Using a Virtual Data Room for Common Business Situations

A virtual data room can be beneficial in a number of business scenarios. This article takes a look at some of the most common situations that are associated with this type of tool.

Acquisitions and mergers

Many times the process to conclude an acquisition or merger requires companies to go through an extensive amount of documents. These documents are considered confidential and must be kept in a secure location. Virtual data rooms enable companies to quickly access and read these confidential documents without the need to rent a physical space or hire security personnel.

Life science companies

During various processes, biotech, pharmaceutical and medical device companies usually need to share sensitive documents with external parties. This includes sharing intellectual properties such as design specifications, product plans. Virtual data rooms can be utilized to facilitate these kinds of collaborations. They can also aid in speed up the process of making decisions.

Insurance claims

In the event of active claims Parties must collaborate on confidential documents and reports. The use of a virtual room allows teams to work on the same documents and share them with ease. It also protects sensitive data from unauthorised access. A VDR also has auditability features that track the files that users have viewed and the time they have spent. This is useful for to gauge interest or for determining potential issues. Additionally, some VDRs offer redaction functions that black out certain areas of files so personally-identifiable information stays private.

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