Virtual Data Room Providers Review

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Best Virtual Data Rooms

Last update: 4 December, 2021

4.82 / 5.0
9% above average

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.

Users’ choice 2021
Software Advice
4.71 / 5.0
7% above average

Drooms is a german provider that proposes meager functionality at a reasonable price. Each additional feature is an added value per month. Drooms VDR has a wide range of advanced tools for digital data room customization.

Software Advice
4.66 / 5.0
6% above average

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.

Software Advice
4.59 / 5.0
5% above average

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.

Software Advice
4.52 / 5.0
5% above average

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.

Software Advice
4.32 / 5.0
3% above average

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.

Software Advice
4.21 / 5.0
0% above average

Ansarada offers a convenient AI-powered virtual data room dedicated to due diligence and Mergers and Acquisitions. It commonly used for one flow deal purpose. Here you will have all the tools you need to go through these processes successfully. A user-friendly interface and a set of basic tools will facilitate the mastering of this software.

Software Advice
4.17 / 5.0
-1% below average

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.

Software Advice
4.05 / 5.0
-3% below average

SecureDocs is a pretty young provider of secure file-sharing services. It is quite popular among individuals. It proposes several file-sharing approaches and can be used in a business needs.

Software Advice
3.90 / 5.0
-6% below average

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.

Software Advice

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.

secure data room, merger and acquisition data room

Who provides data room services?

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:

  • the dangers of leaks,
  • contingencies associated with technical aspects,
  • incorrect transaction flow.

Virtual data room vendors are providers whose services are in great demand for sale today. Clients receive an electronic platform for:

  • keeping data safe;
  • secure exchange of confidential information;
  • making deals without the problems that usually accompany this process.

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.

M&A data room providers

M&A virtual data rooms
  1. iDeals Data Room
  2. Firmex Data Room
  3. Intralinks Dealspace
  4. Citrix Systems
  5. BlackBerry Workspaces
  6. Merrill Datasite
  7. Onehub
  8. DealRoom Software
  9. Digify
  10. Donnelley Venue

How to choose data room software: Selection guide 

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. 

1. Outline your requirements

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:

  • Are they the key decision-makers or the entire company? 
  • What access level will each member have? 
  • Are all potential VDR users tech-savvy? 

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:

  • What is the volume of the data that we will store? 
  • What are the main file types we rely on in daily business communication?
  • What confidentiality levels will the organization need? 
  • What downloading possibilities will allow for quick data sharing?

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.

2. Consider the necessary features

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. 

3. Allocate the budget

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.

4. Compare the options

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:

  • 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. 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. 

User management

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.

  • What are the operating systems that VDR can co-exist?
  • Is it available on mobile devices?
  • How modern and accessible is the interface design?
  • How many steps are required to invite new members or upload data?
  • Are the virtual data rooms accessible all the time? Are there restrictions?


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.

5. Read the reviews

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.

6. Request a complimentary trial

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.

  • 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.

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. 

7. Start using the VDR

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. 

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 (M&A) 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

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.

M&A due diligence

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. 

Corporate repository

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 management

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.

Initial Public Offering (IPO)

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.

Capital raising

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.

How virtual data room 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:

Data from independent digital data room ratings published on different sites, e.g.,,, 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., and other sources with user-generated content serve as data sources. Usage Rating = (Data Room Queries - Branded Data Room Queries) / Data 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. Social Media Rating = Facebook Good Reviews, % + Twitter Good Reviews, % + Quora Good Reviews, % + ... + N) * N * 5

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.