Virtual Data Room Providers Review
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Last update: June 24, 2021
iDeals virtual data room proposes a wide range of customization and collaboration tools. The easy to set up software and its user-friendly interface ensure any online deals or document management services are smooth. The iDeals VDR allows the user to generate graphs and customs reports on user activity. The VDR is widely used by companies of all sizes.
Firmex virtual data room specializes in highly secured cloud services for online deals and file-sharing. Firmex has gained the reputation of being a secure and helpful platform. This VDR provider is among the top VDR providers because of its high-quality standards and flexible approach to clients' needs. The provider offers different software packages suited to the needs of both small and large businesses.
Intralinks is trusted by many large 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 its target market is large sized businesses. Intralinks’ VDR solution might feel not flexible enough for younger entrepreneurs that prefer agile software.
Citrix Systems is a reliable company providing cloud services for online business deals and employee workflow needs. Citrix Workspaces is virtual data room software for online deals and includes all tools necessary for document management. Clients can use additional Citrix Systems software to cover process needs.
BlackBerry Workspaces (fka WatchDox by Blackberry) is a VDR provider that may be a bit difficult to use but redeems itself with the easily-available user and admin guides, trainings, and documentation for users. This VDR has a wide range of advanced tools for virtual space customization. This VDR provides services for businesses of all sizes.
Datasite is an updated software product of Merrill Corporation. Datasite is a VDR that provides excellent solutions for complex deals. Merrill also provides quality extra services that help in consulting, content administration, and other processes required for profitable corporations.
Onehub offers multiple cloud solutions and secure services for business document flow. Pricing for the Onehub data room may be on the high side but it guarantees the best technical support and software product quality.
DealRoom is an M&A due diligence SaaS. The software is expensive, pricing wise, but it does provide advanced online tools for both the buy-side and sell-side of the M&A process. The software also has features that tackle each aspect of the M&A deal lifecycle.
Digify is a relatively young virtual data room provider. Despite its late entry into the VDR market, it proposes all basic virtual data room tools and is well known to be a user-friendly platform targeting small-sized businesses.
Donnelley Financial Solutions Group’s Venue provides basic cloud instruments for business deals done online. Venue features tools for digital document flow and file sharing.
Check out the best virtual data room providers according to VDR global rankings. Compare prices and features of virtual data rooms and choose the data room software for your needs.
We provide insight and advice to help clients understand the virtual data room market trends, identify opportunities, and grow their businesses.
Dataroom-providers.org is an independent platform that provides a full review of virtual data room software providers. We collaborate with online software review resources, experts in the M&A community, and VDR I.T. specialists to rate virtual data room leaders on the global market.
A virtual data room (VDR) is a secure online platform for storing and sharing confidential information during financial or business transactions. Usually, it is used to facilitate the due diligence process in M&A deals.
Online data rooms allow users to share critical business data over the internet in a controlled environment and interact with other users in a completely secure manner from any device and location.
Virtual data room is also synonymous with “virtual deal room” or “dataroom.”
Virtual data room service providers are certified providers of secure cloud software. VDR providers comply with the necessary digital standards to ensure the security of business document flow. The number of virtual data room services on sale is off the charts due to the growing number of customers. Developers are also trying to create VDRs that are better than the previous ones. In this regard, a potential user has to allocate time to find the most suitable tool. These are the companies that supply high technological online space for business needs.
The virtual data room vendors eliminate such things as:
Virtual data room vendors are providers whose services are in great demand for sale today. Clients receive an electronic platform for:
The users range from small start-up companies to world-renowned organizations. It is easy to explain because the commitment of any business to security does not depend on the field of activity. It is vdr providers that offer a product that satisfies both this urgent need and many others. Deal room software is usually user-friendly with round-the-clock access for authorized persons. At any time, it is possible to exchange files, contact colleagues and partners without worrying about leaks and other problems.
By purchasing a product, the buyer gets not only a tool but also professional support. It consists of consulting or administrative services in addition to secure vdr. Consequently, now deal-making for parties is not a time-consuming task with many stages. Companies rely on providers with extensive experience in closing dozens or hundreds of deals across industries. By listening to recommendations, they feel more confident and secure in business dealings. The platform takes on paperwork, process control, security.
There are advantages to using this tool despite the industry or the size of the company. Traditional storage and file-sharing programs are limited in capabilities. Background and business-critical needs predictions make digital data room creators the most advanced in the technology. In more detail about the benefits, then these are:
Virtual data rooms are among the most powerful online tools. They erase the boundaries of time and regions, allowing participants to conduct secure business processes from anywhere in the world, regardless of the task that the business needs to solve at the moment.
Virtual rooms are designed to help with the following:
These are the main advantages of virtual rooms for business:
With a virtual data room, your documents will always be protected.
Each file that you upload to the virtual room is checked by antiviruses for integrity and the absence of threats. Downloading damaged or vulnerable files to the room is restricted.
Access to each file such as opening and downloading is controlled by multi-level encryption so you can manage access to documents both in the virtual and physical rooms. If necessary, you can remotely delete any file.
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.
With virtual data rooms, working with files is even faster and more convenient. They are easy to upload, merge, move, download, delete, and restore. If necessary, several files can be combined into one.
All participants in the virtual data room can work with documents in the web interface or mobile iOS/Android applications without the need to install additional plugins or programs.
In addition, participants do not need to remember usernames and passwords for each project as the best VDR providers offer single sign-on technology.
Virtual Data Room makes working with documents transparent for the room owner and for all participants involved in the process:
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.
Virtual data rooms 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:
The very first stage of filtering through possible virtual data room solutions is outlining your main goal. Sensitive data handling applies to a lot of different use case scenarios, and the specifics of each particular one should correspond with the VDR’s functionality and features.
To give you a general idea, below are the most common implementations of Virtual Data Room solutions.
While Mergers and Acquisitions (M&As) are vital to any successful company’s growth, the process itself is hardly ever pleasant and facile. M&As call for huge volumes of sensitive documents required at different phases. From this perspective, the VDR has to offer a flexible variety of access settings and the option to break each project into stages, such as pre-marketing, due diligence, and post-merger integration.
Even though a company is in the developmental state, there will always be plenty of confidential data to store. The ability to manage access privileges and the availability of large storage volume are essential to establishing a VDR corporate repository. In addition, the preferable virtual data room solutions will offer long-term plans aside from the monthly- or project-based fees.
Real estate deals are always associated with escalated amounts of documentation. Particularly, when the firm’s expertise goes beyond the sales and purchases facilitation, offering advisory services, property or land valuation, and others. virtual data room solutions ideal for real estate management have to provide an option for automatic loading of documents in bulk and sorting the data into a pre-set template.
Like engaging in M&A, filing an IPO is a compelling yet effort-consuming process. Companies preparing for IPOs have to work hard to gather the required documents and submit them on time. Also, because of the sheer complexity of public offerings, third-party experts might be involved. Utmost confidentiality and flexible access restrictions are inevitable elements of suitable Virtual Data Room solutions for IPO filings.
Securing funds for a launch or a project is also as multi-leveled and complicated as it gets. Depending on the nature of your venture, you are going to deal with varying levels of confidentiality, storage volume, access settings, and stage segregation. When considering Virtual Data Room solutions for raising capital, it is crucial to evaluate Guest User privileges and access levels. Because the number of visitors is virtually unlimited, you might need to look into creating a separate VDR for the initial presentation and public-access documents.
Today, virtual data rooms are actively used in the healthcare, risk capital, business agents, banks, financial institutions, consultancy, manufacturing, immovable property, accounting, and audits industries. 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 virtual data rooms will help you to maintain these processes easily.
While searching for the right VDR takes a lot of time and effort, the process isn’t necessarily hard especially if you follow our virtual data room solutions selection guide.
Identifying your goal plays a significant role in choosing which among the Virtual Data Room solutions is best for your business. Once your intention is clear, you can move on to specific steps of selecting a competent VDR provider for your needs.
Every company and every project is unique. Based on your purpose, the company’s size, the industry specifics, and many other factors, you’ll need to navigate between pre-established VDR plans and tailored flexible virtual data room solutions. Below are two essential factors to keep in mind at this stage:
People. Begin by listing everyone who might need access to the VDR. Ask yourself:
Setting aside the strictly technical side of VDR selection and considering the people factor will help you make the right choice when selecting the right tool, so make sure to account for all possible users.
Data. Another aspect to contemplate is the data you will trust in the Virtual Data Room. Ask yourself:
Planning the structure of the VDR in advance is an excellent asset to handling data safely and effectively.
With the outline of what you expect from a fitting VDR provider, you are ready to proceed to the next step: listing the distinct features you will look for across various virtual data room solutions.
If this is your first time dealing with virtual data room solutions, you might not know what is generally available out there. At this point, it is important to comprehend the distinction between rudimentary data storage and VDR. While typical storage solutions offer different approaches to data safekeeping, such as uploading, viewing, downloading, and sometimes minor editing, virtual data rooms go beyond that scope.
Data handling enabled by VDRs can involve many dimensions of technological advancements. For instance, you can choose to limit or restrict access to particular sections of the Data Room, watermark documents, track downloads, prevent screenshots, and more. Established VDR providers will also grant you access to an array of professional, administrative services, such as translation or document scanning, for an additional fee.
Budget allocation is a brief, yet vital step of going through Virtual Data Room solutions. Whether you are making the decision yourself or pitching the VDRs to your superiors, keep in mind that the functionality and effectiveness of the Data Room will always correlate with its usage cost. But this doesn’t mean that setting up a Virtual Data Room will be unreasonably expensive.
As you will learn further, the pricing policies of VDR providers are based on the service offering and the specific requirements of your company. What’s more, as long as you are dealing with a trustworthy provider, you will have a chance to learn and understand the prices before making any decisions.
The number of virtual data room services on sale is off the charts. It is because the number of customers is growing. The developers are trying to create something better than the previous ones. In this regard, a potential user has to allocate time to find the most suitable tool. They differ in lots of characteristics, among them are:
To choose the best option, each client must consider these and many other aspects. Some companies select data rooms by price, others by quality. But still, each of the directors should remember that teamwork and data protection depends on this acquisition. However, high cost does not always mean high-quality services. That is why it is necessary to pay maximum attention to all of the next factors.
Comparing the available Virtual Data Room solutions is the most time-consuming phase. At this point, consider using the following criteria to outline the most suitable VDR providers:
Ensuring the safety of your data is crucial when it comes to sharing documentation via VDRs. When comparing, keep an eye out for things like two-factor authentication, timed access expiration, multiple permission levels, and IP-address-based access limitations. Take note of the provider’s compliance certificates to guarantee the perfect match with top security standards. Look for Virtual Data Room solutions that exhibit certifications such as SOC 1 & SOC 2, ISO 27001, HIPAA, GDPR, and PCI DSS.
Each VDR offers a certain level of adaptability when it comes to operating systems and devices. The ideal solution will be equally functional across all majorly utilized platforms – be it iOS or Android, Windows, Linux or macOS. You won’t need to install numerous plugins or write a single line of code. Also, look at the suggested data hosting locations. The majority of Virtual Data Room solutions use public clouds and multiple international data centers, but the select ones might be able to offer physical storage and data center preferable to the user as well.
You can judge the effectiveness of any given Virtual Data Room solutions provider by their customer support’s availability, contact channels, response time, and the ability to get a dedicated team to assist you through your VDR experience. The preferable configuration of the Virtual Data Room support offering will feature the ability to communicate in multiple languages, have access to someone on the team 24/7, and a choice to communicate via live chat, phone, or email.
The Virtual Data Room solutions provider you’d want to go with will give you an option to restrict the accessibility by location or by role, establish multiple accessibility levels, and monitor the activity of all users within the platform. To ensure an effective experience for all, look for the features such as bulk invitations, adjustable Excel viewing permissions, user notifications, and streamlined group setup.
When it comes to a VDR’s interface execution, the bottom line is always a clear, intuitive configuration, equally apparent to the CFO and the entry-level accountant. A VDR with a well thought-out interface should offer extensive deployment options, a single sign-on for all projects, and a convenient scroll-through for navigation between thousands of files. Apart from a simple and comprehensive UI, you might also want to take advantage of VDR customization. This way, your corporate branding is transmitted every step of the way and the function prioritization meets your specific needs.
Here’s another list of questions to help users with the choice of virtual dataroom. They are about how easy it is to work on the platform and how accessible it is.
The pricing policies correspond to different guidelines across the majority of Virtual Data Room solutions. Some options rely on per-page or storage-based pricing policies, where the final cost depends on the amount of data you’ll need. Other solutions rely on the per-user model where you pay for the number of seats. Alternative pricing model offers a flat monthly fee, which depends on the package you choose. Some offer a limited data storage capacity, while others allow for a bespoke enterprise experience with unlimited administrators and solid storing space. The final cost will depend on the task, the amount of data, the number of users, and the pricing policy you choose.
Start by going through the reviews presented at the chosen VDR provider’s website. The Data Room companies that have been around for a while usually accumulate a decent amount of credible evaluations.
But don’t stop at the internal reviews. Take the time to read third-party sites for deeper insights into VDR providers. You will want to check out the customer reviews on platforms like Trustpilot or Software Advice, as well as the employees’ view of the company on Glassdoor, for example. Taking both internal and external virtual data room reviews into consideration will give you a good idea of the VDR’s effectiveness and ethics.
Just before you make the final choice among the considered Virtual Data Room solutions, take advantage of using their services for free for at least a month. Try to steer clear from the VDR providers that don’t offer complimentary trial periods, as it might mean they don’t have a lot to offer and sustain on initial charges alone.
Having discussed some issues with a provider, any customer will make sure they are going for the best virtual data room. Sometimes the service ends with the software launching. In this case, users are left alone with problems and unanswered questions.
It is more important than it might seem at first glance. Without a demo, this deal is like buying a pig in a poke. Having the opportunity to try a product, a buyer sees reasons for the investment, sometimes quite expensive.
Ignoring this issue, the organization denies itself professional assistance in force majeure situations.
No one can foresee new needs tomorrow. Best data room providers do not exclude such a possibility, and therefore they create a flexible program.
All directors want to see that each of the colleagues gets used to the new work format quickly. Otherwise, what should be of great benefit will lead to slowdowns.
During the data room free trial, you should get a feel of how well your requirements match with the chosen VDR. Additionally, you can use the charge-free time to prepare for future procedures, upload and organize all the documents, and set the appropriate access limitations.
After you found the gem in the ocean of modern Virtual Data Room solutions, go ahead and start benefiting from the software that accommodates your every need and makes the process of sensitive data management enjoyable for everyone involved.
To tackle this behavioral pattern on this particular site, 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:
The rating below shows the final result of this assessment. It is updated monthly. VDR Rating includes the following components:
Data from independent digital data room ratings published on different sites, e.g. capterra.com, g2.com, softwareadvice.com, etc.
Industry Rating = (Capterra Reviews + G2 Reviews + SoftwareAdvice Reviews + ... + N)/N
The calculation is based on the frequency of the service usage issues mentioned in the internet. Q&A services (e.g. quora.com), and other sources with user-generated content serve as data sources.
Usage Rating =
5.0 * Data Room Queries - Provider's QueriesData / Room Queries
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
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.