Virtual Data Room Providers Review

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Helping businesses to find the best software solutions:

Best Virtual Data Rooms

Last update: January 11, 2021

Users’ Choice
12% above average
4.92 /5.0

iDeals virtual data room provider proposes a wide range of customization and collaboration tools. Easy setup software and user-friendly interface ensure any online deals or document management services. There is a possibility to use graphs and customs reports about the user’s activity in the digital space. It is widely used in companies of all sizes.

9% above average
4.77 /5.0

BlackBerry Workspaces (previously well-known as WatchDox) is a virtual data room provider. It proposes a lot of user guides, admin guides, training and documentation for their users. This virtual data room a bit difficult to use, but there is a weight range of advanced instruments for virtual space customization. It provides services for all businesses size clients.

9% above average
4.72 /5.0

Datsite is an updated software product of Merrill Corporation. Datasite is a virtual data room that serves as an excellent solution for extensional and complex deals. Quality extra services provided by Merrill also help in consulting, content administration and other processes required for profitable cooperation.

6% above average
4.63 /5.0

Intralinks is trusted by many big-scale companies and well-known global brands. It is an experienced traditional virtual data room provider with high-quality standards and representatives in several countries. It is a true giant in the data room industry and is targeted to large size businesses. The solution might feel not flexible enough for younger entrepreneurs that prefer agile software.

5% above average
4.59 /5.0

Citrix Systems is a reliable company that proposes several cloud services for providing online business deals and employee workflow needs. Citrix Workspaces is virtual data room software that intended for online deals and proposes all necessary tools for document management. Clients also can use additional Citrix Systems software in order to cover process needs.

2% above average
4.40 /5.0

Firmex virtual data room specializes in highly secured cloud services for online deals and filesharing. It has been gained the undeniable reputation of a secure and helpful platform and acquired top positions because of high-quality standards and a flexible approach for clients' needs. The different software packages suit the needs of smaller and larger businesses.

-1% below average
4.31 /5.0

Digify is quite a young virtual data room provider, that proposes all basic virtual data room tools. It is well known as a user-friendly platform that targeted small business size customers. It has no defined reputation on the global market but is a prospective cloud software provider.

-2% below average
4.23 /5.0

Onehub proposes offers multiple cloud solutions: for individuals and secure services for business document flow. Onehub data room relates to high price cloud software but it guarantees The best technical support team and software product quality.

-4% below average
4.17 /5.0

DealRoom software specialized in M&A due diligence saas services. The software belongs to an expensive VDR category. DealRoom provides advanced online tools for the buy-side and sell-side customers. It accompanies the tackle of each aspect of the deal lifecycle.

-7% below average
4.02 /5.0

Clinked is a business portal for organization digital rights management, document exchange, and providing deals online. It proposes several tariff plans depending on the client’s purpose. Clincked VDR is appropriate for all business size company.

What is a Virtual Data Room

Virtual Data Room (also known as VDR or Deal Room) is a highly secure online storage that is used for sharing and storing business documents. A virtual data room is the best digital solution to facilitate the due diligence process during an M&A transaction between the companies. Because of high technology and reliability, corporations prefer virtual data rooms instead of the traditional physical data rooms. The data room software ensures high-security standards, decreases costs and improves the efficiency of the online deals. Online data room also used in private equity, real estate and venture capital transactions, Initial public offering, and fundraising.

How Virtual Data Rooms Rating is Formed?

This site presents an independent online rating of virtual data rooms. Here, we have gathered all the online data room providers who work with top companies around the world. The methodology behind the rating is an aggregate average rating. We created this rating because reviews posted on just one website can be biased as companies often reward their customers for leaving positive virtual data room reviews.

To tackle this behavioral pattern on this particular website, we have collected all available information from open sources to create the basis for the current electronic data room rating. In order to provide consistent evaluation, we implement a five-star scale rating based on the average score for each of the indicators:

Dataroom Provider’s Rating =

Industrial Review*0,8+Usage Rating*0,1+Media Rating*0,1

The rating below shows the final result of this assessment. It is updated monthly. VDR Rating includes the following components:

Industrial rating

Data from independent digital data room ratings published on different sites, e.g.,,, etc.

Industry Rating =

(Capterra Reviews + G2 Reviews + SoftwareAdvice Reviews + ... + N)/N

Usage rating

The calculation is based on the frequency of the service usage issues mentioned in the internet. Q&A services (e.g., and other sources with user-generated content serve as data sources.

Usage Rating =

5.0 * Data Room Queries - Provider's QueriesData / Room Queries

Media rating

It is based on the number of publications, the frequency of mentioning the dataroom brand in the media, press releases covering tech innovations, and the number of negative news related to the brand.

Media Rating =

5.0 * Data Room Mentions - Provider's MentionsData / Room Mentions

Difference between the Data Room Providers

When choosing a data room provider, it’s essential to consider the properties listed below that might be important for your business during daily usage in addition to the rating of the data room provider. The best data room providers match no less than 90% of the list.

Set of features and services

The combination of properties should be sufficient to make a dataroom suitable for your business. It could be user management, the ability to add watermarks to all documents or control the activity within the team regarding progress with individual documents, or even all of these features combined.

Level of protection

Online data room providers must meet basic security requirements: ensure operation in accordance with the GDPR, HIPAA, and SOC2 protocols, as well as two-factor authentication, and other data security standards.

The high-quality VDR provider must provide additional data security levels

– Safe document view access with “protective mesh”
– Remote removal of documents
– Dynamic watermark overlay
– Virus scanning
– Granular accesses for viewing and editing documents
– Access time control and limitation
– Restricting access by time and IP address
– Access control on mobile devices

Accessibility and ease of use interface

All of the data room providers have different settings and options. However, there is a basic standard that every provider should adhere to.

Technical support

The required level of technical support should be enough to ensure that the system’s ability to fail is close to zero. The main KPIs of high-quality technical support are maintenance time and the speed of processing technical problems by the support team.

Maintenance should take no time which means that any kind of hitch should be fixed before the end-user even notices it.
Customer support
If something still goes wrong, the speed of solving the problem is supposed to be as high as possible. Otherwise, a single incorrectly written line of code on the side of the electronic data room provider can cost billions of dollars for its client.

Product quality

Another important criterion for choosing the data room software is product quality, i.e. its speed and stability of the connection. The more distributed data centers the provider manages, the higher the data processing speed is.

Provider experience

Here you need to pay attention not only to how long the online data room provider has been on the market, but also to check the provider’s portfolio. In case the provider has customers from your industry, you can contact them directly and ask for feedback.

A small hint for choosing a virtual data room providers

– Consider the industrial speed benchmark of 200 Mbps.
– If the provider is confident in its services, it can guarantee compliance with the SLA of at least 99%.

Pricing policy

Pricing should be simple, clear, and transparent. No hidden fees.

Level of customer satisfaction

It’s a rather difficult criterion for assessment. However, there are numerous options for collecting user feedback online as we mentioned before in the methodology section. In addition, you can consider talking to the existing provider’s customers to get a proper client’s opinion.

Virtual Data Room Market Matrix

Virtual Data Room Comparison

Software Providers
VDR Rating
HQ Location
Free Trial
4.92 / 5.0
New York, NY, USA
30 Days
4.77 / 5.0
Palo Alto, CA, USA
7 Days
4.72 / 5.0
Minneapolis, MN
14 Days
4.63 / 5.0
New York, NY, USA
30 Days
4.59 / 5.0
Richardson, TX
14 Days
4.40 / 5.0
Toronto, CA
4.31 / 5.0
Sydney, NSW
7 Days
4.23 / 5.0
14 Days
4.17 / 5.0
Chicago, IL, USA
14 Days
4.02 / 5.0
Cambridge, UK
10 Days
3.98 / 5.0
Sydney, NSW
14 Days
3.90 / 5.0
Redwood, CA, USA
3 Days
3.66 / 5.0
San Francisco, CA
7 Days
3.62 / 5.0
London, UK
30 Days
3.50 / 5.0
Los Gatos, CA
7 Days
3.49 / 5.0
Manhattan Beach, CA, USA
7 Days
3.37 / 5.0
San Francisco, CA
7 Days
3.37 / 5.0
Chicago, IL, USA
10 Days
No Reviews
Fort Worth, TX
14 Days
No Reviews
Foster City, CA
No Reviews
Munich, DE
No Reviews
Poznan, PL
14 Days
No Reviews
Munich, DE
7 Days
No Reviews
London, UK
No Reviews
Los Angeles, CA, USA
No Reviews
London, UK
No Reviews
Munich, DE
14 Days
No Reviews
London, UK
No Reviews
Rome, IT
No Reviews
Dallas, TX
7 Days
No Reviews
Houston, TX, USA

How to Choose the Best Data Room?

To choose virtual data room software, you must first set your expectations. Treat the choice of virtual data room provider as a separate project within the company. In case you do not use this approach (e.g. no KPIs, responsible team, and a project owner), it can turn out to be an investment for the sake of investment rather than a helpful tool.


Define your needs and abilities.

To choose the perfect digital data room provider, you need to make a list of tasks that you will use it for. 


Identify desired features.

This is important because even the best virtual data rooms can be decomposed into a set of features. Consider creating a spreadsheet where each row corresponds to a separate feature: {security component 1, …, security component N}, {speed component 1, …, speed component N}. It will be much easier to compare all the electronic data room providers on the market and choose exactly the data room that is ideal for your business.


Consider your budget.

The best data rooms are those that provide the necessary components listed in the previous point and have a predictable ROI at the same time.


Compare virtual data rooms.

Create a database of the best data room providers, add your criteria, prices, and compare your options. The process is similar.


Read the reviews.

After you short the list of electronic data room providers, read the reviews. To find reliable reviews about the data room software, check not only the data room reviews on the ranking website but also those on forums, social media, and other platforms.


Select VDR providers, check their websites, and talk to support teams.

By doing this you can get to know the virtual data room vendors and the people behind it. You definitely should talk with support, because these are the people who will help you with solving the problems if they occur.


Use a Free Trial.

If you don’t try out virtual data room software, you won’t be able to define whether it is suitable for your business.

After or during the trial, install the online data room software and make it “yours” promptly. While using it, you can contact the support team to solve urgent problems: even the best virtual data rooms cannot be a perfect fit for every company right away.  Also, try to make VDR usage a part of your team’s daily processes as soon as possible. This way, you will use all the features of the tool and provide a quick return on investment.

Data Room Features and Business Benefits

Data Security Guarantees

With a virtual data room, all your documents will always be protected.

Each file that you upload to the electronic data room is checked by antiviruses for integrity and the absence of threats. Downloading damaged or vulnerable files to the data room are restricted.

Access to each file is controlled by multi-level encryption when opening and downloading, so you can manage access to documents both in the online data room and outside. If necessary, you can remotely delete any file.

Full Document Management Control

You can configure individual access to view and download documents for all room participants and see the actions that users performed with these files. 

For example, you can allow full or partial rights for viewing or editing documents, assign watermarks to files, and give granular permission to download or print them.

Workflow Speed

With Virtual Data Room software, working with files is even faster and more convenient: they are easy to upload, merge, move, download, delete and restore, and if necessary, several files can be combined into one.

Easy Access and Availability

In addition, participants do not need to remember usernames and passwords for each project – the best data room providers offer single sign-on technology.

All participants in the digital data room can work with documents in the web interface or mobile iOS / Android applications without the need to install additional plugins or programs.

Reduced Overhead Costs

Deploying an analog of VDR on your own servers will cost much more than using an existing cloud-based solution. In addition, the use of a solution that is provided by a trusted vendor eliminates the risks associated with data leakage compared to conventional cloud data products, e.g. Dropbox, Google Drive, Box, etc.: in some cases, such leaks can bring much more losses than standard overhead costs.

Increased Transparency

Each action and information that participants are looking for in the data room is recorded in the action log. These data allow you to analyze all the activities for a selected period of time and document in order to avoid conflicts, misunderstandings, and disagreements.

An intuitive reporting tool with color-coding (heat map) allows the owner of documents to quickly analyze which groups and projects of the room show the highest activity.

Analyze any actions by individual users or user groups (how often they enter the system, what documents are available to them, etc.) and change the settings if necessary with few clicks or taps.

Virtual data rooms are among the most powerful online business tools. They erase the boundaries of time and regions, so participants can conduct secure business processes from anywhere in the world, regardless of the task that the business needs to solve at the moment. 

Who Uses Online Data Room Software?

Companies of any size and industry can benefit from the usage of virtual data room services. VDRs are utilized in almost any situation where you need to give confidential access to certain information to a group of people. Most often, VDR is employed for the following tasks:

Corporate documentation analysis.

Creating a corporate document repository.

Conducting an audit before a merger and acquisition transaction.

Preparing documents for the company’s IPO.

Communication with investors.

Bankruptcy and restructuring procedures.

Code analysis without the risk you have when transferring it to other contractors, etc.

Today, secure virtual data rooms are actively used in the healthcare, risk capital, business agents, banks, financial institutions, consultancy, manufacturing, immovable property, accounting, and audits industries.

Financial sector

For such companies, the security of document delivery to the recipient and the control of access rights to it provided by virtual data room services are crucial.


Virtual data room services allow businesses to provide secure access for a certain period of time and end it when an agreement is reached and the transaction is completed.

Communication service providers

The data room service providers protect all essential user data.


Retail companies can safely provide access to valuable data for merchandisers, sales representatives, contractors, and partners with the help of virtual data room service providers.

Therefore, if your business involves sensitive data management of any kind and it is important to maintain access rights and control over the distribution of transmitted information, there is a huge chance that the best virtual data rooms will help you to maintain these processes easily.

Frequently Asked Questions

How the VDR Cost is Formed?

There are no particular criteria providers would use to determine their prices. Each VDR provider plays by its own rules trying to win the competition. Compare virtual data room pricing and tariff plans before you choose the VDR provider. Yet, there are several nuances that usually impact the price of a data room:

  • Reputation — some old-school virtual data room providers, that began their journey way before the Internet was created, have higher prices solely because they exist for a long time, and a lot of large corporations trust them. 
  • The set of features — modern virtual data room vendors improve their data rooms by adding more useful functions and utilizing AI to provide users with a better experience. The more complex a data room is, the higher its cost will be. Although, there are quite advanced VDR providers that offer rather affordable prices.
  • Customization — some providers allow clients to customize the interface of the data room and documents with corporate colors and logos. This is a very useful feature as it creates a solid image for a business. However, this function might make the price go higher.
  • Additional secure VDR services and features — certain industries might want to pay more for a data room if it’s more protected.
  • Integration with third-party software — this feature is useful if a company is already using other business tools.
What the Tariff Plan to Choose?

Each provider has its own pricing approach. The best data room providers offer several tariff plans to satisfy customer needs.

  • Per-page. Small projects and startups might find this approach to be the most suitable for them. Depending on the size of the project, the costs vary from $0.40 to $0.85 for one page — that’s great for when a company doesn’t have a lot of large documents. Bigger businesses will receive rather huge bills.
  • Per-user. While this pricing model is considered to be a separate one, almost every provider limits the number of administrative users under one account. So check how many team members you can add to the data room before signing up for a vendor you’ve decided to choose. Additional users might cost you up to $250 per person.
  • Storage Size. This is another virtual data room pricing structure that is attractive to smaller companies. Providers who use this model offer clients a certain number of gigabytes under one account, and they will charge for overages if they occur. The cost of an overage can reach up to $75 for one gigabyte.
  • Transaction length (period). If you’re not planning on using a data room for a long time, and you need this software to go through a short-term deal, this data room pricing approach will be useful for you. However, you should always keep in mind that a deal might take longer than planned, so check how much will a provider charge you if you exceed the number of days you’ve paid for.
  • Number of projects. A lot of businesses use data rooms every day to manage their relations with customers. So some providers charge their customers for the number of projects created in the data room. This approach is also good for smaller companies that don’t have too many deals going on. Otherwise, the bills might be rather high.
  • Flat Monthly Fee (fixed tariff plans). This is the most popular pricing model among modern online data room providers. Clients get to choose the virtual data room pricing plan they find suitable — it would usually include a certain number of gigabytes and administrative users. Sometimes, VDR providers add advanced features for more expensive plans. This allows customers to pay only for the functions they will use.

Small companies would benefit from a per-page or storage size-based pricing approach. Businesses that use data rooms for short-term deals should choose the data room providers that charge for the length of a transaction. Providers that charge per user or per number of projects might be most suitable for middle-sized companies. And large firms and corporations should either ask a provider for a custom VDR pricing plan or opt for the digital data room providers that offer flat monthly fees. Although fixed prices can be suitable for businesses of all sizes as providers offer options for different needs.

How to Define the Best Data Room Structure?

The logical and correct structure of the virtual dataroom allows businesses to get the most out of using VDR software. A well-organized hierarchy of folders and files allows both employees and third-parties who are dealing with documents for the first time to find the required file as quickly as possible. Users should choose the type of hierarchy depending on the goals and a kind of a deal. 

Virtual data room structure should be suitable for the business goals. Many companies already have all their documents organized on the local machines. In this case, users just upload all the files in bulk — the data room will preserve the structure. Some data room vendors provide customers with templates of the required structure. VDR templates are usually tailored for different needs and deals. Virtual data room templates ensure easy collaboration and become a straightforward guideline in conducting deals online.

What should be Included in a Data Room?
  • Basic papers — these documents include your business licenses and permits; a list of directors, officers, and subsidiaries; the percentage of ownership; other papers that indicate that your company is operating properly and legally.
  • Stocks, options, and other securities — these papers include all the information regarding current stockholders and option holders, the terms and details of stocks and options, and so on.
  • Finances and taxes — make sure you include papers that will show third-parties transparent information about your finances, taxes, loans, and leases. 
  • Your property and assets — gather documents on all the leased and owned property and assets.
  • Intellectual property — these papers will show third-parties all the information about your patents, trademarks, software licenses, and all the other assets regarding IP.
  • Agreements — gather agreements between your company and suppliers, customers, and all other third-parties.
  • Insurances and information about employees — upload everything regarding insurances, the number, and roles of employees, agreements, and plans.
  • Supporting papers — if you feel like you should include any documents that can impact the deal, gather them, and add as supporting papers.
How to Organize an Online Data Room?
  1. Install a Data Room. The first step would be the installation of the software. However, a lot of providers offer cloud-based virtual deal rooms now that don’t require you to install anything. If that’s your case, simply create an account for your company.
  2. Come Up with the Structure. Depending on the goals of the upcoming process, determine the documents you will need to provide third-parties with. Then think through the most convenient structure for these files — you can use a template provided by your vendor as well.
  3. Upload the Files. Now when you know which files to use for the upcoming process, upload them to the data room. If they’re already organized on your computer, you can upload them in bulk to transfer the existing structure, too. At this point, your goal is to get all the most important documents together and create a hierarchy of folders. Later, if you will need to add more files, it will be easy for you to do.
  4. Set Up the Access Levels. Data rooms allow businesses to give different users different rights. You often can set up access levels even down to single files to make sure that third-parties can view or work with necessary documents only. It’s logical to give invited users’ access just to general information at the beginning of the deal and then gradually extend their rights.
  5. Invite Users. If your data room provider allows customizing the invite email — you should leverage this feature to create a solid impression. Then send these emails to all the third-parties that will take part in the upcoming process.
  6. Control the Activity. Data rooms allow businesses to see all the activity of invited users — which files they opened, when, what they did to them, and for how long they worked with them. These reports can provide you with useful insights on how to get the results you desire. But also, using them, you can control the processes to avoid data leaks.
Is Dropbox a Data Room?

Dropbox is not the data room. Even though this service offers pricing plans for businesses, it still lacks some essential features virtual data rooms have. But moreover, despite the promised reliability, Dropbox is not as secured as businesses need a corporate repository to be. That’s why it simply can’t be considered a digital data room — it’s not tailored for the needs of organizations as much as it should be. Dropbox platform is used by the general public to exchange non-confidential files with each other. Also, users can keep some documents in this storage. It’s not safe to exchange sensitive information in Dropbox.

Both tools have their advantages and disadvantages. And while some users would find Dropbox a nice solution, others might prefer the online data rooms. Everything boils down to the specific needs they have. However, when it comes to business needs, the requirements are simple. The software must be perfectly reliable, easy to use for everyone and offer features that boost teamwork. By these criteria, we will determine the pros and cons of both tools.

Why Businesses Need a Virtual Data Room?

Companies choose virtual data rooms because it’s a certified and perfectly secure software tailored for the requirements of a business. VDR data rooms are straightforward, yet they provide organizations with all the tools they require for efficient teamwork and paper maintenance.

Firms use only virtual data rooms during M&A, due diligence, and other document-heavy processes because this software can handle so much data easily while keeping it protected. Due Diligence data room enables multiple users to operate in a digital space. Finally, a company that presents itself via a certified data room creates a better impression than one that simply shares files in Dropbox.

The primary concern businesses have when choosing a tool for document maintenance is security. Data leaks cost a lot of money and effort. In fact, they can pretty much kill a company as its customers stop trusting it with their information. That’s why businesses need to get a perfectly reliable service, and cloud file-sharing platforms are simply not that secure.