In recent times, VDRs (virtual data rooms) have become one of the fastest-growing tools for cloud computing. The data room services have stripped away all roadblocks between time, location, and place by bringing people together in one single place.
With time, the need for virtual data rooms is growing, and in the last few years, it has seen an increase in revenue – valued at the whopping US $800 million. It’s no wonder that the global market for virtual data rooms is projected to keep growing, as VDR providers offer so much value to businesses worldwide.
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Virtual data rooms or VDR providers are much like a hall of records or library. It’s an online repository of information that allows companies to share confidential and critical corporate data and securely store stockpiles of data. Moreover, virtual data rooms are a complete suite of essential tools, from voting features to annotation tools to board document management to multiple-factor authentication, etc.
Data room services are used in multiple business cycles such as due diligence, clinical studies, fundraising, bankruptcy, mergers and acquisition, private equity, and more.
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What are the common features of Virtual Data Rooms?
Here’s a list of some of the key features that come with virtual data room software:
Viewer history – Do you wish to track at which document clicks were made the most? Or, on average, how much time does one spend on documents? Or where else the team members have navigated within the secured platform? Fret not! You can do all of this and a lot more using this feature of the software.
View-only access – There are confidential and critical data sets that you can’t let everyone view or edit because of security reasons. So how to go about it? Yes, virtual data rooms have the ability to let the administrators decide who can access these confidential files and who can’t.
Security and encryption – In today’s fast-paced world, cyber security is one of the main concerns for many business entities. The virtual data rooms outpass project management apps when it comes to end-to-end encryption and providing a secured platform. Yes, VDR providers have the ability to grant document permission to specific users to maintain privacy. Also, remote shredding and watermarks add more security.
Files sharing – The biggest plus, virtual data rooms streamline the process of virtual meetings and collaboration, which in turn enhances work engagement.
Bulk upload – In this digital era, keeping a record of high-volume data isn’t easy. Hence, the adoption of cloud solutions has made it easier. Now the companies can upload bulk data in one go at a good speed with no interruptions.
Drag-and-drop file upload – You can easily upload files in virtual data rooms by dragging and dropping folders/files from your desk into the VDRs sorted folder.
Live chat – Communication is the key. The best data room providers have now started investing in research and development so they can come up with more innovative features that facilitate collaboration. Hence, with the live chat feature, you can discuss documents and important aspects of the meeting with remote users.
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How Does a Virtual Data Room Works?
A Virtual Data Room is a Cloud-based Storage system that allows you to preserve important and sensitive business information/personal information safely and securely. It also takes care of your business financial transactions also. There are a lot of companies available to provide and maintain Virtual data rooms with utmost security systems. With the help of these Virtual Data Rooms, users can easily share the information only with whom they are willing to. Business deals can be done at a faster rate. These Virtual rooms provide access to the bidders and the buyers to share their information and finish deals through the internet.
Finding the best solution for your organization can be a little overwhelming, especially when there are so many virtual data room providers in the market. Well, fortunately, you don’t have to waste time searching for the best-fitting data room services. That’s what we are here for!
Without further ado, let’s have a look at the best virtual data room providers.
We Provided this article in the form of a Video Tutorial for our reader’s convenience. If you are interested in reading, skip the video for now and watch it after the completion of reading this article.
iDeals is the best and secure Virtual Data Room that helps you to store and secure your important business documents with utmost security. These VDRs come with a very intuitive user interface which helps the users to understand the working process in a very short time. This can be used in any browser and device that too without using any kind of plug-ins. It supports more than 25+ file formats for secure viewing, printing, and downloading. All the data centers of iDeals are certified with ISO27001 and audited by EY.
- Drag & Drop File Upload
- Supports 25+ file formats
- Integrate with Internet Explorer
- Automatic Index Numbering
iDeals provides its Virtual Data Rooms in three different plans, such as Pro, Business, and Enterprise. The prices of all the plans are provided in the below screenshot.
Firmex is the most trusted Virtual Data Room service that provides a smarter interface to make the users work faster and efficiently. The clients of Firmex open more than 15,000 data rooms every year. It provides a lot of powerful tools to safeguard your important documents and data. It has a well-talented expert support team to assist you around the clock and solves your issues.
- Instantly verify what users see
- Secure User entry and access
- Advanced User Management
- Seamless Auto-indexing
- 24/7/365 Expert support
Intralinks is the world’s most advanced VDR that accelerates your large-scale deals with ease and at a faster rate. This employs a fully automated process to complete the operations error-free and to maintain accuracy. It is rich in features and provides all-time expert support. The support team of Intralinks is real, and well qualified real human beings. As this is an automated process, all the operations were done under a designed streamline without any confusion or interruptions.
- Advanced Deal Prep
- Expedited VDR Setup & Deployment
- AI Redaction
- Detailed Reporting
- M&A Workflow
- Video Support with Zoom Integration
- 24/7/365/ end-user support
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SecureDocs is one of the fastest Virtual Data Rooms trusted by many companies around the world irrespective of their size or scale(Large & Small). You can set up a new VDR in SecureDocx takes just 10 minutes of time and that too at a very affordable price. Its starting price is $250/Month which includes unlimited users and unlimited documents. It has a high-level security system and puts this as its first priority.
- Customizable Dashboard
- Advanced Search
- Electronic Signature and Templates
- Audit Log Reporting
- Unlimited Storage and Unlimited users
- Amazon web Services Data Centres
Securedocs provides its Virtual Data Rooms in three different plans. Such as 3-Months, 12-Months, and Volume Packages. The prices of all the plans are provided in the below screenshot.
EthosData provides simple and secure Virtual Data Rooms to complete your transactions with ease. It makes you focus on the deals and they will take care of all the documents and transactions related to the deal. It keeps the information and details of your deals confidential. It assigns experts to run the Virtual Data Rooms and assists you all the time.
- Cut out the complexity
- Data Rooms are run by Experts
- No software or plug-ins to install
- Platform certified to international third-party standards
- Unlimited Training sessions available
- 24/7 service
EthosData servers Virtual Data Rooms in three different plans and each plan provides a 30-day free trial. The prices and perks of all three plans are provided in the below screenshot.
DealRoom is a Secure and easy-to-use Virtual Data Room that keeps your confidential information and data safe. You can easily store, share, and collaborate on important documents. You can control the accessibility and visibility of files from anywhere and at any time. Also, you can change the permissions of files easily at any time. It provides detailed analytics of user behavior in an easily understandable form.
- Safe & Secure
- Easy to connect with documents
- Can view files without leaving the platform
- 24/7 Support
DealRoom provides its Virtual Data Rooms in three different plans. Such as Single Room, Professional, and Enterprise. Billing can be done on a Monthly and Annual basis. The price of a Single Room on Monthly Billing is $1250 and whereas on Annual Billing, it costs $1000. For the prices of Professional and Enterprise plans, you have to contact DealRoom.
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DocSend is a modern Virtual Data Room with an easy-to-use interface. You can share multiple files and can access all of them in a single place that too with a single link. It allows you to restrict specific email addresses and domains accessing your Virtual Data Rooms. You can also add an extra layer of protection by enabling the passcode security to your VDR. DocSend has an amazing feature of customizing your VDR with custom logos and banners. Viewers can access your VDR from any browser and device without installing or using any additional plugins.
- All documents can be accessed using a single link
- Smart Permission Management
- Granular File Access
- Personalize your data room
- 24/7 expert support
DocSend Virtual Data Rooms are available in four different plans. Such as Personal, Standard, Advanced, and Enterprise. All the plans are billed on a monthly and Annual Basis. The prices of all the plans are provided in the below screenshot.
- Monthly Billing
- Annual Billing
Ansarada is a fast and mobile-friendly Virtual Data Room that can be used even by first-timers. It has the best security system that tracks all your usage and self destruct the files irrespective of the location. Ansarada employs the processes with AI automation to deliver premium output to the users. Experienced experts are always just a single click away and they assist you the way you like. It provides a 14-days free trial version also.
- Simple Design
- Ultimate Security
- Unlimited users
- AI Powered workflows & insights
- Powerful collaboration
Ansarada charges the Virtual data rooms according to the data plans and the billing can be done on a Monthly, 3 Months, 6 Months, and 12 Months basis. The prices of all the plans according to the billing are provided in the below screenshot.
Citrix is a cloud-based Virtual Data Room that allows you to access the stored important and confidential information/data from anywhere. It comes with an advanced security system that makes your VDR more secure. It always tracks your transactions and audits them in an effective way. Further, it provides the analytics of the audited data. You can even schedule the time to audit the content which is an amazing feature provided by Citrix. It provides a DVD backup of your deals once the deal is completed.
- Advanced data Security
- Extensive Auditing & Reporting
- Streamlined uploading and syncing
- DVD backup
- 24/7 customer support
Drooms is one of the world’s leading Virtual Data Room solutions best for managing real estate assets. It comes with high-level security to keep the data confidential and safe. It comes with an intuitive user interface to make the users feel more comfortable. The Virtual Data Rooms of Drooms is built with the combination of Artificial Intelligence and machine learning technology for super-smart workflow.
- Artificial Intelligence
- Multi-level access
- 24/7 Phone and Online Technical Support
Drooms provides its virtual Data Rooms as a 30-days free trial version that includes 5 users and 1GB storage as perks. Its pro version is available at $14.45 per user per month and provides benefits like 10+users and 3GB+ storage. A Custom plan is also available for the users seeking unlimited users and unlimited storage.
Digify is a Virtual Data Room service that allows users to customize their data rooms as they like. It arranges all the data organized and presents to the users up to date. Digify is certified for ISO207001 for its security levels. Its security is very strong and only the right person/user can access the documents stored in the data rooms. To attract the viewers you are allowed to personalize and add your custom logos, colors, and avatars to your data rooms. It has an expert team to assist you around the clock.
- Password Protection
- Print & Download restrictions
- Document Tracking
- Screen Shield
- Document Expiry & Self-Destruct
The Virtual Data Rooms of Digify are available in three different plans, such as Pro, Team, and Business. Payment is accepted on Monthly and Annual billing. The prices of all the plans according to billing are listed below.
- Monthly Billing
- Pro – $150 per month
- Team – $400 per month
- Business – $1500 per month
- Annual Billing
- Pro – $99 per month
- Team – $25 per month
- Business – $1000 per month
Clinked is one of the best Virtual Data Room services that makes the users sharing sensitive data with the external stakeholder easy. This is a simple and cost-efficient solution for all kinds of businesses to store and share sensitive data in a secure environment. You can customize the data room just in minutes. It tracks all the activity data, analyzes, and provides complete information to the user. An extra layer of protection is added to the data room by setting up a password for your confidential data.
- Legally binding e-signatures
- 3000+ apps to connect to
- Audit trail
- End-to-end encryption
- 256 bit SSL in transit and AES
Clinked provides Virtual Data Room services in four different plans. Such as Lite, Standard, Premium, and Enterprise. Payment can be done on Monthly, Yearly, and 2-year billings. The prices of all the plans according to billing are listed below.
- Monthly Billing
- Lite – $99/Month
- Standard – $248/Month
- Premium – $495/Month
- Enterprise – $995/Month
- Yearly Billing
- Lite – $83/Month(Billed Annually)
- Standard – $209/Month(Billed Annually)
- Premium – $416/Month(Billed Annually)
- Enterprise – $836/Month(Billed Annually)
- 2-Year Billing
- Lite – $64/Month(Billed biennially)
- Standard – $162/Month(Billed biennially)
- Premium – $322/Month(Billed biennially)
- Enterprise – $647/Month(Billed biennially)
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The following table compares virtual data rooms so you can have a better picture and decide which one fits the needs of your company.
It’s time to ditch project management apps and jump into the bandwagon of virtual data room software. That’s because VDRs erase the boundaries of region and time, giving everyone a neutral and secure place to conduct business deals.
I hope this tutorial helped you to know about the 12 Best Online Data Room Providers. If you want to say anything, let us know through the comment sections. If you like this article, please share it and follow WhatVwant on Facebook, Twitter, and YouTube for more Technical tips.
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12 Best Online Data Room Providers – FAQs
What is virtual data room software?
A virtual data room (VDR) is a software-as-a-service (SaaS) that lets companies share sensitive information via the internet while preserving full control and exclusive ownership of it.
Are data rooms expensive?
The price range is really wide. You can find the solution even for $100 per month if you are fine with lesser-known and simpler providers.
Is Dropbox A virtual data room?
The core of a Virtual Data Room is its security. Dropbox and other personal file-sharing platforms lack the ability to remotely control a file through Digital Rights Management and do not allow for elaborate permission structures.
Is the Datasite safe?
We designed Datasite on insights from more than 2,000 dealmakers. Its tools and features power more than 9,000 deals a year. All protected by ironclad security.
What is in a data room?
A virtual data room or data room is a cloud solution specially made for the secure storing and sharing of confidential business information.