The Best Data Room Solutions for Any Case
Find a VDR solution
that is best tailored to your business needs.
Find a VDR solution
that is best tailored to your business needs.
A virtual data room (VDR), also known as a virtual deal room or electronic data room, is an online repository for secure document storage and distribution. Typically, companies use the solution to protect and simplify mergers and acquisitions, due diligence process, fundraising, initial public offerings, and other complex business transactions.
Virtual data room services allow multiple parties to store and access documents securely from anywhere in the world. Moreover, the platform offers advanced data management feature sets and collaboration tools. Thus, VDRs are much more secure and efficient than physical data rooms.
Since there are many options available, choosing the right virtual data room can be challenging and time-consuming. So, we have done the hard work for you. In this guide, we’ll compare VDR solutions in terms of document security, features, use cases, pricing, and many other key factors to help you find the perfect fit!
With so many solutions on the virtual data room market, making the right choice can be challenging. Therefore, we offer a clear and detailed overview of data rooms for various business needs and industries.
After reading, you will be ready to do the following:
Find your solution and drive success!
There are several approaches you can take when comparing virtual data rooms and selecting the right one for your case.
For example, some people focus on comparing virtual data room pricing. But while it is important to estimate the budget you need to allocate towards a VDR, the cost alone is not sufficient for making a well-rounded decision.
Others turn to data room reviews for advice and study feedback from various users. However, remember that not every data room review is directly applicable to your case. Moreover, all reviews only stay relevant for a short period since software providers tend to improve very fast.
In general, attempting to compare VDR solutions from a single angle is highly ineffective. Since platforms carry versatile functionality and have a virtually limitless number of purposes, it makes sense to take an equally comprehensive outlook. The areas to cover include the following:
Now, learn more about each aspect to choose the best-suited solution:
Begin by outlining the overall purpose of your virtual data room solution. Depending on your case, you will need different features, supporting services, and levels of the provider’s expertise. Additionally, if your company operates in the legal sector, for instance, the software you use has to follow industry-dictated standards.
Example: Law firms and financial institutions will benefit from virtual data room solutions that comply with the Financial Industry Regulation Authority (FINRA).
The size of your company is also essential in choosing the best data room. Some providers charge per user, which significantly increases the cost for medium and large businesses. The same applies to the number of potential external visitors you are expecting.
Security, ease-of-use, ability to restrict access, and straightforward document and data room activity management are the foundation of every online data room provider comparison. However, based on your preferences and expectations, you might look for certain features to elevate your virtual data room solution experience.
Consider consulting your teammates on the functionality they expect from the VDR provider. The chances are that someone on the team has dealt with virtual data rooms in the past and will have valuable insights.
Navigating virtual data room review platforms can be confusing. The best thing you can do here is to pay close attention to the website’s reputation and take ultra-positive reviews with a grain of salt. Difficulties are possible with the most experienced and reputable data room solution providers, and reliable reviewers usually don’t hesitate to mention them.
Example: Large review platforms with a high visitor number are good at filtering out the not-so-genuine posting by verifying their user’s job title and location.
Virtual data room service providers charge differently. Some account for the cost of storage, others for the number of people accessing the VDR, or for the feature variety. There are also providers who offer a fixed-fee model that correlates with the company size and usually has a pre-determined set of functions and abilities.
Example: A fixed-fee data room will offer a certain amount of storage, allowed users, and features for a monthly, annual, or bi-annual charge.
When it comes to pricing models, you need to follow your company’s budget and expectations to make the decision. This way, a small firm that uses the data room solution as an internal repository will be able to work on a per-GB basis.
At the same time, an international enterprise will need a customized fixed-fee digital data room to avoid cost accumulation due to extensive usage.
Now that you know what areas to cover for a comprehensive data room outlook, we invite you to check specific VDR comparison factors to make a well-informed decision based on your needs.
When choosing a platform, first define the main purpose of using it. It helps narrow down your options to a solution that fits your needs. For example, M&A transactions require advanced data security and bidder tracking features compared to industries like life sciences or real estate, where compliance, secure data sharing, and collaboration are key priorities.
So, align your main purpose with the following data room comparison factors and ensure that the data room you choose is the most effective solution:
Some virtual data room solutions are available worldwide, while others are limited to a specific region or country. For example, there are a few online data room providers that offer their services only in the U.S, Europe, India, or other countries or locations. For those operating globally, solutions like Ideals and Merrill Datasite offer international reach and compliance.
Depending on your needs, you may choose a virtual data room, cloud storage, or a physical data room. Each option offers different levels of security, collaboration, and scalability. Therefore, you should consider your requirements before choosing. Here is a quick comparison to help you decide:
Virtual data room | Cloud storage | Physical data room | |
Security | High-level security with encryption, watermarking, and access controls | Basic security features, primarily dependent on the provider | High security but requires physical protection and monitoring |
Data management | Advanced document access management, data room index, and search capabilities | Basic file storage, lacks advanced data organization | Physical file management with folders and cabinets |
Collaboration | Real-time collaboration, Q&A system, commenting, and versioning | Limited collaboration features, depending on platform | No collaboration features, manual sharing and communication |
Ease of use | Intuitive interface with customizable features | Easy to use, familiar interface | Can be cumbersome and slow due to manual processes |
Scalability | Highly scalable for any size of business or project | Scalable but with limitations based on storage space and provider | Limited scalability, depends on physical space and resources |
Unlike other solutions, virtual data rooms provide top-level security, advanced document management feature set, and scalability for business transactions.
VDR providers support professionals across industries and applications. This versatility ensures that virtual data rooms effectively meet the needs of different sectors, including the following:
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Many online data room providers specialize in very specific niches and industries to provide the best possible experience. For example, Ansarada focuses on M&A and IPOs, while SecureDocs provides cost-effective solutions for smaller legal and finance firms. Ideals, on the other hand, offers a versatile online platform for M&A, legal, real estate, and life sciences, with strong features for document security, user control, and collaboration.
Data room service providers have different pricing structures. Some are quote-based, while others charge a flat monthly or annual fee.
It’s also worth noting that some providers offer a free trial that lets you get hands-on experience with the product before committing long-term.
You might be also interested in a detailed comparison of the best virtual data room providers with information about every single aspect of a specific functionality. In that case, rely on multiple comparisons, or create your own selection checklist.
Use the following cheatsheet to navigate the virtual data room comparison.
Next, we discuss the most important data room features and best providers across use cases.
Here is a summary of focus areas and key features for the most common online data room usage cases:
Depending on your needs, you may focus on security, document management, or user management when choosing a virtual data room provider. So, let’s check how you can identify the best solution to meet your goals effectively.
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 users might not be familiar with the technicalities of digital safekeeping. Therefore, we’ve created a virtual data room features checklist that helps to ensure file 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 VDR solutions for transferring and displaying documents to authorized users.
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.
The virtual data room 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 legitimate any digital data room is by spotting the proof of the following industry-leading security certifications and compliances:
Malware attacks are one of the biggest risks associated with online confidential information storage. That’s why virtual data room vendors must facilitate constant virus and vulnerability scans. Virus scanning ensures that all the files added to the VDR are free of malicious programs. And the vulnerability scans check for the software’s overall exposure to potential breaches.
This is another aspect of risk prevention strategizing that has VDR 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 meausures accordingly.
Even the most advanced virtual 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.
Preventing unwanted visitors from accessing the files inside your secure cloud storage combines multi-factor authentication discussed above, time and location restrictions, complete control over documents disregarding their status, and more.
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.
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.
After examining hundreds of virtual data room reviews across multiple platforms, we’ve collected the list of 10 top-rated providers on the market. Below is the evaluation of each VDR solution according to the must-have security feature checklist.
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 VDR efficiency – convenient and secure file sharing and management.
There are three main challenges associated with file organization in online data rooms:
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 can impact virtual dataroom experience.
Protect 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.
This feature allows filling a digital data room a lot faster. With some virtual deal room providers, you can also use bulk upload to add as many required documents as you need.
Ensure that the data room software can process different file types, including:
In case you are not sure which formats you will be using, consult with other data room contributors that will work on the project.
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.
All the authorized users should be able to safely access the necessary data without requiring any add-ons or plugins. The best VDR solutions
also facilitate easy access from different devices and operating systems.
Track all the changes and edits in each document to better direct the data room virtual deal flow.
Some vendors collaborate with electronic-sign services to simplify the signing process for the users.
When a provider works with large-scale clients, they will typically allow bulkier file uploads.
Virtual data room services are often used for internal collaboration, and a pre-established digital workflow can significantly expedite the process.
Work on documents without the need to download them. Just make sure that the users who can edit specific documents have sufficient access rights.
This data room service helps navigate the required procedures associated with certain documents, especially multiple-party contracts, policies, and strategies.
Automatic translation helps accommodate overseas users during an international project.
Here’s the overlook of top virtual data rooms based on their document management capabilities. Please note that we are focusing on the same virtual data room solutions throughout this guide to keep the research thorough and detailed and help you make an informed decision.
After making sure that all the documents are well protected in a secure VDR, 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 confidential data room space. That’s why the features from the checklist below are essential to consider as you compare virtual data rooms.
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.
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 data security.
The VDR provider will give you an option to select pre-built permission models or configure your own. For a truly secure virtual data room, apply the access privileges granularly by considering every user’s and user group’s specific roles.
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.
The best VDRs 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 platform, while third-party experts, such as property inspectors, the least.
Some services enable advanced digital rights management through the 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.
If you are using virtual data room solutions 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.
Here is the comparison of the top 10 VDR providers based on the features they offer for managing users.
A virtual data room is one of the most secure document repositories for storing and sharing data. It is commonly used in mergers and acquisitions, fundraising, initial public offerings, and legal proceedings, where parties need to review, share, and disclose sensitive information securely. In addition, the solution offers advanced collaboration and communication tools.
First, select a solution that fits your needs. After signing up, upload your documents and organize them into a logical virtual data room structure (document index). Then, set user roles and permissions to control access and invite relevant users. Finally, use tracking tools to monitor activity and enable security features to protect your documents.
Companies use virtual data rooms to collaborate and securely store, manage, and share sensitive documents. The most common use cases include M&A, due diligence, initial public offering, corporate data repository, portfolio management, and investment banking.
Traditional data rooms are physical spaces where sensitive documents are stored and reviewed. These rooms require in-person access, which makes managing, tracking, and securing the information more challenging. Virtual data rooms are secure online platforms that allow users to access, share, and collaborate on documents remotely. They offer robust security features and advanced collaboration tools, making them more reliable and effective for data and deal management.
Virtual file-sharing services are cloud-based platforms for storing, sharing, and collaborating on files. The solutions offer convenience and ease of access. However, they often lack advanced security measures and controls for handling highly sensitive information. A virtual data room is a more secure, specialized platform for managing sensitive documents in high-stakes business processes.
Select a provider and create an account. Then, upload your documents and organize them into relevant folders. Set permissions for who can view, edit, or download each document. Finally, ensure security by enabling encryption and multi-factor authentication.
Typically, the CIO, IT managers, legal and compliance teams, finance teams, procurement departments, or M&A teams decide to buy virtual data rooms.
No, not every data room provider offers a free trial. Instead, some may offer demos or customized pricing plans. So, it’s best to check with the provider to see if a free trial is available.
Providers | Description |
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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. 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. |
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. 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. |
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. 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. |
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. 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. |
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. |