Data storage and privacy remain a concern for all modern-day businesses – irrespective of the industry. Corporations are spending massive budgets to create highly secured data management systems.
Right now, there are tons of options available in the market, but when it comes to finding a secure online space to store, share, and manage data, online data room software is becoming the go-to option for companies. However, finding the best virtual room software among a horde of hundreds of online data rooms is itself a challenge.
Business owners and managers often find it difficult to choose the most appropriate data room for their organizations. This comparative guide will help you know about some of the best data room providers in the market.
But first, let’s have a look at the formal definition of a VDR (virtual data room).
What is a virtual data room?
In simple words, a virtual data room or dataroom software is a highly secure online repository for document storage, sharing, and management. What makes virtual data rooms a better cloud-based repository is their impeccable security. That is because most of the data room providers comply with international data security standards, such as FINRA, ISO 27001, etc.
The features of VDRs vary but the basic ones are part of every service provider’s plan. Here are some common features of the best data room providers.
- Top-notch security
- Customized access rights
- Drag and drop upload
- Watermarked documents
- Live chatting
- Activity tracking
Why is it worth paying for data room services?
As we mentioned already, virtual data rooms are safe havens for your business data. Apart from that, here are some major benefits of using a virtual data room for your business.
- Centralized data storage
- No physical threat to business data (fire, flood, etc.)
- 24/7 accessibility
- High storage limits (depending on your plan)
- Easy data sharing
- Streamlined communication
- Smoother due diligence
- Easy integration with organizational workflow
Top 5 VDR solutions for your business
Now that you know why VDR is so important for any data-driven business, let’s not make you wait further and jump right into the best options available for your use!
1. iDeals
First up is iDeals, a sophisticated data room that allows you to store and share documents in more than 25 different file formats. This VDR software is armed with powerful security protocols to protect your information from unwarranted online attacks.
It has a special security feature called “Fence View” that protects your data from hackers who often use your device’s camera to access your personal information for malicious means.
But perhaps the tool’s biggest strength is its comprehensive and user-friendly interface; you don’t need to be a tech geek to use it.
Key features:
- Fence view security
- Drag and drop uploads
- ISO27001 CERTIFIED
- SOC2 Compliant
- User activity tracking
- Competent customer support
Pricing
You have to get a custom quote; generally, it’s a relatively expensive option for small businesses.
2. Intralinks
Founded in 1996, the company specializes in firewall collaborations. The Intralinks data room offers complete data storage and security solutions for mergers and acquisitions, alternative investments, and banking and securities.
It is equipped with all the basic features required, such as drag and drop download, data grouping, user accounts, etc. The service provider offers AI-based tools and versatile deployment solutions to speed up decision-making so you can focus on the deal instead of gathering and assorting essential data and facts.
Key features:
- GDPR-compliant security protocols
- Document retraction and granular user permissions
- Integrated encryption for 100% protection of uploaded data
- Facilitates faster diligence with AI and machine learning features
- Detailed reporting of all transactions and activities
- 24/7 customer support via email, chat, and phone
Pricing
Starts from $25/month, which is why it’s a great option for start-ups and businesses that require only a small amount of virtual storage.
3. Merrill
Merrill is in line with popular VDR providers because it has everything that enterprises and businesses need for additional funding. The tool is aimed towards venture capital, corporate development, IPOs, investment banking, private equities. It also offers convenient and secure virtual data rooms for due diligence.
Backed by its 24/7/365 tenured service team supporting over 20 languages globally, Merrill is one of its kind among other popular VDRs. From simple search to reports covering user activity, advanced security features to a neat assortment of data, it has everything you need!
Key features:
- Optical character recognition lets you seek information on the go
- User activity log
- ISO 27001 and SSAE 16 Certified
- Manage data accessibility among other users
- 24/7 customer support in 20 different languages
Pricing
You’ve to ask for a custom quote, and it’s a touch expensive because of its high-end security features.
4. DealRoom
DealRoom is actually a cloud-based project management software that also contains virtual data room features and digital tracking on a single platform. The tool lets you upload files, manage permission for each file and folder, and have full authority over the accessibility of your documents.
It’s one of the most advanced VDRs available today as it leverages machine learning and automatically suggests previous responses and related documents upon receiving the same request. Further, you can track diligence progress over time and monitor high priority/risk requests.
Key features:
- Document watermarks
- 256-bit AES SSL encryption
- SSAE 16 Certification
- ISO 27001 Certification
- Granular access
- Multiple levels of user permissions
Pricing
DealRoom costs anything between $500 to $3000 depending on the plan you choose.
5. ForData
ForData needs no introduction as it’s the choice of market leaders, including the banks, investment boutiques, law firms, Venture Capital funds, and so on. This online data room software is specifically designed to facilitate the B2B market.
It allows you to upload files in any format, drag and drop and upload your files on the go, manage access rights, create as many user accounts as needed, and enjoy streamlined and secure sharing of any data.
Key features:
- Security standards on electronic banking level
- Protection against editing using “read-only” of 30+ formats
- Dynamic watermarks protecting documents
- Protection against print screens
Pricing
The light version costs €165 per month. For an advanced plan, you have to reach out to the sales support, who will create a customized plan and quote accordingly.
Conclusion
For data-driven businesses, data is an asset. And smooth sharing of data is the key to keeping the day-to-day operations running smoothly. This is only possible with a trusted online data room software.
With five of the best data room providers discussed above, we hope you won’t have to look anywhere else now. Just go through the pricing plans and features of each, and pick the best one for your use!
