In today’s business environment, virtual data rooms have revolutionized the transaction process. The key reasons why businesses prefer VDRs instead of physical data rooms are instant 24/7/365 access from any location and any device with an Internet connection, secure data management, and storing as well as much time and money savings during secret business deals. Plus, the online version of deal rooms takes away all pitfalls and risks, reducing the possibility of a deal not going on as planned. Today a VDR became a secure online meeting place for all parties involved in the agreement. Data rooms provide full control during online due diligence processes. Also, these secure online data repositories simplify the cooperation between all parties. The virtual data room has evolved to become a tool to help the entire deal course, not to perform due diligence. Apart from M&A, companies use virtual data room software for such deals as loan syndication, private equity, and venture. Many industries use virtual data rooms, including the following ones:
Many data rooms offer similar services, such as secure data storage, data management, and sharing. The other functions may vary. The best virtual data rooms provide military-level security, multi-language support, full-text search, in-document linking, and a wide-ranging selection of other advanced functions.
iDeals Virtual Data Room is a secure virtual data room solution used by more than 4,000 companies worldwide, including many Fortune 1000 companies since 2008. The 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.
ShareFile VDR is a cloud-based data room appropriate for the deals executed by a variety of professional such as financial advisors, brokers, government contractors, biotech and biolicensing companies, real estate firms, private equity firms, etc. ShareFile virtual data room is equipped with multi-level security system: the data is encrypted, the documents contain dynamic watermarks that prevent unauthorized dissemination, the access is allowed only on a basis of two-step verification.
DataSite is a powerful data sharing solution that streamlines the due diligence in mergers and acquisitions, disposals, IPO, or any transaction requiring a due diligence effort. These features from DataSite enable customers to complete faster, smarter, and better transactions. Explore how DataSite dramatically reduces transaction times and deal expense through the presentation of documents in the data room.
Box Virtual Data Room is a secure content management and collaboration platform founded in 2005. Recently Box file introduced a virtual data room service with advanced security features, digital rights management, and 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.
CapLinked offers its customers a simple 4-step scheme of operation. At first, a client uploads large volumes of highly confidential corporate documents to the virtual platform. Then potential and current partners are invited and segregated according to the relevant level of data disclosure: digital rights management enables the room administrator to control the information disclosure in addition to full granular control of the access to the data.
Intralinks is a global technology provider of secure content management and collaboration solutions. Founded in 1996, Intralinks enables the exchange, control, and management of information between organizations through their virtual data room 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.
BlackBerry Workspaces provides secure mobile solutions for data sharing and distribution with its virtual data room that enables users to more easily collaborate as it increases their productivity. Uniting data-centric security with a user-friendly experience Blackberry Workspaces applies security and advanced digital rights management (DRM) to documents going from your preferred enterprise content repositories to multiple destinations within and outside your organization, including web, desktop, and mobile.
Brainloop Secure Dataroom is an advanced virtual workspace with complete security architecture, global 24/7 availability via a web browser, and its own apps for tablets. Brainloop ensures secure collaboration in a transparently secure online workspace while delivering end-to-end protection for confidential documents. Learn why enterprises worldwide use Brainloop for boardroom communications, research and development processes, legal work, and any other area where you need to share confidential documents.
SmartRoom provides its virtual data room services for numerous business areas, such as capital markets, legal solutions, corporate exchange. Secure document hosting and sharing among partners, convenient management of sensitive corporate information, confidential discussion of the data directly within the platform – all these features attract deal-makers (investment bankers, private equity managers, etc.) and make them look for the most protected, efficient, functional and convenient VDR available.
Dropbox is a famous online filesharing center where users can store, share, and download data and documents. In some ways, Dropbox has reorganized the ways people manage their files. Features that make Dropbox a popular solution, are the ease of use, the possibility to quickly log in, and share their data with anyone. It also provides some free storage space, so many individuals prefer Dropbox to other cloud providers.
The primary purpose of any virtual data room software is to keep, manage, and share the most valuable data during the deal-making. Online data room providers also help the selling side become better prepared for the deal and have a well-planned strategy. The buying side can examine all documents and predict all risks and pitfalls. That is why the significant features to look for in every virtual data room include the following ones:
Secure data management (data encryption, antivirus protection, account theft prevention, etc.)
Besides this, best virtual data rooms offer several advanced security options, in particular, multiple-step login authentication, Print Screen button disabling, (Q&A) functionality, restriction access by time and IP, Microsoft Office integration, and dynamic watermarks. Plus, many virtual data room providers offer personal training if needed.
There are lots of online data repositories available, and it may be tricky for you to determine which one to choose for your project. Below you can find some useful tips which you should help you get the most out of your VDR.
Furthermore, the leading providers offer you lots of excellent features, which help you gather, organize, and present your data. They also simplify and fasten the time of deal-making. Here are some of the most useful features that you may find helpful:
These are essential issues to consider upon choosing the proper platform for your project. The following comparison will help you to determine the best virtual data room for your business deals. You are welcome to read the reviews, compare functions, capabilities, and rates. We recommend paying close attention to security and functional aspects. And remember that you should have a solid understanding of all specifics of your project and what you will need from a VDR before you get started.
|Rank||Data Room Provider||Why it's Best||Read Overview|
An agile VDR service that can satisfy any needs of various sized companies in any industry
Multi-level security system, reliable and intuitive service
Focuses on large enterprises, has a highly intuitive interface
Full customization, easy installation, access expiry, and detailed tracking possibilities
Comprehensive activity tracking, data security
Works swiftly with enormous volumes of information
|7||BlackBerry Workspaces (Watchdox)|
Mobile-friendly content and file share capabilities with different content management systems
|8||Brainloop Secure Dataroom|
Its main focus: providing an environment for safe information exchange
Its main focus: providing an environment for safe information exchange
Suitable for personal information exchange but not for sensitive documents.
Even though a data room is used for M&A in most situations, it’s not the only use case for this technology. This service can offer much more than just support during due diligence. Companies that operate in real estate, life science, biotech, and other complex fields use this software for different purposes. And it proves that besides M&A, a data room can be useful in many other situations.
Of course, the more extra features there is, the higher the virtual data room pricing gets. But at the end of the day, it’s worth it because the results are excellent.
When a company is trying to raise some capital, it needs a safe and accessible space for all the financial information. And a secure VDR is the best solution here. It is especially considering that often capital raising can take up to several weeks if not months and involve a lot of people in the process. Thus, a virtual data room that makes the data sharing process simple will be a necessity during fundraising.
Moreover, data rooms improve the teamwork with features like a Q&A section and comments. Thus, all the members of the process can communicate and make sure everyone is on the same page. The best virtual data rooms even offer personal messaging, task manager, and other teamwork functions. Of course, such a virtual data room’s pricing will be higher, but it’s worth the costs.
Already using virtual data rooms for mergers and acquisitions, companies can also use this software to manage corporate legal documents. Once you upload the papers to the data room, they’re completely safe. And the best part is that you can access them when needed. So, extensive legal documents will always be present in the most high-tension situations. Usually, when such files are required, the business has to act rapidly. And data rooms offer lightning-fast speed.
If you involve several lawyers in the process, they can get access to documents and negotiate productively, having all the required information. Since VDRs allow administrators to set levels of access for each user, you can be sure unauthorized individuals will not corrupt or copy sensitive data.
Sometimes a significant change in the business world or laws occurs, and things get hectic for business. If you’re using virtual data rooms for mergers and acquisitions, you already have all the documents uploaded. So it will take less time to adapt to changes, edit the documentation as needed, and create reports for regulatory risk management.
Commercial transactions in real estate involve much data that you need to exchange as fast as possible for negotiation to be successful. And VDRs are perfect for such purposes. They allow working with different types of files, including images. Thus, it will be easy for real estate agents to present the property in the best way possible. And since data rooms allow working with several parties simultaneously, it’s easy to pick the best option.