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A virtual dataroom is an online service which allows companies to easily share confidential documents and files. These tools are used for various projects, but they are particularly beneficial when conducting due diligence on mergers and acquisitions. These tools help make the review process faster and cheaper, as buyers do not have to travel to a office to look over large volumes of documents.

A reliable VDR lets you store sensitive data and protect it by providing granular control over access and two-factor authentication. It also keeps track of all activity through an extensive audit. This will prevent leaks of data, and provide peace of mind when negotiating a deal. Look for a feature which lets you add watermarks to documents in order to thwart downloading and printing. This is a feature that is crucial for banks because it protects their reputation by stopping sensitive information from getting into the wrong hand.

You will also want to choose a platform that supports both mobile and desktop devices. This is important for your team and will ensure that users benefit from the application. You should also be able to customize your interface and create folder structures for various groups of documents. Lastly, you should consider the ability to allow for electronic signatures on documents. This is a vital feature for financial professionals and makes it easier to close deals.

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