VDR providers are businesses that offer a virtual data rooms software platform to allow clients to share confidential information with many parties in a safe environment. The platform allows for massive volumes of documents and data to be uploaded, while setting up specific user permissions for each document. This guarantees that confidential information can only be viewed by those who are authorized to view it.

The majority of modern VDR providers offer a very modern and intuitive user experience and have robust collaboration tools. They also offer robust reporting and analytics features like documents, downloads, edits with real-time vector watermarking labels for classification and malware detection, among others. The top providers adhere to the strictest security standards, such as FedRAMP certifications, FINRA, HIPAA, and GDPR.

A VDR is often used for mergers and acquisitions. Law offices, investors and accounting firms share sensitive information with other parties to allow them to review the merits of a deal. A VDR can make an time-consuming and complex process easier. Another scenario is when a business finds itself in a legal dispute and is required to retain documents for later review. A VDR can help reduce the cost of going through emails, faxes and other documents to find relevant information. The VDR is a great tool to store all documents that are related to lawsuits. Legal counsel can access the VDR anytime.

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