VDRs can be used in a variety of business processes that require confidential data. Venture capitalists use VDRs as a tool to review documents of companies in connection with investment and funding processes. Investment banking processes such as IPOs and Capital Raising require a lot of documentation exchanges, which are well suited to virtual data review.
A VDR allows for multiple bidders conduct due diligence at the same time, which is much faster than an actual meeting. By casting a wider net of potential investors, it is more likely that a deal can be finalized quicker than if the process was conducted with a limited number of investors.
In addition, a VDR eliminates the cost of photocopying and indexing, which can be time-consuming. It is also possible to access the VDR from anywhere. This can reduce travel costs. VDR vendors such as Ellington tout their lower upfront costs and the fact they can be used simultaneously by all bidders.
Security is important for any technology system. Look for platforms that offer a fence view feature to prevent unwanted glances. They should also provide multi-factor authorization, IP-restricted users access and a history of page-bypage document viewing. Make sure that the solution adheres to SAS 70 and encrypts PDF files. Last but not least, make sure the vendor offers different project templates with customizable branding options.
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