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In general, VDRs are used by all businesses that need to share sensitive information with third-party companies. However, certain industries use more than others. Life science and technology companies are the heaviest users of these systems. They frequently use them in M&A due diligence to safeguard the confidentiality of their data.
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Real estate agents also use VDRs to accelerate transactions. They can upload all the necessary paperwork to a data room for prospective buyers to look over and electronically sign the documents. This helps save time and money since offline meetings are no longer necessary. Some VDRs even come with advanced functions, such as redaction and fence view. These features can black out sections of files so that personally-identifiable information stays private, and they can prevent screenshots.
