granular activity tracking that enables users to view the types of documents that have been accessed by whom, which aids with security audits. VDRs can also accommodate more users than physical data rooms which reduces travel expenses and allows businesses to close deals more quickly.
Due diligence for M&A transactions is a typical use of a VDR. It involves keeping, reviewing and providing access to an extensive amount of documentation. In this regard an specialized VDR like DFIN’s Venue is the best option due to its advanced features, such as AI functions that increase efficiency and improve accuracy. auto-indexing, digital watermarks, full-text searches, and auto redaction. It streamlines work through automation, provides a customizable interface, and provides comprehensive reporting.
Another important feature to look for in a VDR is detailed tracking of activity which can positively impact the M&A due diligence process and enables users to gain deeper insights into document activity. A quality VDR has in-app chats with email and phone support in multiple languages as well as help centres with video tutorials for their products. A good VDR also offers flexible pricing plans like per-page and per-storage. It will also have an effective collaboration suite that includes annotations, Q&As, and the capability for tasks to be assigned. This means you can be sure that your team members have the tools they need to finish their work regardless of whether they’re working remotely or in different time zones.