How to choose a virtual data room?

You can review virtual data room providers based on these five aspects to see if one of them fits your mission, requirements, and budgets.

Understand the purpose

Defining why and how you will use a data room allows you to set realistic expectations and make a sound buying decision. For this, answer the following questions:

  1. For what deal will you use dataroom services?
  2. How many users will access a data room online?
  3. For how long will you use a data room provider?
  4. How much data hosting storage will your deal require, and do you aim for unlimited data rooms under your account?
  5. What budget are you comfortable spending on data room companies?


Read user reviews

  1. Choosing a top-notch VDR may be time-consuming, but data room reviews can narrow your searches. Check the following aspects of VDR reviews:
  2. What overall rating does this vendor have on virtual data room review sites?
  3. What security concerns have been reported by other users?
  4. How does this provider’s feedback compare with similar data room vendors?
  5. Are there well-known companies among these virtual data room reviews?
  6. Is this virtual data room provider listed among the best data rooms?


Compare the provider’s pros and cons

After selecting a VDR provider, inspect its capabilities more attentively, consider user feedback, and define virtual data room benefits and drawbacks by using this checklist:

  1. How do this vendor’s data room features compare with the top data room providers?
  2. Does this vendor provide easy drag and drop functionality and permissioning/user invites?
  3. What pros and cons do virtual data room reviews indicate regarding this provider?
  4. Does this vendor’s pricing structure suit your needs?
  5. How cost-effective is this vendor compared to other virtual data rooms?

You can check more about VDR pricing structures and their formation on our virtual data room pricing page. You can also check virtual data room comparison specifics in the How to Compare section.


Communicate with support

A reliable customer support team safeguards your online data room experience, accelerates onboarding, and tackles arising challenges. Use the following checklist to inspect the vendor’s customer service:

  1. Is it true that the vendor’s support team is available 24/7 and are very responsive and quick in tackling any issues?
  2. Does this vendor have a chat, email, and phone support?
  3. Is this customer support open and transparent about the product?
  4. Does this VDR software have expert technical support behind it?
  5. Do similar data room providers have better or worse customer support?


Request a free trial

Reliable online data room providers offer free trials, letting you see whether they cater to your needs. Make sure you check the following aspects of a free period:

  1. Does this vendor offer a 30-day free trial like the best virtual data room providers?
  2. Does this free trial allow for a full experience, or is it just a free demo?
  3. Is this free trial commitment-free, or does it include hidden fees?
  4. Does this vendor charge automatically upon free trial expiration?
  5. Does this vendor provide customer support and guidance during the trial period?
Ideals
DataSite
Securedocs
Digfy
Dealroom
Solutions
  • M&A
  • Real Estate
  • Life Science
  • Restructuring
  • M&A
  • Healthcare & Life Sciences
  • Real estate
  • Restructuring
  • Medicine and healthcare
  • Business and management
  • Investments
  • Agriculture and infrastructure
  • Investment management
  • Financial services
  • Training and education
  • Healthcare and medical research
  • Healthcare
  • IT Professionals
  • Manufacturing
  • Accounting
Pricing Plans
  • Pro
  • Business
  • Enterprise
  • Unknown
  • 3 month plan
  • 12 month plan
  • Volume Packages
  • Pro
  • Team
  • Business
  • Enterprise
  • Starting price 375$/month
Trial Period
  • 30 days
  • No
  • 14 days
  • 7 days
  • 7 days
Document Management
  • Drag-and-drop file upload
  • Bulk upload/download
  • File labels (Business-only)
  • Digital watermarks
  • Drag-and-drop file upload
  • Integrated (no-plugin) IRM
  • Drag&Drop upload
  • Automatic document indexing
  • Digital watermarks
  • Drag-and-drop file upload
  • Document preview
  • Multi-format support
  • Dynamic watermarking
  • Full-Text Search
  • Secure file collection
User Management
  • Single/bulk user invitation
  • Detailed user permissions
  • Excel viewing permissions
  • Granular group permissions
  • View As
  • View only
  • Audit Trail
  • View only
  • Granular group permissions
  • User authentication
  • Permissions on user level
  • View-only access
  • Click trails
  • Advanced analytics and reporting
Q/A
  • Yes
  • Yes
  • Yes
  • No
  • Yes
Security certifications
  • ISO27001
  • SOC2 compliant
  • ISO/IEC 27001
  • SSAE SOC 2 Type II
  • Privacy Shield
  • FedRAMP
  • SSO integration
    256-Bit
  • SSL/TLS Encryption
  • ISO 27001
  • GDPR
  • HIPPA
  • Data Center Certifications
  • SOC 2
  • SSAE 16 audits
Security
  • General Data Protection Regulation
  • California Consumer Privacy Act
  • 256-bit encryption + 2048-bit keys at rest and in transit
  • Multi-factor authentication
  • Protected infrastructure
  • Personnel security
  • 2 -step verification
  • Security in all phases
  • Multi-factor authentication
  • Protected infrastructure
  • Operational security

 

  • Bank-level encryption
  • Two-factor authentication
  • Multiple data storage locations around the globe

 

Support
  • 24/7/365
  • Phone
  • Email
  • Live chat
  • 24/7/365
  • Unlimited training
  • Email/Help Desk
  • FAQs/Forum
  • Knowledge Base
  • Phone Support
  • Help Center + chat and email support for Pro subscribers
  • Phone support for Team subscribers
  • 24/7/365
  • Phone
  • Email
Deployment
  • Public cloud
  • Mobile App: Android, IOS
  • Desktop App: Windows only
  • Browsers supported: Chrome 79, Firefox 78, Safari 13, MS Edge 90
  • Cloud, SaaS, Web-Based
  • Mobile App: Android, IOS
  • Desktop App: No
  • Browsers supported: Google Chrome for Mac or Windows, Mozilla Firefox for Windows and Mac, Microsoft Internet Explorer (version 10 or newer), Microsoft Edge
  • Mobile App: No
  • Desktop App: No
  • Browsers supported:FireFox, Safari, IE, but Google Chrome is mostly recommended
  • Mobile app:Androind + iOS
  • Desktop app: Windows + OS X clients
  • Browsers supported:Google Chrome, Firefox
  • Mobile App: N/A
  • Desktop App: macOS, Windows
  • Browsers supported: Unknown
Pros
  • Industry-leading 99.95% uptime
  • No maintenance windows
  • Individual sales approach
  • Free Preparation
  • The Sandbox feature
  • Unlimited number of users, docs, and storage in their plan
  • Affordable for smaller deals (5 admins, 1 room)
  • Offers 4 plans (Pro, Team, Business and Enterprise) to better suit the customer’s needs.
  • Provides a generous storage offer of 100 GB
  • Easy to use
  • Outlook Plugin
  • Upload files up to 100GB
Cons
  • No-plugin encrypted PDF
  • Sophisticated pricing with hidden costs
  • Screen blocking doesn’t limit phone screenshots
  • No conversion of Excel files
  • No desktop sync
  • Doesn’t offer projects that last less than 3 months
  • A project minimum cost of $1,200
  • Each additional data room for SecureDocs is charged separately
  • No chat on the website
  • Limited global presence and support
  • No free USB delivery
  • Aggressive pricing strategy
  • Small headcount
  • Drag and drop
  • Complex and deep folder structures
  • Long upload speed

Virtual data room features overview

Choosing the best data room service providers is the most challenging part of setting up a virtual data room. To help customers navigate through the current offer of the best data rooms, we listed down the scope of their typical features.

Standard virtual data room providers’ features

These are the features found in almost every data room provider on the market.

archiving feature of data rooms
Archiving

Every online data room provider will allow you to quickly access all past records. This comes in handy for referencing previous deals, accessing historical data, and optimizing governance.

activity tracking feature of data rooms
Activity tracking

The activity reports will tell you who accessed each file, when the file was accessed, and for how long the file was accessed, helping you to oversee both activity and security.

watermarking feature of data rooms
Watermarking

Adding watermarks to documents is an excellent approach to limiting unwanted duplication and sharing. Dynamic watermarking, making it impossible to distribute the file without appropriate crediting.

permission customization feature of data rooms
Permission customization

Clear and intuitive access hierarchy setup is another universal feature. You can establish permissions for standalone documents and entire segments of the data room.

branding feature of data rooms
Branding

The common solution for customizing a data room would be adding a logo and brand colors.

analytics and reporting feature of data rooms
Analytics and reporting

Interactive analytics, dynamic infographics, and up-to-date reporting are key to keeping track of the deal’s progress.

Best virtual data room features

Keep these in mind when trying to figure out how to choose the best data room provider for corporate needs of your organization.

  • API integration. Re-arranging the interface to your company’s specific needs and preferences is an option featured on some of the best virtual data rooms.
  • Bulk uploads and downloads. Adding and retracting confidential documents in bulk can save large amounts of time and make your VDR experience a lot more effective.
  • Interactive collaboration tools.  Advanced features such as polls, live chats, and Q&A can organize, significantly streamline, and improve any data room process and the ways teams communicate.
  • Specialized interfaces. User-friendly interface templates for specific projects.
  • Application integration. Integrating your data room with cloud-based storage services such as Google Drive and Microsoft OneDrive simplifies data management.

Virtual data rooms comparison

On our site, you can find independent reviews of virtual data room service providers and helpful insights on how to choose a virtual data room that fits your business needs.

We analyzed all VDR providers and selected those that serve from one hundred thousand to quarter million companies worldwide and meet several crucial criteria. When we were compiling the ratings, which are regularly updated, we took into account not only the number of typical features that are presented in a particular product but also the experience gathered from interviews with actual users. We also considered virtual data room reviews and comments from our website and from third-party resources.

We use a five-point procedure on how to compare virtual data room providers for each category of VDR aspects. Also, we indicate the difference between the scoring rating of different providers so that the strengths and weaknesses of all online data rooms are clear.

We regularly analyze information on the internet to provide you with the latest data on virtual data room comparison and help you find the best data room service to answer the most important questions.

Also, we have prepared pages with a comparison of different characteristics of data rooms: we carefully analyzed the offer of each of the VDR providers, and their functions, combined all the points, and got the final rating, which potential VDR customers can read at the comparison pages.

For comparison, we take into account several factors such as simple file management, sensitive data protection and digital rights management, document repositories and infrastructure security, activity tracking and filters, accessibility and ease of use, platform customization, accessible customer service line, and integrated cloud services. This is how a comprehensive listing of the best software data room providers for small, medium, and large businesses is created.

Best virtual data room providers

Not everyone is ready to pay for data to be stored but some companies need to use reliable and secure cloud storage for keeping corporate data. For those businesses, we’ve created our website.

Overall Rating: 4.8
View profile
Overall Rating: 4.8
View profile
Overall Rating: 4.7
View profile
Overall Rating: 4.5
View profile
Overall Rating: 4.5
View profile
Overall Rating: 4.5
View profile
Overall Rating: 4.5
View profile
Overall Rating: 4.4
View profile
Overall Rating: 4.4
View profile
Overall Rating: 4.4
View profile
Overall Rating: 4.4
View profile
Overall Rating: 4.2
View profile
Overall Rating: 4.2
View profile
Overall Rating: 4.2
View profile
Overall Rating: 4.1
View profile
Overall Rating: 4.1
View profile
Overall Rating: 3.2
View profile
Overall Rating: 3.0
View profile
Overall Rating: 2.8
View profile
Overall Rating: 2.0
View profile
Overall Rating: 1.5
View profile

How to compare data room providers? (user’s guide)

You should build the data room comparison process around crucial VDR capabilities. Make sure your VDR vendor applies key features used by the best virtual data room providers:

  • Document Management features. Search for virtual data room service providers offering auto-indexing, bulk uploading, fence view, and data rights management. These features let you set up a robust structure of folders and files quickly and have control over secure file sharing.
  • Access security. Reliable dataroom providers ensure access security by implementing two-factor authentication, IP restrictions, password strength settings, and single sign-on (SSO). If you seek maximum data protection, you should opt for a secure data room service that combines several access control features.
  • User activity tracking and reporting. You should seek data rooms with reporting abilities to track usage, uploads, and downloads. Also, aim for vendors that transform data room activity audit logs into customizable reports for simple and effective project management.
  • Ease of use. Check if the VDR software is available in multiple languages and compatible with different operating systems and mobile devices. The more supported languages the interface has, the more diverse expertise you can attract in the future.
  • Value for money. Compare data room providers by a market value for a great depth of reports, robust digital rights management with full control over documents, and convenient drag-and-drop functions. Check if other providers offer greater functionality for the same price.
  • Customer support. Make sure your virtual data room providers comparison inspects customer support that offers VDR technology training. Reliable customer support helps new data room users set access levels, access documents through a content structure, and configure advanced functions. 
  • Functionality. Check if your data room supports an advanced search function capable of detecting exact and partial matches in folders and documents. Also, aim for full-text search using optical character recognition (OCR) for PDFs and images and filters for narrowing down files by type, status, and viewing activity.

Frequently asked question

What is a virtual data room?

A full-feature data room is an online space that stores sensitive corporate data and allows interested parties to communicate, manage workflows, and make strategic decisions in a secure environment with full document control.

The simplest way to define a virtual data room is as digital online storage. However, besides being an online repository, modern virtual data rooms offer numerous tools for the accelerated document preparation. This way, corporate professionals can better perform their duties, make more informed decisions, and improve long-term governance.

How does a virtual data room work?

An electronic data room works as a repository and tool for paperwork combined with project management software features. The developers took the needs of today’s business as a basis.

Built-in data security mechanisms ensure robust file protection and user safety. Companies exchange data without the risk of hacking and breaches. Additional functions available to administrators enable workflow management and analytics.

For employees, VDRs work to complete tasks faster. It is possible through user management systems and automated processes.

How do I create a virtual data room?

To create a virtual data room, you should:

  • Find a trusted modern virtual data room. Review sites and recommendations from client companies will help you make the right choice.
  • Create groups and invite users. Administrators can manage the platform by deleting or organizing groups.
  • Establish access privileges. Allow or restrict viewing, downloading, original downloading, and editing of documents or restrict access entirely.
  • Upload files and folders to workspaces. The bulk uploading and drag-and-drop tools simplify this process.

What is in a data room?

Important data is stored in virtual workspaces. Since providers guarantee protection, law firms, life sciences, private equity companies, and other businesses have no fear in storing sensitive documents. Files and folders may contain:

  • contracts,
  • invoices,
  • tax receipts,
  • securities

These files are organized and easy to find within the data room. The online platform also supports all formats so you can upload video, audio, presentations, and others. Some developers place templates in data rooms to significantly streamline uploading and managing documents.

Users and guests should review the built-in non-disclosure and confidentiality agreement. By agreeing to its terms, the authorized users take responsibility for their actions.

What is a data room in M&A?

A data room in M&A is the repository of documents essential for merger and acquisition transactions, which involves the preparation and study of a large number of documents. From a project management perspective, a dynamic data room contributes to the deal-making without delays across many industries. Both parties get:

  • space for convenient cooperation across unlimited projects,
  • High speed of electronic document sharing,
  • Unlimited storage for all kinds of files,
  • Great usability through an all-in-one integrated solution,
  • source of sensible solutions.

The tool can make a partnership between buyer and seller possible even from a distance without risking security. To do this, the provider implements encryption, electronic signature, and dynamic watermarking. This method is cheaper than using physical storage. No travel resources are required to review the data in the cloud storage.

What is a data room for investors?

A data room for investment banking allows parties to study a large number of documents needed to make decisions before finalizing an investment transaction. In this way, they assess the risks and potential opportunities from the investments made. As a rule, the parties agree on a list of data that will become the subject of a detailed examination.

Virtual data rooms are a convenient format for investors and corporate development professionals. Regardless of the time of day, their location, devices, easy access to information is open on the platform.

What is a secure data room?

A secure virtual data room is a private virtual workspace that is safe. It is where companies can store sensitive data. To ensure security for the most sensitive documents, potential users first make sure enhanced security features are available. For example, these are encryption, access control, compliance with international standards, and others. They allow users to control sensitive documents from start to finish. The right virtual data room also applies virus scanning. This program prevents breaches and leaks.

High-quality portals are all about:

  • secure transactions,
  • secure document sharing,
  • safe collaboration with partners.

When buying a VDR, clients must not only store documents securely but also output high performance. That is why the platform should be easy to use.

How much does a virtual data room cost?

The cost of a virtual data room differs. Cost may vary depending on the contract length, feature set, availability of technical support, among other factors.

Pricing is one issue to consider before finally deciding to purchase a VDR. Sometimes organizations have to pay extra to invite more users or get gigabytes.

Most service companies offer a free trial. Users can check if this tool is appropriate for meeting their challenges.

Often the cost is changed because of the customer’s requirements. In that case, the developers customize it. Pricing also includes tariff.