It can be challenging to close a deal in high-stakes transactions such as M&As or fundraising rounds without all the relevant information. To collect all the relevant information you’ll need to search through thousands or tens of thousands confidential documents. Making sure that the right people are able to review the information while ensuring that sensitive data out of the dangerous hands is a major challenge.

A virtual data room (VDR) is the answer. A VDR allows you to safely store and virtual due diligence rooms share sensitive information. This can simplify the process of due diligence.

Selecting the right virtual data room software to meet your particular needs is crucial as is having sufficient support options. A good online VDR offers 24/7 support via live chat, email and phone. They should also offer several training materials and forums.

A great method of keeping track of documents and users in your data room is through an extensive activity log that will show who has accessed what document at what time. This can prevent confidential information from falling into the wrong hand after a deal is completed or access was revoked.

A data room must also be able to upload documents in more than 25 formats. iDeals for instance is compatible with these formats and allows you to organize your data room to ensure that stakeholders can find the information they require faster. Full text search tools aid in finding relevant information.