In the wake of a number of high-profile information breaches, companies have stepped up their efforts to securely share confidential information with other parties. A virtual information room (VDR) can allow users to access documents on any device connected to the internet it facilitates various types of documents sharing and due-diligence procedures. These rooms are used for a variety of reasons, including M&A transactions as well as venture capital financing and other transactions that require extensive documentation sharing and analysis.
To set up a VDR it is important to find an accredited service provider who provides a clear pricing model and customer support. Then, you can transfer the existing data to Virtual Board Portals the platform. Make sure that documents are indexed and organized in a way that makes it easy to search. Also, make sure that permissions for users are set according to roles. In addition, you must train your staff on how to use the VDR. This includes ensuring that they understand the security protocols and best practices for managing documents within the platform.
VDRs can be used to manage intellectual property like trademarks, patents, and research data. They are designed to safeguard the data from misuse and stop IP theft across different business transactions by implementing features such as watermarking and selective distribution, expiry of documents and downloading restrictions.
During a M&A it is normal to exchange lots of sensitive information between the purchasing company and the selling company. This could include financial records, legal documents and employee information. A VDR helps to manage this information and allows both sides to conduct due diligence quickly and efficiently.