A virtual dataroom (or virtual room) is a service that is cloud-based and allows the safe uploading of multiple files, archiving them and sharing them with others. As opposed to physical data rooms these platforms can be accessed via various devices such as laptops and tablets. It allows users to work from anywhere https://myvdr.net/what-are-data-room-providers-for-business-organizations/ at any time. This makes them perfect for a wide range of projects. They also make ideal for M&A procedures as well as to collaborate with multiple business stakeholders.
M&A deals typically comprise large volumes of confidential documents that must be reviewed by bidders. Traditionally buyers had to travel to the office of the seller to look over the documents. This was both time-consuming and expensive. VDR lets bidders review the same documents at the same time, accelerating the due diligence process and leading to more attractive bid prices.