iDeals Virtual Data Room is a fantastic data room option, with all the functionality you could expect from an industry-leading virtual data room provider. The emphasis is on facilitating due diligence in any industry, including M&A, real estate, biotech, and techno...
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Excellent platform for M&A deals with a competitive price.Pablo B.
4.8/5
All VDR you need.Ralph J.
85% Would Recommend
2. Intralinks
4.6
Intralinks virtual data room is an efficient and secure corporate governance software for instantaneous data access, advanced contract management, and seamless collaboration during business deals.
The company was founded in 1996, but the first Intralinks virtu...
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SmartRoom is one of the products of BMC Group VDR LLC (BMC GROUP), a leading provider of information management solutions founded in 1998. The company is based in El Segundo, California, United States.
SmartRoom specializes in M&A (Mergers and Acquisitions) deal...
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Box is a provider of cloud storage, remote collaboration solutions, and a virtual data room solution founded in the United States in 2005. Box has offices in four US cities, as well as in nine other countries: Canada, UK, France, Germany, Netherlands, Sweden, Poland, J...
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Citrix ShareFile virtual data room is a product owned by Citrix Systems, a cloud workspace developer that acquired ShareFile, a collaborative solution provider, in 2013. ShareFile was founded in 2005 with headquarters in Raleigh, NC, and since then has assisted over 65...
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DealRoom is a Chicago-based provider of virtual data room and project management software. Founded in 2012, the company brings to bear its 10 years of experience in the data room world, offering solutions for M&A due diligence, contract negotiations, pipeline manag...
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Brainloop, founded in 2000, is a provider of virtual data rooms that facilitates secure collaboration on complex deals and transactions that require confidential documents. With headquarters located in Munich, Germany, Brainloop has offices in Austria and Switzerland. ...
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One of the top SaaS providers in the data room sector, Ansarada software stands out thanks to its broad range of features, including artificial intelligence solutions that facilitate prospecting and closing deals.
Ansarada was founded in 2005, in Sydney, Austr...
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Datasite LLC — formerly called Merrill Corporation — is a software provider founded in 1999 as a subsidiary of Datasite Global Corporation, and headquartered in Minneapolis, United States.
Datasite offers a suite of software products designed to streamline M&a...
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Donnelley Financial Solutions is a great workspace disregarding the type of the deal, project, or industry requiring a virtual data room service. Donnelley is a company founded in 1983 and headquartered in Chicago, Illinois, USA. Its history traces back to its parent c...
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Virtual data room technology is an inevitable element of any business transaction. Companies of all sizes use data rooms as corporate repository spaces, communication platforms, and tools for strategic decisions.
A well-selected electronic data room offers unprecedented levels of security, functionality, and versatility. Deal makers now have unlimited options to leverage sophisticated tools and pre-designed workflows and process any transaction faster.
As a result, the escalated convenience and availability of virtual data rooms made the physical data room concept nearly obsolete across all industries.
What is a virtual data room?
A virtual data room is an online platform that combines cloud storage with various instruments for high-stake transactions. A digital data room can be particularly beneficial for the processes that involve large documentation volumes, as it operates as a remote corporate repository.
An online virtual data room can also serve as a collaboration platform for day-to-day operations, board management, and all projects that require simultaneous contributions from several parties. Some of the most common examples of virtual data room applications are M&A, corporate due diligence, portfolio management, and capital raising.
When considering a virtual data room for your business, evaluating the top suppliers’ pros, cons and reviews is crucial to make a well-informed decision that best suits your business objectives and needs.
iDeals Virtual Data Room is a secure virtual data room solution used by more than 4,000 companies worldwide, including many Fortune 1,000 companies since 2008. The best virtual data room solutions from iDeals are based on a continuous innovation approach, including constant R&D efforts, powerful cloud infrastructure, and instantly available customer services. With iDeals’ advanced document sharing technology and shatterproof security, dealmakers worldwide can fully comply with due diligence requirements.
Support Options: Email/phone/live chat Availability: Online Free trial: Yes
Intralinks is a global technology provider of secure content management and collaboration solutions. Founded in 1996, Intralinks data room enables the exchange, control, and management of information between organizations through their virtual data rooms and deal space solutions, suitable for data sharing inside and outside of the corporate firewall. The company’s key product, Intralinks VIA, supports strategic collaboration solutions for a range of industries, including financial services, life sciences, technology, and manufacturing.
Support Options: Email/phone Availability: Online/desktop Free trial: Yes
SmartRoom provides virtual data room services for numerous business areas, such as capital markets, legal solutions, and corporate exchange. Secure document hosting and sharing among partners, convenient management of sensitive data and intellectual property, confidential discussion of the data directly within the platform – all these key features attract deal-makers (investment bankers, private equity managers, etc.) and make them look for the most protected, efficient, functional and convenient data room available.
Support Options: Email/live chat Availability: Online Free trial: No
Pros
24/7 customer support
A lot of additional features provided
Easy to use
Cons
Some users are dissatisfied with the quality of support
Box Virtual Data Room is a secure content management and collaboration platform founded in 2005. Recently, Box introduced a virtual data room service with advanced protection features and a convenient file storage system to upload contracts, financial statements, and other due diligence files. Multiple layers of protection keep business-critical information safe and secure while helping teams and enterprises across industries easily share, manage, and collaborate on their most important information from anywhere, on any device.
Support Options: Email/phone Availability: Online Free trial: Yes
ShareFile online data room provider is a cloud-based data room appropriate for the deals executed by various professionals such as financial advisors, brokers, government contractors, biotech and bio-licensing companies, real estate firms, investment banking, private equity firms, etc. ShareFile virtual data room is equipped with a multi-level security system: the data is encrypted, the documents contain dynamic watermarks that prevent unauthorized dissemination, and access is allowed only based on two-step verification.
Support Options: Email/phone/live chat Availability: Online Free trial: Yes
Pros
30 days of free trial
24/7 customer support with live chat and online training
Office 365 integration
Instructions are clear and concise
A lot of different formats supported
Simple tools to make it easy to send big files up to 100 GB
Cons
Not as intuitive to use as other similar products
Screen sharing is not possible
The mobile application isn’t convenient enough
The interface is available in English language only
This Chicago-based data room provider offers secure data room solutions for M&A, due diligence, project management, and other kinds of complex business transactions. Dealroom provides a wide range of security features, as well as integrations with Microsoft Office, Slack, and Google Apps. Also, their Agile framework may be effective for corporations working with massive amounts of data.
Support Options: Email/phone/ticketing Availability: Online Free trial: Yes
Brainloop Secure Dataroom is an advanced virtual data room with complete security architecture, global 24/7 availability via a web browser, and its own tablet apps. Brainloop data room ensures secure collaboration in a transparently secure online workspace while delivering end-to-end protection for confidential documents. Enterprises worldwide use Brainloop for boardroom communications, research and development processes, legal work, and any other area where you need to share confidential documents.
Support Options: Email/phone/online portal Availability: Online Free trial: Yes
Pros
Free Trial available
24/7 customer support
High level of data security
Personalized watermarks are generated automatically
Ansarada’s virtual data room solutions have proved to be helpful in a wide selection of deals and issues, from M&A due diligence to board communications. While offering quite standard document management functionality, their use of AI and a custom Deal workflow is a feature that makes Ansarada a great provider, along with collaboration and time-management tools.
Support Options: Phone/live chat Availability: Online Free trial: Yes
DataSite is a powerful data room solution that streamlines the due diligence in M&As, disposals, IPO, or any transaction requiring due diligence process. These features from DataSite enable customers to complete faster, smarter, and better transactions. DataSite’s data room dramatically reduces transaction times and deal expenses through the presentation of documents in the data room.
Support Options: Email/phone/live chat Availability: Online Free trial: Yes
Pros
14 days of free trial
Can be integrated with the different software
Support for MS Office files, PDF, and some graphic formats
Donnelley Financial Solutions is a great workspace disregarding the type of the deal, project, or industry requiring a virtual data room service. Data rooms by Donnelley Financial Solutions are equally suitable for due diligence processes, fundraising, intellectual property management, communication with investors, for developing and managing document repositories.
Support Options: Email/live chat Availability: Online Free trial: No
Virtual data room comparison: how to choose a virtual data room
Deciding on the best virtual data room can be challenging, especially if you’re a newbie to the industry and have never dealt with virtual data rooms before.
There are many VDR providers on the market and each of them comes with certain advantages and disadvantages. How to select the best data room for your needs, then? Naturally, you should choose depending on your business needs.
First, determine what goals you have and what results you want to achieve.
Second, compare virtual data rooms on the web considering such criteria as expertise, pricing model, security measures, storage capacity, etc.
What to pay attention to during the data room comparison?
Opting for the data room comparison table we made above might significantly save time on the investigation. There, you already have the top 10 vendors that are industry leaders. Just rely on the rating, review, and comments of each provider and decide which one is the best for you.
Still, there’s an option of making a virtual data room comparisonon your own.
What to keep in mind if you choose this alternative? For a bigger picture, we recommend paying attention to these criteria when reviewing virtual data rooms:
Reputation of the provider
User-friendliness
Access security
Document security features
Document management features
Possibility of reports and analytics
Unique features that make a vendor stand out
Quality of customer service
Pricing
Now, let’s discuss each of the points in more detail and, for illustration, compare three of the best data rooms — iDeals, Citrix, and Datasite.
As a rule, reliable VDR providers are acclaimed by their customers.
Thus, if you’re seeking the best virtual data rooms, search for what clients’ feedback they get.
For this, monitor such popular reviewer platforms as Capterra and G2. Mind the overall rating, how many reviews a particular vendor receives, and whether the feedback is positive or negative.
When it comes to the providers we reviewed, this is what we’ve found out:
iDeals is rather popular among its customers. The majority of reviews iDeals gets are positive, and those with a lower rating are also more of a suggestion than about negative experiences.
The number of user reviews Citrix gets is slightly higher than iDeals has, and they’re also mostly positive. This definitely speaks loud about the provider’s popularity. Still, compared to Citrix, iDeals don’t have any one-star reviews.
The overall impression users get from Datasite is mainly positive, considering the feedback they share. We haven’t spotted any reviews lower than 4 stars. On the other hand, the number of customers’ reviews is significantly lower than iDeals and Citrix have. We can make a conclusion that though the quality of service Citrix provides is high, its popularity is still growing.
The user interface of your future VDR software is more important than you think.
It has to be easy to navigate the virtual data room, no matter your technical background. And it’s not only about the design. The way all the information is presented, how all the folders are organized, and whether there are any automatic organization options also matter.
This is what users say about the usability of iDeals, Citrix, and Datasite:
Ease of use is actually the most common remark all the current and previous customers mention when reviewing iDeals. And we can relate to that. The software is extremely user-friendly. It’s easy to set it up and navigate. There are no extra plugins or software you need to answer to start running iDeals which makes it even more attractive to users.
On the contrary, a few customers indicate that Citrix could perform better when it comes to usability. Among other things, they mention some disconnections from the Outlook integration and find it confusing to navigate for recipients.
There are not so many Datasite user reviews to evaluate the general usability impressions, but all the existing ones still praise its friendliness. And we can confirm that as well. The software is modern and has an intuitive interface. It’s easy to set up, share files, and navigate through them.
Your initial goal of using a virtual data room is probably to share confidential files with multiple parties.
Obviously, it will be important for you to control the permissions each of the virtual data room users has.
The best data rooms offer such basic features as multi-factor authentication, granular user permissions, and more.
iDeals has proven to be a vendor that has the bare minimum of access security features. However, they also offer user security impersonation, mobile device management, access control and expiration, and time and IP restriction.
Citrix also seems to win clients’ admiration when it comes to access security features. Customers don’t report any particular problems with setting up access rights. What we liked the most about Citrix is that you can set up view-only access to any file so that none can edit it.
Datasite also allows you to control all the user permissions and keep your data protected from undesired eyes.
The safety of your sensitive documentation is the first thing you expect a VDR vendor to provide you with.
All the virtual data room companies ensure your document security with the help of different features. The most common are dynamic watermarking, redaction, and more.
We’ve thoroughly investigated what our top-3 VDR providers have to offer, and here are our observations:
iDeals seems to have all the basics and more. Besides watermarking and redaction, there are also a secure spreadsheet viewer, fence view, and remote shred. As potential subscribers, we would enjoy that the provider pays so much attention to the ways in which our confidential information can be protected.
Citrix’s customers are also satisfied with the document security the vendor provides. The majority of reviews point out that safety measures are definitely a strong part of the software. Still, the range of data security features isn’t that varied compared to iDeals.
Instead of implementing several document security options, Datasite focuses on a couple of main ones, with AI redaction being the key feature. It’s easy to redact GDPR-related information with a single click. For some, it’s pretty enough. But in our opinion, some upgrades in document security features would do no harm.
Uploading large volumes of data, you and other users have to be able to easily navigate and manage all those files.
How should you compare virtual data rooms when it comes to data management features? Naturally, the range of features you should expect from a particular vendor will mainly depend on the size of your business. For instance, if you have a startup, the volume of your documentation will be considerably lower than an enterprise would have. Thus, you won’t need numerous data management tools.
We’ve thoroughly investigated how iDeals, Citrix, and Datasite offer to manage the documentation their customers upload to the data room.
From the list of document management features iDeals provide, it’s obvious that this software would perfectly fit the needs of businesses of any size. The company offers drag-n-drop and bulk upload, automatic index numbering, full-text search, optical character recognition (OCR), several integrations, and more. You can also upload files of 25+ formats, which significantly simplifies the workflow.
Citrix also strives to make document management easier for customers with the help of such features as full-text search, folder creation templates, and file versioning. Although these tools are quite enough, large companies might desire a bit more variety.
Compared to Citrix, Datasite is more universal. We’ve found out that users can manage their files by means of multilingual search (about 16 languages), OCR, file preview, smart AI categories, and even translation of documents. It means both small and large businesses can easily navigate the large volumes of data.
The ability to track all the activity in your virtual data room during the project greatly adds to its effectiveness.
Search for what analytics and reports feature a particular vendor offers and decide depending on how those services fit the needs of your business.
Based on our investigation, we can confirm that iDeals understand the users’ need to control the activity in their VDRs. Using iDeals virtual data room, you can get a record of every action performed on your files. This is done with the help of full audit trails, color-coded reports, and group overview reports.
Though Citrix provides quite a few reporting options, they still allow for efficient tracking. The analytics section offers a snapshot of statistics on the most active users, most viewed documents, recent searches, and longest viewed documents.
We find the reporting and analytics abilities of Datasite not that varied compared to iDeals, but still effective. You get a detailed reporting of activity on a dashboard, and that’s enough to track where your project is moving and how fast.
When it’s hard to decide, pay attention to what makes each virtual data room vendor stand out among others. As a rule, every VDR software has certain unique features that aren’t offered by other providers.
After a thorough virtual data room comparison, this is what we’ve found out about iDeals, Citrix, and Datasite.
At first sight, you might think iDeals provide quite basic features. But that’s actually what makes this provider unique. iDeals focuses on the quality of your experience more than on the uniqueness. They ensure hassle-free usage with basic security and management features but make them much more varied compared to other vendors. It includes full customization, extremely user-friendliness, various security tools, and more.
When it comes to Citrix, it offers Citrix ShareFile StorageZone Connectors. This feature allows mobile users to create a secure connection to existing CIFS network shares and SharePoint document libraries.
Datasite stands out thanks to its Sandbox (staging folder). It’s basically a free staging area before and during the live period, where you can organize new docs away from bidders.
When searching for the best virtual data room, considering the quality of customer support a particular software provides is also important.
Pay attention to what ways of contact are on offer, how fast you get the answer, and how knowledgeable is the team.
Most iDeals users state that support was outstanding. And we can definitely confirm that. We tried to reach the support team via all three existing contact options: chat, email, and phone. The speed of answering in chat was only 15 seconds, which speaks loud about the customer-focus approach.
On the contrary, the experience with Citrix wasn’t as pleasant. The software doesn’t have any chat option on the website, so if you have an urgent issue, you might not get help timely. Still, the quality of support is undeniable — support team members are knowledgeable and ready to assist you at any time.
The support of Datasite also seems flawless to us, though there’s no online chat. They’re available 24/7, and you can reach them via email or phone call. Users indicate that their experience with support was nice, and the manager was helpful.
Naturally, price is one of the key factors that might influence your decision.
The pricing models of modern virtual data room providers are quite different, so you should focus on your needs and make sure the price and quality ratio is justified.
This is what we found out about iDeals, Citrix, and Datasite pricing.
iDeals offers three subscription plans based on the business requirements. You can view all the details about what’s included in each plan, which greatly helps make the right decision. The only thing we missed is actual pricing info on the official website — to know the cost, we had to contact the support.
On the contrary, Citrix has transparent pricing. We managed to learn not only what features each of the four pricing plans includes, but also know the exact price per month.
The Datasite pricing isn’t that obvious from the first sight. To get any pricing info, we had to reach the support and sales, because there’s nothing about the pricing model on the official website.
Considering the detailed comparison of iDeals, Citrix, and Datasite above, you see that each vendor has its advantages and disadvantages.
When choosing a virtual data room among all providers, primarily focus on your business needs and pay attention to the factors we’ve relied on when comparing those three providers.
What are the most popular virtual data room use cases?
According to our research, data rooms have plenty to offer to small, medium, and large businesses across many sectors. However, based on the recent intake, there are several industries that rely on virtual data room software the most.
Below are the primary virtual data room use cases in popularity order.
M&A and due diligence
Mergers and acquisitions are crucial to the growth and development of anyone from small companies to large corporations. Additionally, many industries, such as tech startups, solely rely on being acquired as their goal exit strategy or a significant milestone.
The biggest challenge of any M&A transaction is thorough due diligence. Deal participants have to go over immense amounts of documents within relatively tight timeframes.
Virtual data rooms help create agile and equipped environments for accessing the necessary files within seconds, which allows for making key decisions sooner. Boutique firms and enterprises alike benefit from the universal accessibility and automated solutions offered by modern data room solutions.
Funds and private equity
High-profile funds and private equity firms typically deal with a lot of confidential data. This calls for intensified security and internal transparency. Virtual data rooms deliver numerous tools for any process from capital raising to investment advisory by securing user data and granting access to various analytics.
Legal
Lawyers and legal firms must comply with strict regulations to ensure the legitimacy of their practice. And at the same time, there are many sensitive documents and private information pieces to take care of.
This means that the legal sector is one of the first ones to benefit from virtual data room industry-leading features such as encryption, access controls, and remote retrieval.
Investment banking
As financial institutions that primarily operate on an advisory basis, investment banks require software solutions that combine simple communications with high-stake data storage. Investor bankers use data rooms to gather information, perform due diligence, present targets to potential buyers, and assist with post-transactional integration.
In addition to advanced security, data rooms also allow investment banks to keep their operations organized by improving employee accountability and streamlining reporting.
Biotech and pharma industry
Healthcare is another sector that deals with escalated amounts of confidential data, such as patient info, research results, and more. A failure to secure such data can result in competitor espionage or even a full-scale lawsuit.
Apart from helping their users protect sensitive files, data rooms help to navigate complex, time-consuming procedures such as licensing. By storing all the necessary documentation in one centralized space, companies can obtain the needed licenses much faster.
What other industries use virtual data rooms?
A substantial portion of the feedback we got in our data room industry research indicated that there are several more sectors that are using virtual data rooms more than before. Below are three of the most outstanding examples.
Real estate
Real estate companies turn to virtual data rooms for managing portfolios, communicating with potential investors, and monitoring long-term projects. Data room tools allow firms to take an informed approach to real estate transactions and simplify document management.
And the repository capacities create an easy-to-navigate record of all past developmental and financial transactions, making document location much smoother during high-stake deals.
Startup investments
Investors use virtual data rooms as a strategizing platform where they compare opportunities, request the required documents, and perform due diligence. Successful deals can then be transferred to the portfolio section of the data room.
At the same time, startups can apply virtual data room solutions to market their company, organize corporate development, and prepare for acquisitions, mergers, or other major transitions.
IPO
When filing for the initial public offering, organizations must gather an extensive number of documents to file. Many of such files are highly confidential and require an extra level of security. Plus, the IPO process often calls for a third-party consultancy, which makes data room collaborative features imperative.
1. iDeals
4.9
2. Intralinks
4.6
3. SmartRoom
4.4
4. BOX
4.3
5. Citrix
4.3
6. Dealroom
4.2
7. Brainloop
4.1
8. Ansarada
4
9. Datasite
4
10. Venue
3.9
12 reasons why companies choose virtual data rooms
1
Unmatched levels of confidential documents’ security
2
Straightforward document organization and distribution
3
Centralized workspace with transparent workflows and enhanced accountability
4
Cost-effectiveness compared to traditional data rooms
5
Functional solutions for remote collaboration and decision-making
6
Expedited deal processing, from due diligence to integration
7
Investing in a data room secures the company’s image as reliable and forward-looking
8
Versatile accessibility of data and people
9
Unlimited opportunities for all project types
10
Data rooms typically don’t require additional hardware or plug-ins
11
Options to leverage from provider’s expertise and advisory
12
Improved communication with built-in chats, Q&A, video calling, etc.
What are the most important security features in virtual data rooms?
Data security is the main concern of all modern businesses. The requirement for constantly updating, ironclad protection prompts companies to trust their confidential data in virtual data rooms. Advanced data room software ensures that users’ files won’t be compromised on several levels.
Security certifications
Reputable data room providers ensure their product adheres to industry-specific security standards. The best way to indicate whether a provider takes security seriously is to look for certifications such as ISO 27001, HIPAA, and SOC 2.
Access security
The next level of data protection is controlling who can access it and how they are authorized to interact with it. Secure file sharing inside virtual data rooms is ensured through the assignment of specific privileges based on every user’s role.
This category of security measures helps to protect sensitive data, monitor all interactions, and prevent internal leak threats.
Document security
Aside from making sure that confidential data can only be accessed by certain users, administrators can assign additional layers of protection. Some examples of document security include view-only permissions, NDA pop-ups, and detailed activity trails.
Communications security
On top of the file protection, virtual data rooms enable safe information exchange by creating a secure environment for all types of communications. For instance, users can choose to form groups and discuss certain matters in private, while all their interactions are encrypted.
A trusted data room is a secure platform that allows users to store and manage their sensitive documents with confidence. The most important aspect is to select a provider that delivers the required security feature set and compliance level.
What features and functions do virtual data rooms offer?
Virtual data rooms offer their users an unlimited scope of capabilities. However, there are several key features that bring the most value, as described below.
Document management features
Virtual data rooms allow users to effortlessly access documents from any device or location. Digital space eliminates the need to store physical copies, reducing the costs and effort of keeping a traditional archive. Additional functions that elevate users’ document managing experience include:
Automatic index numbering
Instant view
High-volume data hosting
Simplified folders creation and systematization
Watermarking
User management
A well-designed data room will have several access levels which determine what types of data every user can retrieve and what actions they can take. Other features that assist with managing users are:
Bulk invitations
Group and individual settings
Role-specific digital rights management
Multi-factor authentication at every login
Ease of use
Virtual data room users come from all sorts of technical backgrounds, which means that the software has to be straightforward enough for everyone to use it effectively. Two principal aspects of advanced usability are an intuitive interface and versatile deployment, which includes compatibility with all operating systems, including Windows, Linux, and macOS.
Other features that elevate user experience include:
Multiple integrated supported languages
Advanced search
Customization
Single sign-on for multiple projects
High level of VDR’s uptime
Reporting function
Activity tracking and reporting allow to examine the exact number of users that interacted with specific documents, evaluate their engagement, and redirect the workflow if necessary. The following report features support dealmakers the most:
Detailed audit logs
Infographic visualization of data room activity
Dynamic watermarking
Access notifications
Communication features
Virtual data rooms enable several levels of effective remote communication. With the right technology, users can discuss business via chats, calls, emails, and more. Typical features that improve data room communication are:
Collaboration tools such as task manager with actionable items
Integrated Q&A
Seamless adaptations of third-party emailing and scheduling tools
Customer support
An effective customer support team is crucial to a successful data room experience. The best way to evaluate the support quality is by requesting a free demo or enrolling in a trial period and looking for features such as:
24/7/365 availability via live chat, phone, or email
The ability to speak multiple languages
Single POC resolution technical support
The combination of all the above instruments will create a solid foundation for a productive virtual data room experience.
How to set up a virtual data room in 3 quick steps
Once the suitable provider is selected, the only thing left to do is set up the virtual data room for the upcoming transaction. This can be done in three steps.
Create groups and invite the users
Listing all potential users and breaking them into groups by either their role in the company or contribution to the project will significantly speed up the invitation process.
Set permissions
When assigning permissions, it is important to combine security and convenience. This means setting access conditions based on every user’s responsibilities in the project.
Add documents and files
The final stage is populating the virtual data room with content. Creating a folder structure first and then transferring documents in bulk is the easiest way to do this.
A virtual data room provider is a company that offers unique business software. The platform aims to secure file sharing, facilitate the deal management process, and improve teamwork through beneficial collaboration tools. Thus, it is popular not only with corporations but also with small and medium businesses, taking a comprehensive approach to data protection and offering dozens of easy-to-use features.
The cost of setting up online data rooms varies and depends on the provider's reputation, features, security level, customer needs, usage period, and other factors. Usually, vendors have several tariff plans, differing in the number of users, workspaces, and storage size. Therefore, the more correctly clients evaluate their needs when purchasing software, the more cost-effective the investment is for the team. Ultimately, online data room functionality and security justify the cost compared to traditional storage.
Dropbox is a commonly used file-sharing service, but it is not a virtual data room. The critical difference is that Dropbox is more suited to personal use, while virtual data rooms provide sophisticated mechanisms that can protect organizations' sensitive corporate data. So, although directors choose Dropbox to share files during transactions, they cannot be sure of their security as opposed to data room software users relying on the tool during M&A, due diligence, fundraising, and other complex transactions.
The electronic data room functionality is so powerful that it can meet the needs of any industry for any business transaction. So, typically teams use the software for M&A lifecycle management, an initial public offering, fundraising, strategic partnerships, intellectual property management, audits, board communications, corporate development, secure document sharing, and other deals. In addition, the data room services are the best format for fast file-sharing, business communication, and in-depth data analysis in cooperation with investors or other partners.
1. iDeals
An agile VDR service that can satisfy any needs of various sized companies in any industry
