Virtual Data Room Providers Review

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Helping businesses to find the best software solutions:

Best Virtual Data Rooms

Last update: February 25, 2021

TOP
Rating
Review
Profile
1
4.92 / 5.0
12% above average

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.

5829 Views
Users’ choice 2021
Capterra
4.80/5.0
G2
4.71/5.0
Software Advice
4.93/5.0
GetApp
4.85/5.0
2
4.77 / 5.0
9% above average

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.

3166 Views
Capterra
4.4/5.0
G2
N/A
Software Advice
N/A
GetApp
N/A
3
4.72 / 5.0
9% above average

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.

2515 Views
Capterra
4.94/5.0
G2
N/A
Software Advice
N/A
GetApp
N/A
4
4.63 / 5.0
6% above average

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.

1465 Views
Capterra
4.30/5.0
G2
3.64/5.0
Software Advice
N/A
GetApp
4.29/5.0
5
4.59 / 5.0
5% above average

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.

2085 Views
Capterra
4.6/5.0
G2
3.9/5.0
Software Advice
4.63/5.0
GetApp
N/A
6
4.40 / 5.0
2% above average

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.

1142 Views
Capterra
4.60/5.0
G2
3.81/5.0
Software Advice
4.65/5.0
GetApp
4.65/5.0
7
4.31 / 5.0
-1% below average

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.

653 Views
Capterra
N/A
G2
4.5/5.0
Software Advice
4.86/5.0
GetApp
4.86/5.0
8
4.23 / 5.0
-2% below average

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.

380 Views
Capterra
N/A
G2
4.1/5.0
Software Advice
4.63/5.0
GetApp
4.63/5.0
9
4.17 / 5.0
-4% below average

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.

382 Views
Capterra
4.60/5.0
G2
N/A
Software Advice
4.57/5.0
GetApp
4.57/5.0
10
4.02 / 5.0
-7% below average

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.

104 Views
Capterra
4.7/5.0
G2
4.3/5.0
Software Advice
4.54/5.0
GetApp
4.74/5.0

What Is a Virtual Data Room (VDR)?

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 during M&A transactions.

Online data rooms allow users to share critical business data with third parties over the internet in a controlled environment and to interact with other users in a completely secure manner from any device and location.

You may also meet such synonymous as “virtual deal room” or “dataroom.”

Who Provides Data Room Services?

Virtual data room services 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. 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. These are the companies that supply high technological online space for business needs.

How to Choose Data Room Software?

  1. Define your needs and abilities. To choose the perfect virtual room, you need to make a list of tasks for which you will use it. 
  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. It will be much easier to compare all the VDR providers on the market and choose exactly the virtual data room software that is best 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 — just like as if you were choosing among five LED-TV sets in an online store. 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 data room software, check not only the reviews on the rating 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 data room brand 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.
  7. Free trial. If you don’t try out deal room software, you won’t be able to define whether it is suitable for your business.

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%.

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.

  • Does the offer include a free trial? 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.
  • Does the offer cover technical support? Ignoring this issue, the organization denies itself professional assistance in force majeure situations.
  • Is it possible to order additional options after installing the electronic data room? No one can foresee new needs tomorrow. Best data room providers do not exclude such a possibility, and therefore they create a flexible program.
  • How efficient is training for company personnel? 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.

Difference between VDR Providers

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

Set of features

The combination of properties should be sufficient to make a digital data room 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. 

Accessibility and ease of use interface

All 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 ability to fail is close to zero, and in case something happens, all data will be securely stored and inaccessible for hacker attacks of any kind. 

Product quality

Another important criterion for choosing a virtual data room 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. 

VDR 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.

Compare Virtual Data Rooms

Data room software providers differ in lots of characteristics, among them are:

  • the function set,
  • the availability of technical support professionals,
  • the level of security.

To choose the best option, each client must consider these and many other aspects. Some companies select data rooms by price, others by quality. The characteristics and descriptions of the data provider website for online deals should contain information on several things.

First and foremost, encryption, by which content is not exposed to risks and remains safe in the event of a leak. In this case, the attacker cannot use the data since they do not own the encryption keys.

Secondly, it is international standards compliance for secure data room services. The provider assumes legal responsibility for violation of the information protection policy.

Thirdly, customers should make sure that some certificates are confirming the quality of protection. Last but not least, it is two or multi-step authentication. It means that only those who have received permission to access are on the platform.

Among the classic promises of the VDR provider are 24/7 security, threat-free exchange, an intuitive interface. Some suggest tailoring the data room functions to the needs of a particular client. What an organization should look for among the characteristics:

Extended permissions – Without this, the administrator can not restrict access to highly-confidential records. That leads to irreparable consequences such as data theft.

Search by platform – If this item is not in the virtual data room description, there is no convenience of paperwork. Each platform user should be able to find files by entering its name or keywords.

Integration of the Microsoft Office software suite – Even though the platform is a complete and self-sufficient means for business, these programs expand opportunities even more.Manager’s ability to track processes in workspaces – The absence of this option casts doubt on product quality. After all, it is an instrument of monitoring and controlling.

Key Benefits of VDR 

Physical data rooms and file-sharing programs are limited in capabilities. Consequently, comparing virtual data rooms with them does not make sense. 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:

  • data room software guarantees the security of business data;
  • innovative mechanisms to guard the content of the platform, which exclude the intervention of third parties;
  • organization of data in such a way that users can easily find materials, without heaps of paperwork;
  • document administration tools that make it easier for even the largest corporations;
  • directors and staff have free access to the virtual site anytime and from any device;
  • the transaction process is less stressful and does not raise concerns about the safety of exchange and storage;
  • the parties to the deal always strive for smooth cooperation with the minimum investment of time.

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. The platform takes on paperwork, process control, security.

Uses of Virtual Data Rooms

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:

  • 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. 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.

M&A Due Diligence

Conducting due diligence during M&A transactions is a top use case of virtual data room software. 80% of clients use deal room software for mergers and acquisitions. The parties to the transaction do not have to go anywhere to get acquainted with the data. The target company grants or restricts access to documents while monitoring every action of the platform visitors. It is important to add that third-party login is not a risk factor. 

Real Estate Management

Thousands of files of any format, including video tours, really matter in this industry. Clients and partners can view and study everything in online data room workspaces. Managers control permissions for viewing, modifying, sending files. Electronic data room providers create several access levels, according to which each user has certain rights to do something.

Initial Public Offering 

Virtual Data Rooms for IPO improves the process of document organization. Sharing securities many times and with many individuals raises concerns for the company. Each stage of the transaction involves a particular circle of partners and access to data. The organization protects itself from threats by contacting virtual data room service providers.

M&A Data Room Providers

1iDeals Data Rooms
2Intralinks Dealspace
3Merrill Datasite
4Citrix Workspaces
5WatchDox
6DealRoom
7Firmex

Virtual Data Room Reviews

Virtual Data Room Pricing

Typically, a client chooses between three packages of services based on what they want and their budget. The average cost is $ 99 per calendar month. This price includes basic options and a quality grade of service in technical terms. Vendors offering discounts for deals longer than three months are iDeals, Firmex, SecureDocs. There are virtual data rooms for which a customer pays over $ 1000. The following are thought to be expensive Intralinks, DealRoom, Merrill Datasite. The charge is not always a fixed payment. The influencing factors may be the number of folders uploaded and authorized users. 

Virtual data room pricing pricing policy depends on:

  • how high is the guarantee of the content safety that the company places in the space,
  • How many users a company will engage. Sometimes it can get a discount on every new one as soon as the quantity exceeds a particular number of persons,
  • storage size, which also depends on the amount of data that the group usually deals with. Certain data room providers have such rules that an additional fee is for each added gigabyte. 
  • the number of workspaces that a customer plans to use during the transaction or on an ongoing basis. The number of data room spaces where a surcharge is also usual,
  • additional options that the client chooses to meet the needs of their business, such as: customization, Q&A, software deployment, technical support etc. 

All of these factors indicate that an organization must assess its needs before an acquisition. By underestimating them, a team runs the risk of incurring much higher costs, committing resources to a new member, or gigabyte from time to time. Overestimating the needs, a company is wasting money. Virtual data room providers usually propose three service packages, and the client decides by studying the functions.

How Virtual Data Rooms Rating Is Formed?

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:

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. 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

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.

List of Virtual Data Room Providers

1iDeals
2WatchDox
3Merrill Datasite
4Intralinks
5Citrix
6Firmex
7Digify
8Onehub
9DealRoom
10Clinked
11Ansarada
12Box
13SecureDocs
14EthosData
15ShareVault
16CapLinked
17DocSend
18Donnelley Venue
19Vault Rooms
20Open Source Cloud Management
21Drooms
22ForData
23Brainloop
24Imprima
25SmartRoom
26Sterling
27HighQ
28DataRooms
29idrShare
30DataroomX
31Multipartner