There are hundreds of virtual data room providers in the global market today. Overall, it should sound good that the virtual data room market is growing, and it really is. However, it somehow also affected the overall quality of the data room service, as some providers are not even certified to host virtual data rooms. It also created a problem for business owners, entrepreneurs, and professionals, especially those unfamiliar with VDR technology.
If you are among those who are not sure which data room provider to choose or which will be best for your business, then you can compare the data room software listed below. We have compiled a huge list of some of the best data rooms on the market today. Let’s get down to it.
What A Virtual Data Room Is
A virtual data room, or VDR for short, is a place on the Internet where users can store and share documents. From a sense of the term, you would think that this is something new about cloud file sharing, and while it may be, the term “data room” is much older than cloud noise.
In order to ensure that all personal data transmitted over the Internet is completely safe and free from hackers and persons acting on the border of the law, special virtual data rooms have been created. Only authorized persons have access to them. The use of data rooms in practice is aimed at reducing the scale of crimes in the field of using personal data against the will, and more often even without the knowledge of the owners. Thanks to this solution, for the first time in a long time, we can all feel safe online. Virtual data rooms are protected by special passwords and accounts, sometimes access to them is preceded by a multi-stage login.
What a VDR is used for
So what do you use virtual data rooms for? It was often possible to find individuals and companies involved in eDiscovery, M&A, and VC (venture capital) using virtual data rooms to put all of your data and files in one place for viewing, archiving, and legal protection. Some people also refer to it as “the hand room”. In addition, virtual data rooms are often used by board members of large enterprises to collaborate in a secure environment.
All of this doesn’t usually happen on the same network because the pages are from different companies. It can be said that a virtual data room is a type of extranet, so it is not public and operates not only within your own company, as an intranet would do. The use of virtual data room software is primarily for compliance management and compliance, not for better user collaboration.
Best Choice Online Data Room Software in 2022
Please note that this list is prepared based on customer feedback and the overall functionality of data rooms in various business sectors. You can also compare some of the top selection of data rooms on this page.
1. iDeals Virtual Data Rooms
iDeals Solutions is a leading UK based virtual data room service provider. The company has been in business since 2008 and has grown to become one of the best data room providers in the world. While iDeals is extremely famous in the legal industry, dataroom due diligence, the financial sector, top corporate professionals and managers, their software can be distinguished for the following reasons:
- Industry-leading data room security
- Comprehensive data management
- Managing bankruptcy cases
- Legal forms library
- Excellent customer service, a service managed by industry experts
- Available for all popular operating systems (Linux, Windows, Mac, iOS and Android)
- Support for 14 different languages.
2. Merrill Website
Merrill Datasite is another leader in the data room software industry that targets midsize to large organizations in the banking, law firms, corporate development, mergers, acquisitions and private equity firms. One of the most interesting features of Merrill Datasite is the ability to transfer zipped files up to 50 GB. In addition, Merrill Datasite offers advanced project management features for complex processes – they provide perfect virtual data rooms for due diligence.
Another valued running a business provider, Intralinks, is known to midsize and large companies. They specialize primarily in providing comprehensive solutions in the field of due diligence as well as mergers and acquisitions. Intralinks is a virtual data room powered by artificial intelligence that enables better data management and analysis. In addition, these data rooms are easy to use and are available in multiple languages such as German, French, English etc.
Brainloop provides a wide range of SaaS solutions, including virtual data rooms, management communication, and secure collaboration platforms. The company deals with all sizes of companies, including small, medium and large enterprises. Speaking of functionality, you can integrate MS Office with Brainloop data rooms and use it offline as well. These data rooms support almost all types of devices, such as cell phones, tablets, laptops, and desktops.
Ansarada is an online data room software that can be used by professionals, freelancers, small businesses and the corporate sector, and they have very flexible pricing plans. Ansarada also provides customized solutions for mergers and acquisitions, transaction management and team collaboration. In addition, Ansarada boasts artificial intelligence for data management, document analysis and file assortment. You can also integrate Dropbox and Google Drive with Ansarada’s virtual data rooms.
Online data room software is not just another business decision, it affects your workflow and the wrong decision can cost thousands or even millions as data breaches are often very costly. Choosing a certified electronic data room provider can certainly minimize the risk factor.