Find the Best Virtual Data Room for Your Deals
No need to waste your time on searching - all relevant information is gathered from other review sites and listed here.
No need to waste your time on searching - all relevant information is gathered from other review sites and listed here.
iDeals Virtual Data Room is a protected and secure data room solution that is internationally used and appreciated. The services provided by the vendor are based on the constant innovation approach.
This is a simple and quite versatile solution that will help you handle the document maintenance. Citrix fits the needs of all industries. It’s a completely cloud-based service, so you won’t need to install anything to get started.
USA
1989
14 Days
If you are a fan of the latest technologies, you will find Box rather interesting. This provider offers a simple interface, high bandwidth, and plenty of fascinating high-tech tools.
USA
2005
3 Days
Decades of experience allow Intralinks to create simple yet efficient data rooms. Join this provider if you value a good well-known name. The cost is a bit higher than the average on the market, but that’s the price to pay for a brand that exists for so long.
USA
1996
30 Days
If you’re looking for a deal room suited specifically for Mergers and Acquisitions, Dealroom might be the right choice for you.
USA
2013
14 Days
Brainloop is a very handy and easy to use data room that will accelerate your deals. Keeping security as the main focus, this provider will take care of your documents. However, when it comes to features, Brainloop loses the competition. This vendor will provide you only with the most basic tools, so you shouldn’t expect anything special from it. Although it’s enough for due diligence and M&A.
Germany
2000
7 Days
DataSite by Merrill is a great example of a well-executed simple data room provider. Nothing extra – only the essential tools that will help you close the deal successfully.
USA
1968
14 Days
V-Rooms is a great virtual data room solution for small and medium-sized companies that need a tool for convenient document maintenance. If you need a reliable option you may try Vault Rooms.
USA
2006
14 Days
Those who need the solution solely for Mergers and Acquisitions will find Ansarada quite a good option. This is a vendor with a straightforward interface and a set of basic tools.
USA
2005
14 Days
Now that you have the data room provider situation sorted out, it’s time to learn how to set up a data room. Below are nine simple steps:
An effective experience always starts with thorough planning. Establish the purpose of the virtual data room from the perspective of your industry and the specific project. Pay extra attention to the different stages of your task and the parties who will require access to the data room.
Pro tip: ask your data room provider if they have worked on a similar project before. Utilizing a template can be a great asset to a successful VDR setup.
Once you know who will be accessing the data room you are building, ensure they get trained on how to use it. Consider different levels of experience with technology and take advantage of the data room’s support team.
Pro tip: a conference call is an ideal solution to educate all users.
Depending on what you are planning to use the data room for, you will be dealing with a specific range of data. Note how many documents you need to upload and choose the most suitable formats. In case you are dealing with physical paperwork, put extra effort into labeling the actual documents and their scans for easy access.
Pro tip: create or download a data room checklist to simplify document preparation. A typical list might feature the following:
The next step on how to set up a data room is mapping out the sections and folders within it. Come up with the most logical and easy-to-comprehend organizational model for your case. Color-code and compartmentalize as much as possible.
Pro tip: Picture a physical storage facility to plan the data room software outline in the most straightforward way.
Fill the pre-designed folder structure with the required documents and files. Pay special attention to naming and indexing the items.
Pro tip: the best data room features for effortless and fast file upload are Drag&Drop and Bulk Uploading.
Granting and restricting access are the key elements on how to set up a data room in the most secure way. Make sure that you establish a permission system that is both convenient and safe. Use tools like IP restriction and time limits to further enhance the security.
Pro tip: implement a level-based access hierarchy to easily manage permissions for entire groups.
Protect sensitive information within your data room by requesting all participants to sign non-disclosure agreements (NDAs). Same as with the access permission, you can connect the non-disclosure rules to separate documents and full sections of the data room.
Pro tip: use dynamic NDAs for the documents that will constantly update. This way, the viewers will sign the agreement each time they access a newer version.
Taking a step back and evaluating the whole picture is a crucial stage on how to set up a data room. Make sure all settings match your project’s specifics and requirements by checking the access permissions, browser and device compatibility, and established security protocols.
Pro tip: use the View As option to ensure you’ve set up the data room in the most optimal way for everyone.
Finally, share the invitations with all the users and start using the data room you created. Provided you followed all the suggestions, this process should be simple.
Pro tip: ensure you have an appropriate amount of administrators for your company’s size and the particular project.
Choosing the best data room provider is the most challenging part of setting up a virtual data room. To help you navigate through the current offer of the best data rooms, we listed down the scope of their typical features.
These are the features found in almost every data room provider on the market.
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.
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.
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.
Clear and intuitive access hierarchy setup is another universal feature. You can establish permissions for standalone documents and entire segments of the data room.
The common solution for customizing a data room would be adding a logo and brand colors.
Interactive analytics, dynamic infographics, and up-to-date reporting are key to keeping track of the deal’s progress.
Keep these in mind when trying to figure out how to choose the best data room provider for your needs.
Once you’ve outlined the best virtual data rooms for your company’s needs, the next step is evaluating the following criteria:
Many factors affect virtual data room pricing: the amount of storage needed, number of workspaces, administrators or users, document management and collaboration tools, level of document security, customization, onboarding, and customer support.
The price depends on the provider and can be:
The most popular virtual data room pricing models used by providers are tiered, per-user, and per-feature. Each of these pricing models has its pros and cons, therefore, when choosing among providers pay attention to its focus when developing a product (usually this can be gleaned from the provider’s marketing materials). Also pay attention to the features or value that the product provides to its users (think of 64 GB of memory or virtual data room unlimited storage vs. a thousand songs in your pocket).
No matter what pricing model you choose, most data room services provide a free trial that allows you to test the software first before paying to use it or to use virtual data room cost comparison tools to make the right choice.
On our site, you can find independent reviews of virtual data room providers to help you choose the vendor that fits your business needs.
We analyzed all providers and selected those that meet several crucial criteria. When we were compiling the ratings, which are regularly updated, we take into account not only the number of 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 scale for the comparison of virtual data room providers for each category. Also, we indicate the difference between the scoring rating of different providers so that the strengths and weaknesses of all 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.
Also, we have prepared pages with a comparison of different characteristics of data rooms: we carefully analyzed the offer of each of the providers, their functions, combined all the points, and got the final rating, which you can read at the comparison pages.
For comparison, we take into account several factors such as files and folders management, file protection and digital rights management, data hosting and infrastructure security, accessibility and ease of use, customization, support and services.
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.
To create a virtual data room, you should:
A virtual data room works as a repository and tool for paperwork. The developers took the needs of today’s business as a basis.
Built-in security mechanisms ensure the safety of every file and user. Companies exchange data without the risk of hacking and breaches. Functions available to administrators enable workflow management and analytics.
For employees, VDRs work to complete tasks faster. It is possible through the use of automated processes.
Important data are stored in virtual workspaces. Since providers guarantee protection, companies have no fear in storing sensitive documents. Files and folders may contain:
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 make it easier and faster to create documents.
Users and guests should review the built-in non-disclosure agreement. By agreeing to its terms, the platform visitors take responsibility for their actions.
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 volume of documents. In this case, virtual workspaces contribute to the deal-making without delays. Both parties get:
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, watermarks. This method is cheaper than using physical storage. No travel resources are required to review the data.
Data room for investors 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. Regardless of the time of day, their location, devices, access to information is open on the platform.
A secure data room is a private virtual workspace that is safe. It is where companies can store sensitive information. To ensure security, potential users first make sure protection features are available. For example, these are encryption, access control, compliance with international standards, and others. Quality providers apply virus scanning. This program prevents breaches and leaks.
High-quality portals are all about:
When buying a VDR, clients must pursue not only security but also high performance. That is why the platform should be easy to use.
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.