Virtual data rooms are long-term investments, and it is very important to make sure a business is investing the right way. With so many virtual data room vendors in the market, it can be overwhelming for the management to choose the right option.
For instance, the management needs to ensure that the data room software they are choosing has all the required features and can easily fit their budget. If a business just needs a data repository, it won’t have to pay for additional features.
Similarly, if a firm needs a virtual data room for due diligence, it would look for specialized vendors and particular features. There are so many things to consider, right? So, where to start?
One of the best ways to narrow your search is to look for virtual data room reviews online. Today, we were going to list down some of the best virtual data rooms in the market and what they are offering. Also, you will get to know about some essential things to consider before choosing online data room software.
Top 5 Virtual Data Rooms
Virtual data rooms are essentially data repositories with advanced features to cater to the needs of different industries and business ventures such as M&As, IPOs, real estate, investment banking, etc.
Here are some of the best online data room software and their effectiveness in different sectors.
The reason to start the list with iDeals is that it is a “one-for-all” solution, equally effective for small and large businesses. iDeals started its operations back in 2008 and has quickly become one of the biggest names in the VDR industry.
The company provides comprehensive business solutions for different business sectors, including real estate, M&A, life sciences, investment banking, law firms, and many other enterprises worldwide.
Although iDeals is an all-in-one data room with so many useful features, its Q&A section for better collaboration and communication gives iDeals an upper hand, especially for M&A transactions and real estate deals.
Apart from that, iDeals has a unique customer support system as virtual data room experts deal with the customers through live chat, emails, and phone.
- Offers data room services in 14 different languages
- Supports more than 25 file formats
- Can be deployed on Windows, Linux, Mac, Windows Phone, Android, and iOS
- Offers a 30-day free trial
Intralinks is another well-known name in the virtual data room industry that particularly suits medium and large businesses. The company is regarded as one of the best solution providers for mergers and acquisitions.
Intralinks virtual data rooms have an intuitive user interface, very easy to navigate through. Some notable features include auto-indexing, digital watermarking, data room audit reports, bulk drag-n-drop, etc.
Here’s more on the Intralinks virtual data rooms:
- Support multiple languages, including French, German, English, etc.
- Are available for iOS, Windows, and Mac
- Offer a 30-days free trial
3. Merrill Datasite
Merrill is pretty similar to Intralinks when it comes to catering to the needs of medium and large-sized businesses. Merrill solutions are a top choice in law firms, investment bankers, private equities, and corporate development even after being on the pricier side.
Merrill virtual data rooms provide all the necessary VDR features, including a Q&A section, bulk uploads, drag-n-drop feature, branded website, etc. With Merrill, you can upload zipped files of up to 50GB.
Merrill virtual data rooms also:
- Support Mac and Windows
- Are available in multiple languages
- Offer free trial (on request)
SecureDocs is highly rated on different review platforms such as G2, Capterra, etc. The uniqueness of SecureDocs lies in its intuitiveness, transparent pricing, fast setup, and ease of use.
Although SecureDocs offer all basic VDR features such as watermarking, audit logs, user permissions, drag-n-drop, etc., it falls short in collaboration capabilities. Moreover, if you are looking for a virtual data room for due diligence, SecureDocs is not a recommended option.
On the brighter side, SecureDocs provides unlimited storage space and e-signatures feature and is equally useful for small, medium, and large businesses.
- Offers free trials
- Supports Mac, Windows, iOS, and Android
Offering three different pricing plans, Ansarada is a reliable option for businesses of all sizes and freelancers as well. Ansarada is an AI-powered virtual data room with robust security features such as digital watermarking, multi-factor authentication, customized access restrictions, etc.
Moreover, Ansarada offers handy collaboration features for corporate teams. That is why Ansarada is a reliable option in M&A transactions. Apart from that, Ansarada is easily integrable with Dropbox and Google Drive.
Other mentionable features include single sign-on, security time-outs, tracking, and locking MS and PDF files.
Here’s more on Ansarada:
- Supports only the English language
- Can be deployed on Mac and Windows
So, these were our picks for the best virtual data rooms in the market. if you want to explore more VDR options, follow this link datarooms.org – Find the right platform for your project.
Things to Consider While Choosing a Virtual Data Room
Your ideal data room will be the one that fulfills your business needs. Yet, it is vital to look for the following things in any online data room software:
- How secure is the VDR? Does it comply with security standards? Does it protect your business data through 256-bit encryption? Look out for other security features such as watermarking, audit logs, two-factor authentication, restrictions on downloading or printing a document, etc.
- Is it easy to use? Always look for a VDR with a user-friendly interface.
- How strong is the customer support?
- Does the service provider offer a free trial?
- Is it easily integrable with common operating systems?
In simple words, the ideal virtual data room is the one that can meet all your requirements. Some virtual data rooms are famous for their collaboration tools, while others stand out because of their security features.
Nonetheless, some elements are mandatory regardless of which data room you choose. These may include data room security, collaboration tools, ease of use, customer support, etc.