Find a virtual data room solution
that is best tailored to your business needs.
Virtual data rooms are becoming an increasingly recognized tool for safe digital organizational management. After the COVID-19 crisis, now more than ever, it has become vital to invest in digital infrastructure and take care of data security. With their extensive, easy-to-use security features and collaboration tools, virtual data rooms become important for maintaining productivity, order, and security in 2021. Let’s take a closer look at what makes VDRs irreplaceable in 2021.
How you look after sensitive data, such as employee personal information, intellectual property, and company financials, is essential for business success and employee safety. Overlooking data security can lead to legal issues, reputation damage, and unexpected costs. For example, General Data Protection Regulation (GDPR) fines rose by nearly 40%, and penalties totaled around €150 million ($190 million) in 2020.
Virtual data rooms provide specific security features to keep your data protected. The best VDRs comply with international security standards such as GDPR, ISO 27001, SOC2, HIPAA. Important security functions include:
VDRs are also designed with features minimizing the risk of human error when handling documents, for example:
At a time when data is considered the most valuable resource in the world, such precautions ensuring the security of sensitive data are more of a necessity than an option — and luckily, those precautions are provided by VDRs.
iDeals Virtual Data Rooms
Virtual data rooms first originated in the financial sector. Subsequently, they are still most commonly used for managing financial transactions like Mergers & Acquisitions, IPOs, fundraising, and real estate deals.
However, as more and more industries are transitioning to the virtual space, online data rooms are increasingly gaining popularity within other business sectors. Data rooms are increasingly used across the healthcare industry, for example, for clinical research, to keep patient records secure.
Today, many start-ups, non-profit organizations, and associations dealing with sensitive data management use virtual data rooms to protect their client information and run processes more effectively.
As M&A due diligence is a highly demanding and time-consuming process, an online deal room can help run the process more smoothly, reduce administrative costs while keeping sensitive documents in a central, controlled environment. Permission-based access can prevent unwanted downloads or copies, or restrict access to certain documents completely.
Virtual data rooms provide a platform for an easy and structured way to present all necessary materials for potential investors and sponsors. Extensive search functions save time and allow authorized users to quickly find any document or file — rather than searching for and reviewing multiple emails.
Typically auditors have to inspect nearly every aspect of the business or organization. Providing auditors with well-structured, secure data storage accessibility without requiring travel benefits both parties, especially if regular auditing is an automated process within a data room.
Ensuring regulatory compliance is very important in every business sector. Complying with regulatory requirements not only safeguards one’s business but also protects it from unexpected expenses, penalties, and even lawsuits. VDRs can ensure transparency and create a platform for working with outsourced specialists or share information with regulatory bodies to minimize the risks of unintentionally breaking the law.
Virtual data rooms can help streamline the litigation process, providing a central, secure space for collaboration during pre-discovery, and a secure way to share documents with opposing counsel or other parties.
Structuring and coordinating an IPO is a complex, time-consuming, and stressful process. Inevitably the IPO process leads to stakeholders scrutinizing the company’s financials. A virtual data room ensures data security while third parties are constantly, and sometimes disorderly, requesting, reviewing, and analyzing files. A well-structured data room also proves your professionalism and transparency to regulators and potential shareholders.
VDRs allow procurement specialists to safely communicate and collaborate with contractors, legal counsel, and other third parties without having to schedule physical meetings. A VDR makes the process of collecting requests for proposals and evaluating bids easier, thus resulting in a more competitive price for desired products or services.
A lot of partnerships involve heavy document sharing. A VDR can assist in making communication and collaboration more cost-effective and transparent. A strategic partnership could be, for example, between real estate developers and subcontractors, product owners and manufacturers, etc., working with heavy file formats, sensitive information, and intellectual property.
Most VDR software generates automatic reports and extensive analytics. Automating the reporting process saves time and can be helpful for any business.
The board of directors holds a lot of responsibility for the organization’s future and employee well-being. A VDR provides a safe platform to collaborate effortlessly, to view documents, have internal discussions, and invite external parties such as lawyers, accountants or regulators, when needed.
Online data rooms are perfect for exchanging sensitive documents for joint ventures involving intellectual property (IP) such as trademarks, copyrights, patents, even trade secrets. They minimize the risk of third parties profiting from leaked information and keep records of everything related to your IP.
When it comes to choosing the best online data room vendor for your use case, look for a vendor specializing in your industry. That way, you can rest assured that they already know what your needs will be and are ready to accommodate you.
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 VDR 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 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 VDR 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 VDR 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.
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:
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. iDeals||Being 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. Intralinks||If 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. Datasite||Merrill 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 Workspaces||If 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. Brainloop||This 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. OneHub||OneHub 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. CapLinked||Looking 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. ForData||ForData 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. Ansarada||Looking 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. ShareVault||ShareVault 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. EthosData||EthosData 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. Drooms||If 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. BOX||Box 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 VDR||Transcend 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 ShareFile||ShareFile 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. Donnelley||This 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 VDR||This 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.Com||This 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. Firmex||This 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 Dataroom||This 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-Rooms||Over 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. SecureDocs||It 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. DocSend||DocSend 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. Clinked||Looking 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. Digify||Digify 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. DealRoom||The 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. idgard||The 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 Service||The 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. Safelink||Safelink 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 Vault||Docsvault 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. Imprima||Imprima 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.|