VDRs are most commonly used to facilitate M&A processes, but can also be useful for other business activities involving confidential information. Venture capitalists, for example, often use VDRs to review company documents as part of investing 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 several bidders to conduct their due diligence at once, making the process faster than a physical meet-up. 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.

A VDR also eliminates the time-consuming and expensive photocopying. VDRs can be accessed from anywhere, which reduces travel costs. VDR vendors, like Ellington, tout lower upfront costs as well as the fact that all bidders can use them at the same time.

Security is paramount in a VDR, as it is with all technology systems. Look for a VDR platform that has a fence-view option to prevent unwanted glances, multifactor authentication, IP restricted user access, and a page-by-page history of document viewing. Also, make sure that the solution is SAS 70 compliant and encrypts data in PDF files. Finally, check whether the vendor provides a variety of project templates and customizable branding options.

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