The Best Virtual Data Room Providers

Find a virtual data room solution
that is best tailored to your business needs.

Last update: November, 2021

Top Rate
1
iDeals
4.9
Capterra G2
5.0
iDeals is the number one Virtual Data Room (VDR) solution for confidential data storage and sharing. With high-level security at the core, iDeals offers over 100 exclusive features for file management and enterprise collaboration at a flexible price.
  • 30 days of unlimited usage
  • Live 1-on-1 demo with an expert
  • Data room setup assistance
  • Complimentary training
  • 24/7 email & phone support
  • Price quote based on your requirements
Ease of Use
9.4/10
Ease of Setup
9.5/10
Ease of Admin
9.2/10
Quality of Support
9.4/10
Top Rate
2
Intralinks
4.7
Capterra G2
4.6
Intralinks is a financial technology provider that offers a VDR with intuitive user interface (UI), one-click mobile access, and round-the-clock user support. The newest version of Intralinks' data room is 50% faster and even more flexible than before.
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Top Rate
3
Datasite
4.6
Capterra G2
4.5
Datasite is a top-tier SaaS provider that works across the M&A industry. The company’s core products include virtual data room solutions for deal marketing, deal preparation, due diligence, and buy-side offering.
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Top Rate
4
BlackBerry
4.5
Capterra G2
4.6
BlackBerry Workspaces is a highly secure enterprise file sync and share (EFSS) solution. The platform is the go-to choice for sensitive data storage and collaboration in any industry, including healthcare and legal.
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Top Rate
5
Brainloop
4.4
Capterra G2
4.5
Brainloop is an all-in-one platform that offers industry-leading collaboration solutions for board communication, confidential transactions, and file sync and share. Brainloop’s flagship solution is BoardSuite – a superior board portal for teams.
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Top Rate
6
OneHub
4.3
Capterra G2
4.5
Onehub is a cloud storage and data room services provider chosen by more than 1 million clients. Apart from its best-in-class security, Onehub offers customizable layouts for a branded and more elegant look for every client.
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Top Rate
7
CapLinked
4.3
Capterra G2
4.4
CapLinked is a top-notch VDR and file management software that provides full-cycle solutions for M&As and due diligence. One of the platform’s strongest benefits is its user-centric interface, allowing for the quick start and easy document management.
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Top Rate
8
ForData
4.2
Capterra G2
4.4
FORDATA is the premier virtual data room solutions provider in the Central and Eastern Europe (CEE) and Baltic region. Electronic banking-level security is the fundamental characteristic of FORDATA, along with round-the-clock customer service and flexible user access management system.
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Top Rate
9
Ansarada
4.1
Capterra G2
4.5
Ansarada is an AI-powered VDR company with complete lifecycle solutions for financial deals, portfolio management, board communication, etc. Smooth design, unparalleled security and AI automation are Ansarada’s trademarks.
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Top Rate
10
ShareVault
4.0
Capterra G2
4.4
ShareVault is a cloud-based storage and file sharing platform with comprehensive security and control features such as a remote shredder (ability to revoke user’s access even after the file was downloaded) and activity tracking tools.
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What Is a Virtual Data Room?

A virtual data room (VDR), also known as a deal room, is a secure online repository for document storage and distribution. It is typically utilized during the due diligence process preceding a merger or acquisition to review, share, and disclose company documentation.
Taken from investopedia.com.

Find the best virtual data room provider for your business: Checklist included

With so many virtual data rooms on the market, making the right choice can be a challenge. We researched data room providers across different segments and put this guide together to assist you with navigating all the available options and going with the best virtual data room for your case.

How to choose the most secure data room

Data safety is the primary criterion in choosing a virtual data room. Companies of all sizes and specializations choose data room services for storing and exchanging confidential information. This means that the data room security features are something that absolutely cannot be overlooked during comparison.

But many new data room users might not be familiar with the technicalities of digital safekeeping. Therefore, we’ve created a checklist of the virtual data room software features that ensure file security.

Must-have online data room security features

  • All-around security. A data room provider has to guarantee users’ data safety from both the hardware and software perspectives. The hardware side involves the quality, location, and maintenance protocols for the physical servers where the information is stored.

And the software security includes the data room solutions for transferring and displaying documents to authorized users.

  • Multi-factor authentication. This feature creates additional steps required to enter the electronic data room. For example, after you put in the password, you will receive a unique code to your phone number or email address.
  • Protected infrastructure. The virtual dataroom physical storage has to adhere to strict standards that cover things like the amount of servers’ uptime, data backups, and encryption protocols.

    You can evaluate how secure any digital data room is by spotting the proof of the following certifications and compliances:
    • ISO/IEC 27001
    • SOC 1, 2, 3
    • GDPR
    • HIPAA
    • FISMA
    • PCI DSS Level 1
  • Virus scan. Malware attacks are one of the biggest risks associated with online data storage. That’s why virtual data room providers must facilitate constant virus and vulnerability scans.

    Virus scanning ensures that all the files added to the VDR data room are free of malicious programs. And the vulnerability scans check for the software’s overall exposure to potential breaches.
  • Operational security. This is another aspect of risk prevention strategizing that has virtual data room service providers continuously evaluating and improving the system. Picture it as viewing the data room virtual space from the attacker’s point of view and establishing preventive measures accordingly.
  • Problem resolution and disaster recovery. Even the most advanced data room software faces the risks of malfunction. And it isn’t possible to prepare for everything that can go wrong.


However, electronic data room providers can create a crisis action plan to quickly return the VDR service back to normal. This process builds off regular encrypted data backups and a well-structured recovery model.

  • Unauthorized access protection. Preventing unwanted visitors from accessing the files inside your data rooms combines multi-factor authentication discussed above, time and location restrictions, complete control over documents disregarding their status, and more.

Nice-to-have data room security features

  • Customer managed keys. Some enterprise-level IT departments look for the CMK feature in a data room service, as it grants users with partial or complete control over encryption keys.
  • HSM for key management. A hardware security module secures and manages keys, and also encrypts and decrypts data. In the case of virtual data room solutions, such technology can be used for digital signatures or reinforced authentication.

How to choose data room for document management

At this point, you’ve made sure that the online data room providers you are considering took the necessary measures to guarantee your information’s security. Now, it’s time to explore the next layer of digital data room efficiency – safe and convenient document management.
There are three main challenges associated with file organization in online data rooms:

  1. The number of documents

    Depending on the project, you might be dealing with immense amounts of data. Your  VDR provider has to make the upload and sorting process as fast and simple as possible.
  2. File size and type

    Apart from being able to handle large loads of data, the data rooms need to process a variety of documents, including images, heavy videos, and audios.
  3. Document protection

The best data room providers can help you monitor the files, even after they’ve been viewed or downloaded. In some cases, there are also options to moderate the way your guests view each particular file.

Below is the checklist of features that will assist you with overcoming these challenges. Just as in the case with security, we’ve divided them into “must-have” and “nice-to-have” based on how they will impact your overall virtual dataroom experience.

Must-have online data room document management features

  • Watermarks. Protect your ownership of any given document inside the virtual data room. Applying regular or dynamic watermarks makes it nearly impossible to counterfeit or leak the document without repercussions.
  • Drag-n-drop upload. This feature allows filling your digital data room a lot faster. With some data room providers, you can also use it to add documents in bulk.
  • Broad format support. Ensure that the data room software can process different file types, including:
    • PDF
    • DOC
    • PPT
    • XLS
    • JPEG
    • TIFF
    • MP4
    • MOV

      In case you are not sure which formats you will be using, consult with other data room contributors that will work on the project.
  • Auto-indexing. You can organize large document volumes faster by letting the data room software sort and label them automatically. Some providers also offer case-specific templates and filters to speed the process further along.
  • No-plugin IRM. All the authorized users should be able to safely access the necessary data without requiring any add-ons or plugins. The best virtual data rooms also facilitate easy access from different devices and operating systems.

Nice-to-have data room document management features

  • Version control. Track all the changes and edits in each document to better direct the data room virtual deal flow.
  • E-signature. Some online data room providers collaborate with electronic-sign services to simplify the signing process for the users.
  • High maximum upload size. When a virtual data room provider works with large-scale clients, they will typically allow bulkier file uploads.
  • Workflows. Virtual data room services are often used for internal collaboration, and a pre-established digital workflow can significantly expedite the process.
  • Online editing. Work on documents without the need to download them. Just make sure that the users who can edit specific documents have sufficient electronic data room rights.
  • Document approval. This data room service helps navigate the required procedures associated with certain documents, especially multiple-party contracts, policies, and strategies.

Find out the best virtual data room

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iDeals Virtual Data Rooms

How to choose data room for user management

After making sure that all the documents are well protected in a secure virtual data room, it is time to address the human factor. Depending on the size and nature of the deal you are in charge of, you will need to grant data room access to different people both inside and outside of your organization.

! The most important thing is to realize that not all users should be given equal rights. Even more so, based on their role in the company, some virtual data room visitors will be restricted from viewing certain documents and segments.

The users who don’t have pre-established access conditions can both intentionally and unintentionally misuse the data room virtual space. That’s why the features from the checklist below are essential to consider as you compare virtual data rooms.

Must-have data room user management features

  • Authentication. Complex, multiple-step authentication helps you guarantee the identity of the person accessing your secure VDR. In some cases, it’s a unique SMS code; in others – fingerprint access using a special device.
  • View-only. This feature restricts users from making any changes to the document while getting familiar with it. You can also choose to prohibit screenshotting and printing to further solidify the virtual dataroom safety.
  • Permission set. The virtual data room provider will give you an option to select pre-built permission models or configure your own. For a truly secure data room, apply the access privileges granularly by considering every user’s and user group’s specific roles.
  • View as another user. Impersonating another user is a handy tool that allows you to double-check all the settings from the receiving-end perspective. Make sure that everyone inside the data room will have the necessary access to the documents that require their attention and restrict everyone else.
  • Role system. The best data rooms allow multiple layers of privilege that correspond with different company structures and deal flow. For example, the company’s CEO, CFO, and the head of HR will usually have the most authority within the digital data room, while third-party experts, such as property inspectors, for example, the least.

Nice-to-have data room user management features

  • User-level permissions. Some online data rooms enable user-based configuration of viewing, editing, printing, and commenting on the documents. Such an approach can be beneficial for large collaborative projects with users from different areas of expertise.
  • Sharing with external parties. If you are using virtual data room services for pitching to investors, for instance, make sure that the VDR can be easily accessed from the outside through secure link-sharing or a restricted guest mode.

Physical data rooms vs virtual data rooms

A physical data room is a space (conference room, office room, or other designated area), at the company office where authorized users can access and review sensitive files and information. It can also be an off-site rented space. Regardless of the location, it has to be under constant surveillance to control who enters the room. In this case, people have to schedule an appointment and physically travel to the data room to do their job. It makes the process more time-consuming, costly, and inconvenient. 

When a virtual data room is set up, the process becomes more flexible without losing the layer of security. Files are stored digitally and are not tied to a physical office space. Since the information can be accessed 24/7 from anywhere, involved parties get the work done much faster. 

Compared to physical data rooms, virtual data rooms make the process more efficient and can reduce costs. Multiple user groups can work or review the same files simultaneously and ask questions on the platform. A virtual data room makes it possible to view an audit trail and analytics on user interaction with your documents, something a physical data room is not capable of. A VDR lets you track who has viewed which files, for how long, when, and exactly which pages. 

Virtual file-sharing services vs virtual data rooms

Virtual file-sharing services such as Google Drive, are cloud-based file storage providers that allow users to share files across devices. To some extent, virtual file-sharing services are similar to virtual data rooms. They both provide online storage space for sharing, reviewing, and storing data, however, VDR’s offer many more security layers, functionality, and customization.

Virtual file-sharing services offer free storage for users with minimal storage needs. For example, Google Drive offers the first 15GB for free. Premium storage packages are available and provide customized additional space for an added monthly/annual fee. At the same time, top-rated data room service providers offer unlimited storage, extensive roles and group management, and automatic data labeling as you upload files. A virual data room free trial (most often) comes with full functionality, security certification, detailed audit trails and reports, customizable interface, multiple language interface, 24/7 customer service help, and many other features. 

Depending on the sensitivity of the documents, needed functionality, and access permissions, a virual data room can make a project run smoother. However, if you are working on a small-scale project, intend to co-create documents, or do not require extra layers of security, a file-sharing service might be a simpler solution.

How to compare and choose the right virtual data room

Looking for the right VDR provider for your business can seem like a daunting task. However, once you know what to look for, you can easily narrow it down to the best data room providers for your specific needs. Follow these steps to find the most suitable electronic data room provider for your business:

  • Look for expertise in your industry. A lot of VDR service providers tailor their software to a specific industry or use case, such as M&A due diligence, auditing, legal operations, etc.
  • Check provider compliance with data security certifications. Check whether the VDR service provider has been audited by ISO/IEC 27001:2013 Certified Data Centers or SOC 1 or SOC2 (Type I, Type II) Certified Data Centers, is GDPR compliant, or has received HIPAA compliance.
  • Compare provider ratings and reviews. User experiences are the best way to evaluate a data room, but keep in mind that the most trustworthy reviews come from your peers, business partners, or people you trust. Some companies list their biggest clients on their websites. It can be a good indicator of what type of industry leaders have chosen their data room solutions.
  • Evaluate offers based on price vs. needed features. A lot of data room services provide different levels or packages depending on the size and duration of your project and desired features. Determine what the most needed features are, how many users you will have, how much storage space you will need, etc. Once you’ve decided on specific parameters, compare vendors to find the best deal and fit for your specific needs.

5 Tips for maximizing the value of your VDR

virtual data room

Although a virtual data room can help you reduce costs and operate more efficiently without a well-designed structure, it can easily turn into a nightmare. These five tips will help you keep your virtual data room in order and ensure effective business operations:

  1. Create and follow a specific file naming system. Everyone using the platform must be able to find what they need easily. To make that happen, set rules for regulating and structuring your VDR and make sure everyone who uploads documents follows those policies.
  2. Take advantage of role-based access. Setting up granular user permission before inviting everyone to the platform can save a lot of worries beforehand. To create custom user groups and configure their access, first estimate how many users you will have and what type of roles and access you want to provide. Then either set up access for each group or each member — it will save a lot of time in the future.
  3. Customize your Virtual Data Room. Make the Virtual Data Room an extension of your company’s brand. Add your logo, company’s colors, a welcome message, and a personalized invitation to access the platform.
  4. Find the right person to lead the transition.  Choosing a technically savvy and enthusiastic person to lead the transition can save you a lot of frustration. A confident, experienced data room manager can answer employee questions easily and provide the encouragement needed in turbulent times.
  5. Do not overlook analytics. Remember to take advantage of data insights generated by your Virtual Data Room software. You can track macro-level engagement by document, user, or role. You can save Q&A transcripts for future training purposes, and you can export automatically generated reports for your board meetings, etc.

FAQ

What is a virtual data room?
A virtual data room is a multi-functional online storage space designed to assist in various business operations for secure document management, sharing, and storage.
Why are virtual data rooms better than physical data rooms?
Virtual data room services offer many advantages due to their cost-efficiency, accessibility, security measures, and ease of use. Unlike physical data rooms, virtual data rooms have multiple useful features, such as permission-based access to certain files or file types, extensive search functions, encryption, Q&A tools. Also, they’re accessible anytime from anywhere. 
How does a virtual data room work?
A virtual data room is a cloud-based solution set up through a proprietary extranet and accessed via the internet. The virtual data room provides access to documents and files only to authorized users. Access is controlled by the system administrator.
What is a data room for M&A?
In M&A due diligence, a data room is typically a place (on-site or virtual) that holds all necessary documents for the transaction. A digital data room is a collaborative platform allowing multiple parties to share, access, and review confidential documents securely as M&A due diligence is a highly demanding and time-consuming process. An M&A data room can help the process run smoother and reduce administrative costs while keeping sensitive documents in a controlled environment.
What is in a secure data room?
A data room is considered secure if the VDR service provider has security compliance, such as ISO/IEC 27001:2013 certification (the most comprehensive security certification for providers of virtual data rooms), SOC 1(SSAE 16, ISAE 3402), SOC 2 Type II, FedRAMP, HIPAA and GDPR. Best data room providers offer encryption, two-factor authentication, automatic watermarks on documents, the option to revoke access even after downloads, option to restrict features like print, save, modify for certain users.
How to create a data room?
Once you have compared various virtual data rooms, select a virtual data room provider. Create a list of required documents, name your files and folders following a specific file naming system, create a structure with folders and subfolders. Set access permission to user groups. Before inviting new users, test the system by doing searches. If everything is functioning the way you intended, invite users. Remember to update files regularly.
How to use a virtual data room for free?
If you are just starting out and looking for a free online data room option, you may consider a solution like Google Drive. There are also a couple of data room companies offering a low-cost solution. However, depending on the security needs, the number of users, and storage size, it is worth considering investing in a trustworthy digital infrastructure. If security is not your project’s biggest concern, and you do not require extensive features, consider using traditional file-sharing software for free.
How to find the best virtual data room for your business?
Look for expertise in your industry and software tailored to your needs (M&A transactions, real estate operations, fundraising, etc.). Always check provider compliance with data security certifications, and compare vendor rating and reviews. Finally, ask various VDR providers for a quote and evaluate offers based on price and functionality.

ProvidersDescription
1. iDealsBeing one of the best virtual data room providers iDeals offers its users a perfect solution for all business processes that involve documents. Try it, and you will like it.
2. IntralinksIf you need an experienced provider, you should consider Intralinks. Over decades this vendor learned everything about businesses. And it’s willing to help your company out.
3. DatasiteMerrill is a unique example of an old data room provider who nevertheless offers an agile and simple solution. You will enjoy numerous features and an easy-to-use interface.
4. BlackBerry WorkspacesIf security is your main concern, you should try Workspaces as this provider focuses on safety. It might lack some functions, but your documents will be safeguarded.
5. BrainloopThis data room provider can satisfy most business needs of companies in different fields. Brainloop offers a lot of useful features and an organized workflow to ease processes.
6. OneHubOneHub allows companies to keep and share files on the cloud server. The software is very easy to use and perfectly secure. It will help you close deals successfully much faster.
7. CapLinkedLooking for a data room that won’t overwhelm you with features? Consider CapLinked. Here you will have all the basic instruments without anything over the top.
8. ForDataForData offers truly versatile and easy to use virtual data room that can fit any business and any industry. Check it out and see if it fulfills your needs and requirements.
9. AnsaradaLooking for a solution for Mergers and Acquisitions deals? Try Ansarada since it is focused on M&A. The software offers only the necessary features you will need during such deals.
10. ShareVaultShareVault offers software that will be suitable for all kinds of document-centric processes. This provider even has a convenient virtual board room among all the features.
11. EthosDataEthosData meets all the security requirements and standards. That’s why it is suitable for all industries, even for law firms. You’ll need only 5 minutes to set up this VDR.
12. DroomsIf you’re looking for a solution for processes that involve due diligence or for assets lifecycle management, Drooms might be just the right option for your requirements.
13. BOXBox was a file-sharing platform for a while. As it got more experience, it became a data room provider. Now it is one of the most convenient solutions for corporate data management.
14. TRANSCEND VDRTranscend is a decent virtual data room provider that offers all the necessary features and simple interface. It will back you up during your most cumbersome deals.
15. Citrix ShareFileShareFile by Citrix is suitable for businesses of all sizes. This software will help you keep your papers organized and available during deals and accelerate the processes.
16. DonnelleyThis provider has seen the world without the Internet and knows how to help businesses close deals successfully. With Donnelley your documents will be available and secure.
17. SmartRoom VDRThis provider is suitable for Mergers and Acquisitions and some other kinds of business processes. SmartRoom VDR will help you collaborate efficiently and manage files.
18. DataRooms.ComThis due diligence focused provider offers a simple yet elegant solution. DataRooms.Com has all the basic features you need for a successful deal and a simple, intuitive interface.
19. FirmexThis Canadian vendor is one of the most well-known and trusted virtual data room providers. It offers a solution for numerous business processes that involve sensitive documents.
20. HighQ DataroomThis might be the best virtual data room provider for startups and small companies. HighQ is easy to get started with and set up to fit the requirements of your business.
21. V-RoomsOver the years, this provider was serving high-quality data rooms to businesses in different fields. You can try V-Rooms using its free trial to see if it is the right solution for you.
22. SecureDocsIt is simple and easy to use a virtual data room that will take care of your corporate files. If you’re not sure whether SecureDocs fits your needs, you can use a free trial.
23. DocSendDocSend is a tool that provides the ability to exchange data without fear. You can do it anywhere and anytime. That does not affect the security of your documents.
24. ClinkedLooking for a data room that won’t overwhelm you with features? Consider CapLinked. Here you will have all the basic instruments without anything over the top.
25. DigifyDigify is an award-winning data control tool for companies worldwide. The security system is backed by powerful features. Be safe at no extra cost, and keep your eyes on the ball.
26. DealRoomThe Dealroom provider’s mission is to deliver high-quality services. M&A; and many other transactions are simplified and expedited for all parties. Make use of solutions offered.
27. idgardThe uniqueness of idgard lies in sealed clouds and proven security mechanisms. Fear-free data exchange and built-in instruments for business keep staying in a position of trust.
28. Aversure Data Room ServiceThe demand for Aversure data rooms is high due to simple interface and proven protection. Work anywhere, using any device. Focus on business, Aversure will take care of the rest.
29. SafelinkSafelink is designed to meet typical business needs. Here managers find a good blend of features, security, and price. Automated processes save time and energy.
30. Document VaultDocsvault allows users to manage and share data in a secure environment. It is not only a tool for paperwork, but also for making progress. Dedicated technical support is available.
31. ImprimaImprima supports companies in complex deals by providing an AI platform. Available 24/7. Managers control the data and staff, Imprima works for success. The price is affordable.