What Is a Virtual Data Room?

A virtual data room is a business solution for the maintenance of corporate documents. This software allows companies to keep their papers safe and available online. The files are stored in the virtual cloud repository and can be accessed by authorized users. That’s why a data room is an excellent tool for due diligence, Mergers and Acquisitions, and many other business processes that involve documents.

When files are uploaded to the virtual data room, employees can conveniently work on them together to make sure the documents are in order. And when there will be a need to provide third-parties with all the information for the due diligence process, the company will only have to give them access to the repository. Then they will be able to study the files without any rush.

Additionally, data rooms offer many other useful tools for the teamwork and analysis of the deal. These features accelerate and simplify the process.

We compare top data room providers to save your time and energy

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Top First Place

iDeals Virtual Data Room

iDeals is the world’s leading providers of virtual data rooms and bespoke software solutions for secure corporate data sharing. Operating from London since 2008, iDeals has established the reputation thanks to the unbeatable list of features and tools within the VDR, overall intuitive ease of use, and industry-leading physical and cloud data security features. Some of the industries benefitting from iDeals’ expertise include investment banking, life sciences, real estate, and legal.

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#2

Intralinks Dealspace

IntraLinks was one of the first Virtual Data Rooms on the market. Online rooms of this provider are successfully used by thousands of companies from different business areas

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#3

Datasite

This U.S.-based data room provider is traditionally used by global enterprises who prefer to have an in-house deployment of data room and file sharing infrastructure, which also reflects in pricing. Along with DataSite, the provider enables connection to other platforms as Bridge, Connect, and DPA. All of these can be set up and running in less than 2 hours, according to the company. Real-time access audit and comprehensive reports give the clients complete data on the data room usage, while exhaustive audit trail shows activity inside the data room for each user, including every document viewed, commented on or downloaded.

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#4

Donnelley Financial Solutions

  This data room provider is, in fact, a financial institution with over 145 years of history working in the financial services industry, so no wonder these VDR are developed with financial deals in mind. Venue is a 256-bit encrypted, complete secure file sharing solution allowing its clients to store, share and collaborate on highly...

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#5

Brainloop Secure Dataroom

  This German-based data room services provider has recently been chosen by Twitter to use their online platform for business processes. Brainloop also flaunts a “Best Deployment Scenario Award” for its work with Deutsche Postbank Group. With offices in Boston and Munich, Brainloop uses document compliance management protocols to make confidential data storage and management...

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#6

Ansarada

  Sydney-based virtual data room provider focuses exclusively on M&A deals hosted in Ansarada VDRs. According to statistics, just less than three quarters — to be exact, 71% of UK executives — admitted that their mergers and acquisitions deals have been delayed due to a loss of critical data. That’s where a good data room comes...

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#7

Box VDR

  Initially a more secure version of Dropbox, Box data room has evolved into a data room with a flair towards the mobile workspace. While it still serves as a centralized data repository for the entire enterprise, complete with best-in-class security and versatile collaboration tools, it also enables businesses to collaborate and communicate operate more...

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#8

BlackBerry Workspaces

  WatchDox is a good and secure virtual data room. It was created by Blackberry smartphones manufacturers, so usability and advanced mobile-friendly software was a key goal of this VDR. Today WatchDox is a secure space for information storage and sharing with impressive security features. The room has the protected sharing of documents and sync...

What Do We Consider Choosing The Best Data Rooms?

 

It’s impossible to choose an excellent provider if you’re studying websites of VDR vendors. Everyone writes only the best things and doesn’t mention the drawbacks. That’s why we talk to executives and IT specialists from different countries and ask them to tell us about their experience of using a particular virtual data room provider. They rate various criteria like the availability of the service, the number of features and their usefulness, the level of security, and the helpfulness of the support team.

Their feedback allows us to understand the real quality of the data room, and the pitfalls users might face. If you’re wondering why we didn’t review all the providers – and there are around 150 of them – it’s because we weed out vendors before interviewing people to be sure only the best data rooms can make it to the final selection.

Reviews we’ve created cover the most reliable, convenient, and useful virtual data room vendors. Here you will find various options suitable for different needs. So the chances are very high you will encounter the solution that fits your requirements. 

To offer you a wider pool of options, we have selected those data rooms that businesses around the world choose typically. Of course, they could be wrong picking popular providers. But our reviewing process shows that they’re doing the right thing trusting their vendors. So even though there is a leader – iDeals leads our rating since 2018 remaining the best provider – there also are many other vendors. Thus, you can choose the option that fits you perfectly.

Knowing that every business is unique and has its own needs, we have interviewed users from different companies that operate in various fields. Every one of them had their budget and requirements. Therefore, they could offer us different opinions that are very helpful, considering we are willing to create genuine unbiased reviews.

As we were creating our reviews, we also broke down virtual data room providers by pricing. That’s why, including 100% uptime and user-friendly interface, iDeal was leading the rating in 2019. This provider offers impeccable service, numerous useful features, and helpful support team available around-the-clock for a very affordable price. The most significant is the level of security iDeals offers – in addition to the military-grade encryption and two-factor authentication, users get control over documents thanks to the granular user access permissions and other safety features. Right beside iDeals, you will find Merrill DataSite that also offers reliable and easy to use the software and Intralinks that can guarantee high-quality service.

So now you don’t have to go through all the providers trying to find the suitable one. You can read our reviews of vendors that you can be sure in advance are good. Thus, you have a more narrow list of options, which makes it easier to choose the best one. Which provider is the most suitable for you – it’s for you to decide. Our reviews offer you all the details you need to know to understand all the pros and cons of every provider.

We advise you to figure out your needs first by understanding what for you will use the virtual data room – due diligence, mergers and acquisitions, IPO, fundraising, and so on. Then you should see how much money you can pay for the service. After you know your requirements and budget, it is straightforward to choose the suitable data room provider because our reviews list all the features and prices. And once you find the right candidate, you can dive into all the nuances and see if it fits you. We also advise you to take advantage of free demos and trials many vendors offer – it will let you see the software and action.

 

What Is The Difference Between Virtual Data Room Providers

The market is saturated with data room providers, all claiming that they have everything that you need to complete your project. However, virtual data rooms may differ in their design, functions, and support services. There are even data rooms that gear towards specific kinds of projects such as due diligence, M&A transactions, case studies, and many others. We want to share with you some things to take a closer look at when selecting an online data room so you can make an informed decision.

The first thing you should look at is security. Whenever you upload materials into the online data room, you must be completely confident that the information will stay secure. Find out if the data room provider has internationally accredited certifications or credentials that prove that their security can be trusted. This also includes rights management, i.e., who has the right to view certain documents, make changes, or even print documents. These kinds of granular permissions will enhance security because you will be able to find who accessed certain information, at which location, and for how long. All of this information can be useful in case of any legal dispute that arises as a result of a data leak.

Another aspect that you should focus on is how easy it is to use the data room. Most data room providers have a very complicated user interface since they jam pack all of the features all in one place. They may also even require you to download additional plugins, which are very time-consuming. In terms of the user interface, less is more. Try to find a data room that uses space strategically to guide users to the features that they are looking for. On day one, you need to hit the ground running instead of having to read a bunch of user manuals or download any particular plugins or extensions.

Finally, take a long hard look at their customer service. One of the things that separate the best providers from the rest is that they will always be there for you, 24/7. Let’s say that you encountered some difficulties using the data room and decided to call customer support for help. Will a real person answer your questions, or will they transfer your call over to a machine?

These are just some aspects that you should consider when searching for a data room provider. The best companies will always put the customer and their needs first and will always be there for you regardless of how complicated your situation may be.

Testimonials

Users Reviews

Capterra team have been there for us since day one. We have been very satisfied with the fast reliable installation and very little if any down time. Capterra team is dedicated to their product and are constantly improving it.

Testimonial Avatar Stanly

Stanly

iDeals has flattened the learning curve when it comes to secure data storing and sharing. Their virus scanning provides an extra peace of mind, while reliable backups and easy to use management tools are making it much easier for us to manage our data. We save time, money, so we can focus our team on closing our deals quicker. iDeals has been a great partner, actively listening and responding to our needs as a customer. Their support is simply outstanding, attentive and dedicated to providing timely help.

Testimonial Avatar JQ

JQ

iDeals virtual data room service streamlines the entire data uploading and sharing process. The automated backup scheduling not only saved us on a few occasions, but provides some peace of mind with its reliability and ease of management. I signed up for a free trial, but I’ve stuck with the platform and upgraded to the paid service because of its ease of use, reliability, and features save me time every day.

Testimonial Avatar Andrew

Andrew