With widespread use of collaboration technology and increasing dispersion of teams due to globalization of companies, more and more collaboration activities are being conducted virtually. However, virtual collaboration seems to work well for some cases, but not for others. This phenomenon motivates research questions: What factors determine the suitability of collaboration virtualization, and how do those factors affect the design of effective collaboration systems? Our literature study yielded little theoretical work in this regard. As such, we believe that research on collaboration virtualization theory (CVT) is critically needed. To this end, we present our preliminary findings on the purpose and composition of collaboration virtualization theory based on the literature. Essentially, our CVT contains three categories of constructs: task, team, and technology characteristics. Our main objective in this short paper is to initiate a new theoretical perspective for research in the field of collaboration technology and management.