VDRs (virtual data rooms) are software platforms that allow for the storage and sharing confidential documents in a secure environment. They are usually used in due diligence processes but can also be utilized in a variety of different scenarios. Most use cases involve a merger or acquisition and include the provision and review of substantial amounts of confidential data for those involved to gain access.
When selecting a VDR for your project, you should look for one that has specific document permission settings (not only print/view levels) so you can specify who can do what. You may also want to consider VDR features like dynamic watermarking and two-factor authentication. an extensive audit trail for digital rights management.
Virtual data rooms are great for investment banking processes such as IPOs, capital-raising and M&A. They require massive document sharing. These rooms facilitate collaboration and communication between a broad range of stakeholders for due diligence, contract negotiations and more. For biotech companies specifically an intelligently designed VDR helps to reduce risk for the business and focuses energy and time on turning promising research into approved drugs which can benefit people.
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