A virtual dataroom is a safe space where you can access and share documents. It’s a great tool for M&A or life sciences, as well as other business areas that deal with sensitive information and require the capability to securely communicate across multiple time zones. Virtual data rooms have a few disadvantages that buyers should consider when deciding on the most suitable platform for their needs.
Virtual data rooms are most often used to conduct due diligence in an M&A transaction. This allows the sell-side to keep private documents for prospective investors to view while ensuring all parties have access to the same documents while simplifying and expediting the M&A process.
Another reason for M&A deals is to expand the company’s reach and revenue. This can be achieved by using a virtual room to allow potential bidders around the world who would otherwise be unable to access information if it was only accessible in the country where a physical meeting was held.
Virtual data rooms generally have an intuitive interface that is easy to navigate for users of any technical background. They also have educational centers with instructions on how to get the most value from their software, ensuring an excellent experience for all those involved in M&A and other business processes. For example, iDeals has no plugins or Java requirements, allows document viewing in native format with no conversion, features the scroll-view feature that cons of virtual data rooms lets you navigate to the next document in a folder directly from the current one and supports mobile user interfaces. The support for users is also excellent and offers expert guidance on how to navigate the platform and resolving problems.
