Virtual Data Room Providers Review

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Helping businesses to find the best software solutions:

Best Virtual Data Rooms

Last update: October 14, 2020

TOP
Providers
Rating
Review
Profile
Users’ Choice
1
Top Rate
15% above average
4.98/5.0

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 digital space. It is widely used in companies of all sizes.

2
Top Rate
11% above average
4.8/5.0

BlackBerry Workspaces (WatchDox) is rebranding virtual data room software of Watchdox VDR. Provider 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 size businesses.

3
Top Rate
9% above average
4.72/5.0

Datsite is an updated software product of Merrill Corporation. Merrill Corporation is a pioneer of the virtual data room market that provides a variety of business software. Datasite is a virtual data room that serves 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.

4
Top Rate
8% above average
4.66/5.0

Citrix Systems is a reliable and developing 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.

5
Top Rate
4% above average
4.51/5.0

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.

6
Top Rate
2% above average
4.40/5.0

Firmex virtual data room specializes in the highly secured cloud services for online deals, due diligence audits, 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.

7
Top Rate
-1% below average
4.28/5.0

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.

8
Top Rate
-2% below average
4.23/5.0

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

9
Top Rate
-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.

10
Top Rate
-7% below average
4.02/5.0

Clincked 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.

Virtual Data Room Rating Approach

This site presents an independent online rating of virtual data rooms. Here, we have gathered all the reliable 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 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 virtual deal 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:

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. Contact us if you have any questions.

VDR Rating includes the following components:

Industrial rating

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

Usage rating

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

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 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 VDR 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

VDR 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 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.

1
Maintenance
Maintenance should take no time which means that any kind of hitch should be fixed before the end-user even notices it.
2
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 virtual 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 provider

– 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

How to Choose the Best Virtual Data Rooms

To choose virtual data room software, you must first set your expectations. Treat the choice of 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.

1

Define your needs and abilities.

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

2

Identify desired features.

This is important because even the best virtual data room 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 data room providers on the market and choose exactly the virtual data room that is ideal for your business.

3

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.

4

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.

5

Read the reviews.

After your list has been shortened to five to ten providers, read the reviews. To find reliable reviews about the data room software, check not only the reviews on the ranking website but also those on forums, social media, and other platforms.

6

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

By doing this you can get to know the virtual deal room brand and 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.

7

Free trial.

If you don’t try out online deal 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.  In addition, try to make the 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.

Virtual Data Room Providers Comparison

Software Providers
VDR Rating
HQ Location
Free Trial
1.
4.98 / 5.0
New York, NY, USA
30 Days
2.
4.8 / 5.0
Palo Alto, CA, USA
7 Days
3.
4.72 / 5.0
Minneapolis, MN
14 Days
4.
4.66 / 5.0
Richardson, TX
14 Days
5.
4.51 / 5.0
Sydney, NSW
7 Days
6.
4.40 / 5.0
Toronto, CA
No
7.
4.28 / 5.0
New York, NY, USA
30 Days
8.
4.23 / 5.0
Seattle,WA
14 Days
9.
4.17 / 5.0
Chicago, IL, USA
14 Days
10.
4.02 / 5.0
Cambridge, UK
10 Days
11.
3.98 / 5.0
Sydney, NSW
14 Days
12.
3.90 / 5.0
Redwood, CA, USA
3 Days
13.
3.66 / 5.0
San Francisco, CA
7 Days
14.
3.62 / 5.0
London, UK
30 Days
15.
3.50 / 5.0
Los Gatos, CA
7 Days
16.
3.49 / 5.0
Manhattan Beach, CA, USA
7 Days
17.
3.37 / 5.0
San Francisco, CA
7 Days
18.
3.37 / 5.0
Chicago, IL, USA
10 Days
19.
No Reviews
Fort Worth, TX
14 Days
20.
No Reviews
Foster City, CA
No
21.
No Reviews
Munich, DE
No
22.
No Reviews
Poznan, PL
14 Days
23.
No Reviews
Munich, DE
7 Days
24.
No Reviews
London, UK
No
25.
No Reviews
Los Angeles, CA, USA
No
26.
No Reviews
London, UK
No
27.
No Reviews
Munich, DE
14 Days
28.
No Reviews
London, UK
No
29.
No Reviews
Rome, IT
No
30.
No Reviews
Dallas, TX
7 Days
31.
No Reviews
Houston, TX, USA
No

Deal Room Features and Business Benefits

Data Security Guarantees

With a virtual deal room, all 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 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 virtual 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, 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 providers of VDRs offer single sign-on technology.

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.

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, 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.

Corporate

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.

Retailers

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 virtual data rooms will help you to maintain these processes easily.