Virtual data rooms are “for-all” business solutions. Professionals, small businesses, entrepreneurs, startups, corporations, enterprises, nonprofits, and government agencies can use data room software for process automation.
Whether it is safe and centralized data storage or sharing, uninterrupted communication, project management, online collaboration, or deal-making, a virtual data room has everything a business needs.
However, the fact that the data room market consists of hundreds of data room vendors makes it difficult for professionals or companies to choose the right online data room software for them.
The question stands, which data room vendor will be suitable for you or your company? That depends on your requirements, business needs, and your budget.
Here is a list of some of the top virtual data room providers and important tips for choosing the right vendor.
What is a data room?
Virtual or electronic data rooms are highly secure online (cloud-based) data storage facilities with advanced features fordue diligence, deal-making, professional collaboration, and whatnot.
Businesses can use virtual data rooms as data repositories where they can upload, store, and exchange business data without any security threats. Also, businesses can use virtual data rooms as virtual workspaces where they can collaborate internally (within the organization) and externally. That is the reason why virtual data rooms are a top choice for business deals such as M&A, IPO, fundraising, etc.
Top online data room providers
The following virtual data room vendors have a proven record in the industry and enjoy high ratings from customers.
1. Ideals
Being the virtual data room industry pioneers, Ideals has been dominating the market because of its hard-to-replace data room services. Ideals enjoys excellent customer ratings on every trustworthy business software review websites likeCapterra.
Ideals is known for providing maximum ease to its customers at every stage. For instance, the Ideals virtual data rooms hardly take 10 to 15 minutes for the initial setup process.
Ideals offers all the standard data room features and innovations of its own. Apart from a secure data repository, Ideals data room is a highly preferred business software for due diligence during M&A deals, real estate transactions, initial public offerings, etc.
Ideals is mainly recognized for three things:
· Unique and unparalleled customer support
· Cost-effectiveness (its benefits simply outweigh its cost)
· Security and innovation
Apart from that, transparent pricing from Ideals and availability in 14 different languages make it a global data room solution.
2. ShareVault
A highly secure data repository that allows businesses to safely share their highly confidential business documents with third parties, ShareVault is a name you can trust with your eyes closed. Among many other things to appreciate, ShareVault is a top choice for complex processes such as M&As, board collaboration, partnering/licensing, fundraising, asset sales, etc.
ShareVault is a preferable option for hundreds of small and medium businesses, accountants, law firms, and investment bankers. ShareVault’s core strength is its highest levels of data protection and monitoring tools.
3. Firmex
When it comes to managing complex business processes such as compliance, due diligence, and litigation, businesses turn to Firmex virtual data rooms. Firmex, along with other standard data room features, is more valuable because of
· Built-in redaction feature, which is very effective in regulating the workflow.
· Auto-indexing keeps everything in order.
Apart from that, Firmex has strong 24/7 customer support and other useful features, including digital watermarking, file drag-n-drop, access restrictions for downloading or printing a document, etc.
4. DocSend
DocSend gives you high levels of data security at affordable prices. You can share and control your business data to drive your company forward. Apart from all basic data room features, here is what makes DocSend a resourceful data room:
· You can set security preferences for every stakeholder
· Evaluate content performance on a page-by-page basis
· Get notifications whenever someone views your file
· Set up powerful virtual deal rooms
5. Digify
Digify’s stronghold is its data management features, which are useful for processes like due diligence and fundraising. Digify lets its users share business data safely, and it allows you to upload files from Google Drive and Dropbox.
Apart from other useful features such as digital watermarking, file access permissions, etc., Digify helps you monitor all the activities related to your files. You can track who shared, forwarded, or viewed your documents. Most importantly, you can revoke access to restrict any user from sharing your files.
Things to consider when choosing data room software
The virtual data room selection process is not as easy as it looks. Every business has varying needs, and not all vendors are a good fit. Here are some important factors to consider during VDR selection.
· Do not compromise on data room security. Look for features like MFA, digital watermarking, and granular access permissions.
· Conduct an in-depth data room comparison. Choose a data room with diverse features. Compare VDR by features related to security, ease of use, scalability, and customer support.
· It is recommended to look for a vendor’s experience in a particular industry.
· Pay attention to how the pricing works in the VDR industry. Run a thorough data room pricing comparison to assess the pricing models and how much you will be paying eventually.· Ask for free trials or demos to get practical experience before committing to any vendor.
