An Overview of the World’s Top Five Online Data Rooms and How to Choose the Right One for You
Virtual Data Rooms (VDRs) have become an essential tool for businesses of all sizes. It enables seamless storage, sharing, and organization of documents, specifically for critical transactions such as mergers and acquisitions, due diligence, and investments.
With so many VDR providers available in the market, choosing the right VDR for your company’s requirements can be a bit challenging.
In this brief article, we will provide an overview of the top five providers in the world, as well as guide you in choosing the best solution for your organization.
1. Citrix ShareFile
Citrix Sharefile is a virtual data room suitable for business due diligence operations and transactions.
It keeps your sensitive documents safe and confidential with features like watermarks, e-signature, download tracking, and precise access permissions.
We were also very impressed with this program’s reporting and analytics capabilities. It provides you with customizable reports that keep you informed throughout the transaction.
Citrix Sharefile works on Mac, Windows, iOS and Android, allowing anyone in your company to access it from their favorite devices.
Citrix Sharefile starts at $338 per month. You can also request a free trial.
For lawyers, managers, and investment bankers, the iDeals virtual data room is one of the best VDR solutions available for keeping data secure and making deals efficiently.
It integrates two-factor authentication and data encryption, ensuring a secure document sharing environment.
Moreover, VDR supports bulk uploads to upload and organize files efficiently.
With smart filters, you can quickly search for and locate the files you need. iDeals also allows you to track activity in different workspaces using the audit trail feature.
In addition, custom reports provide a complete overview of your data room.
iDeals pricing is based on bids, and there are 3 tiers to choose from: Basic, Pro, and Business.
Firmex is a virtual data room solution that enables companies to conduct financial transactions securely and manage complex operations and deals.
One of the most prominent features of Firmex is the biometric protection which ensures the authenticity of the user for maximum security.
VDR also includes advanced collaboration features such as comments, questions and answers, and original messages, making it easier for all parties involved in the transaction to communicate and collaborate.
Pricing is based on quote, and you can request a free trial to get a feel for how Firmex works.
Brainloop is one of the best providers of virtual data rooms for businesses of all sizes. It provides a secure way to store and share files with features like encryption and automatic watermarking. Questions, answers, and comments enable seamless collaboration between interested parties, and you can seamlessly integrate it with your existing infrastructure.
Moreover, Brainloop supports bulk uploads, which saves a lot of time and effort in uploading and sharing documents. You can access Brainloop from most desktop and mobile platforms.
Brainloop pricing is based on quotation, so you need to contact our sales team to get more information.
5. Merrill Datasite
One of the main advantages of Merill Datasite is its strong security measures, and this is the main reason why large companies and organizations trust it.
It is one of the best solutions for merger and acquisition deals and litigation. With 256-bit SSL encryption, two-factor authentication, and audit logs, Merill’s security is second to none.
We also like that Merill Datasite offers 24/7 customer support in over 20 languages.
You can contact the Merrill sales team for pricing information.
How to choose the right virtual data room provider for your needs
Here are some tips that can help you partner with the most appropriate online data room software for your organization.
Security should be at the top of your list when deciding on an electronic data room provider. All providers implement security protocols and authentication procedures to protect your company’s sensitive information. But to get a sense of how secure the data room really is, check if the provider has any history of breaches or data leaks.
Ease of use
The best data room providers use an easy-to-use interface that makes it easy for you to familiarize everyone in your company with it, ensuring that you can start your deals and transactions as quickly as possible. You also want to make sure that guests and third parties can use the data room without needing assistance.
Data rooms are complex pieces of software, and as a user, you are likely to run into issues at some point. If this happens, you should be able to get tech support quickly to avoid disrupting your workflow.
Ideally, you would want to choose a VDR provider that offers 24/7 technical support through multiple channels. Service providers that offer local support are also recommended as this will make communication with the support team easier.
Find a VDR provider that supports native integrations with the software tools you already use in your operations. These solutions may include productivity, collaboration, or document management.
Now, it should be easier for you to decide on an online data room provider. We’ve featured the best data room suppliers, but if you’re still unsure, we recommend testing data room services yourself with demos or free trials.