A Virtual Data Room (VDR) is a series of proprietary extranets that provide an online repository of data. Businesses typically use a secure virtual data room to share critical information with external customers and partners in a secure, online environment. The Virtual Data Room enables parties to view documents relevant to a particular transaction for authorized users. Documents are stored in electronic format on a central server and accessed via the Internet.
Secure, Virtual Meeting Rooms
VDRs are assumed to be secure and confidential virtual meeting rooms where buyers, attorneys, accountants and other professionals can review sensitive documents. Initially, VDRs were mainly used by lawyers to meet with clients, but today VDRs are used in a wide array of businesses where a cost-effective way to eliminate the need for a physical data or consultation room is needed.
A Virtual Data Room is commonly called a Virtual Deal Room.
