A virtual dataroom (or virtual room) is a service that’s cloud-based and allows the safe uploading of numerous files, saving them and sharing them. These platforms are accessible through a variety of devices like laptops and tablets, unlike physical data rooms. This allows users to work from any location anytime, making them suitable for many kinds of projects. They are also an excellent choice for M&A procedures, as well as for collaboration among multiple business stakeholders.
M&A transactions often include large volumes of confidential documents that must be examined by prospective bidders. Traditionally, buyers had to go to the office of the seller in order to examine the documents, which can be costly and time-consuming. With VDR these documents can be reviewed by multiple bidders power of virtual data rooms at once, speeding the due diligence process significantly and leading to better price offers.