The best virtual data room providers to choose from in 2022

1. iDeals
5 / 5

iDeals virtual data room software offers the highest levels of security in a platform with an intuitive interface for various industries. Businesses of all sizes take advantage of secure file sharing, proactive customer service, streamlined workflows, versatile services and tools.

2. Intralinks
4.6 / 5

Intralinks data room software allows large enterprises to efficiently manage multiple files to navigate complex transactions, store confidential information, and improve collaboration. There are also AI-driven tools and external integrations for a smoother and more productive data room experience.

3. Donnelley
4.4 / 5

For faster transactions, Donnelley Financial Solutions uses machine learning and quick setup processes. The provider's unique emphasis on the financial sector and innovative data room security practices are helpful for medium and big businesses. The Venue provides basic cloud functionality for online transactions. Tools for digital document flow and file sharing are also available.

4. Clinked
4 / 5

Clinked was founded in 2011 in the UK and initially targeted local clients before expanding globally in 2018. Clinked is now accessible in 12 languages, has in-person training, and is excellent for data management in small to medium-sized businesses.

5. Citrix ShareFile
4 / 5

Citrix ShareFile data room services provide a flexible range of capabilities that help to streamline and protect online collaboration activities. Small and medium businesses going through M&A and IPO cycles would benefit the most from Citrix ShareFile.

6. DealRoom
3.8 / 5

DealRoom is an M&A lifecycle management software that is utilized by over 2,000 firms. They use artificial intelligence to recognize similar queries and give pre-existing replies or materials. The ACQ Global Awards honored DealRoom VDR provider of the year in 2019.

7. SecureDocs
3.7 / 5

SecureDocs data room is a feature-rich yet simple-to-use solution for sophisticated transaction administration, including M&A, financing, and IPOs. Small, medium and big enterprises in the financial, legal, and life sciences industries benefit the most from SecureDocs software.

8. Firmex
3.7 / 5

Firmex works with companies including J.P. Morgan, ArcelorMittal, and PWC, and has over 4,200 customers in 110 countries. Firmex data rooms allow you to upload and read files from your phone and much more. Clients often comment on how user-friendly the product is.

9. Datasite
3.6 / 5

Datasite's virtual data room makes M&A transactions easier at every stage. Users may develop workflows and make well-informed decisions faster thanks to the provider's finance industry expertise and innovative tools. Besides being a safe document repository, Datasite has become a vital tool for M&A Due Diligence.

10. BOX
3.5 / 5

Box data room software is part of a family of data storage systems that includes public file sharing and ultra-secure document exchanges. Small and medium businesses will benefit from a variety of integrations and complex data room capabilities, while large businesses will have access to a variety of additional Box products.

Tips on how to choose the best virtual data room

The process of choosing the virtual data room can be time-consuming and daunting. The best virtual data rooms offer great tool sets that help you manage all important tasks more efficiently. There are many different virtual data rooms available on the market that can vary greatly in terms of pricing, key features, intuitive user interface, customer support, and more.

Before choosing a provider, it’s recommended to evaluate several of your options and find the data room software that enables you to move through the whole deal process efficiently. The huge selection in the data room industry makes it quite hard to choose the best virtual data room.

Here are some key tips to help you effectively compare different data room service providers and choose the most suitable one.

1. Define the features you need

Before you start your data room search, you must first determine your needs, requirements, and the objectives you hope to achieve by implementing VDR. It's a lot easier to limit your selections once you know exactly from which features your company would benefit the most.

Security

Check a provider's security certifications and compliance with international requirements before picking one. It’s important to make sure the VDR service provider has been audited byISO/IEC 27001:2013 Certified Data Centers or SOC 1 or SOC2 (Type I, Type II) Certified Data Centers.

To avoid any unauthorized file sharing, downloading, or copying, in the best virtual data rooms look for security features likemulti-factor authentication, encryption, digital watermarking, redaction, and access control.

Document management features

Besides secure cloud storage, the best virtual data room also has excellent file management features that include indexing, commenting, assigning tasks, and adding notes. These help to structure confidential data and make project management much easier.

Access permissions settings

Each best data room on the market offers these security features. With them, you have full control over your documents. You can assign different levels of permissions to users depending on their roles in the project and track their activity on documents.

Q&A section

The Q&A tool comes in handy when users urgently need important files from the data room for due diligence. This section allows for easy communication within the data room due to instant message notifications.

Analytics and reporting

In the best data rooms, you can keep track of what's going on in the data room with audit trail and advanced tracking functionality. Within the online data room, administrators can observe and check all users and their behavior within the platform. It's crucial since it allows for more in-depth analytics and reporting.

Customer support

Make sure you choose a company that provides responsive 24/7 customer service. This is especially important for data room users who are in various time zones. If you have a problem with your VDR, you should be able to contact support and receive a prompt answer, regardless of the time or language you speak.

The best VDR providers offer support in multiple languages. Technical support also plays an important role in your user experience. The customer service should be responsive and helpful, as it makes the entire process go more smoothly.

2. Set up a strict budget for your virtual data room software

Data room providers have variable pricing models. These solutions can be cost-effective if you have a budget and are aware of additional fees that may appear throughout your work within the data room. There are several aspects to consider that usually determine the pricing of a virtual data room:

A number of users

Knowing how big your project is can help you pick a supplier who can handle the required amount of users. For more users, some merchants impose an additional price.

Storage

Some pricing options depend on storage capacity, meaning you’re charged based on the number of gigabytes. The data rooms with storage pricing are usually very expensive.

Per-page pricing

This is not a popular pricing option, however, many VDRs still charge this way. It’s a great choice for those who want to manage small projects. It will not be suitable for large projects, as there will be additional charges.

A flat-rate pricing

This is often a monthly fee that covers a certain number of users, infinite pages, and storage. This choice is particularly cost-effective for your project budget because there are no hidden fees.

3. Read reviews on different forums and resources

It’s worth doing a little research and going through different virtual data room reviews on websites like Quora, Capterra, G2, and other resources. There are many sites that post reviews that were bought by the company though — they should be detected and avoided.

Diversifying your research resources will give you a better understanding of what you’re getting from a particular data room provider and what professionals and companies working in your industry think of the vendor in general. Checking virtual data room reviews helps you find out more about user experiences and determine the provider’s reputation and positioning in the market.

Also, in your chosen virtual data room solutions, look for expertise in your industry. Many reliable VDR providers tailor their software to a specific industry or use case. Compare provider ratings and reviews.

4. Contact the representatives of the chosen VDR providers

After you've gone through all of the providers who have the characteristics you need, you can start contacting them. You may look at their website to see if you like the design and whether it's straightforward and simple to use. Vendor representatives can be reached by phone or online chat.

This will reveal whether the representatives are knowledgeable and willing to assist you. You may also inquire about the various price choices and features. You may also inquire with a representative about whether or not other organizations in your industry utilize this VDR solution, so you can gauge its use.

5. Use a free trial or ask for a demo

Consider a free trial before committing to a long-term VDR solution. You should try out the platform to determine whether you like the user interface, how efficient it is, and how it affects your entire user experience. With a free trial, you can see if the service delivers safe file sharing and the capabilities you need for your organization.

Also, don’t forget about your team. The VDR software will be utilized by many team members, so make sure you test how easy it is to handle files for individuals who have never used a data room before.

Because some customers have never used VDR software before, it's important to see if the vendor provides extensive training, supplementary learning materials, and responsive customer service.

6. Compare several data room vendors

Many websites provide short and detailed comparisons of the virtual data room vendors that can help you make a better decision. Virtual data room pricing highly depends on the size, duration of your project, and the desired features to complete it. Compare virtual data room solutions once you've agreed on particular parameters to discover the greatest deal that fits all your business needs.

Compare virtual data rooms

Regardless of the industry, it's critical that businesses find the data room provider that best fits all their requirements. Companies frequently seek virtual data room solutions with certain feature sets, pricing ranges, security practices, and usability. All of these aspects can be evaluated during a free trial period, which is given by the majority of virtual data room providers.

Some of the most important virtual data room features which are used for virtual data room comparison include the following.

Security

Secure virtual data room services should meet all international security standards like ISO 27001, SSAE 16, and ISAE 3402. Besides that, it’s important to check whether the data room provider has the needed security certifications and compliances.

The security features top data room providers offer include access restrictions, data encryption, customizable advanced permissions, role-based access levels, dynamic watermarking, multi-factor authentication, and many more. Users can get different access privileges depending on their role in the transaction.

Collaboration

A reliable data room will have a number of collaboration and communication features, such as a Q&A section, commenting, file requests, and so on. Best data room software also offers live chatting options for quick communication between team members. All communication is saved in one place, so whenever you need to get back to certain messages, you can easily do so.

File management

Among other important features, there are bulk uploads that allow you to quickly upload all needed files onto the data room. All sensitive documents can be managed through a certain structure and indexing system.

Some secure data room services offer auto-indexing and other AI-backed features, which help to keep all files organized and easy to access. With these features, you can be sure no document is duplicated and all paperwork, communication, and files are well-organized.

Let’s compare virtual data rooms by using a comparison of the three feature groups mentioned.

VDR providerSecurityCollaborationFile management
iDeals
  • Access controls
  • Secure Fence View
  • ISO27001 Certified
  • User-friendly interface
  • Software integrations
  • Support of multiple languages
  • Drag-and-drop uploads
  • Flexible functionalities for indexing and file organization
Intralinks
  • Secure file sharing and storage
  • Smooth collaboration inside and outside an enterprise
  • Support on each stage of project execution
Donnelley
  • Secure file sharing
  • Encryption security for global projects
  • Intuitive navigation and user-centric interface
  • Software integration
  • Multiple communication tools
  • Convenient storage
  • Technical support
Clinked
  • Secure workspaces
  • Ability to create a private cloud
  • Reliable storage and digital management systems
  • Well-organized interface
  • Indexing features
  • Quick uploads

This virtual data room comparison allows you to see the key differences between virtual data room services and highlight which provider offers the best features for your needs.

Most common uses of VDRs

Many firms, both large corporations, and small businesses, may benefit from the virtual data room, which can be utilized in a range of industries as well. An electronic data room is an ideal tool for managing complicated projects since it has various advanced capabilities and provides a safe space for data exchange.

When it comes to sharing confidential information, virtual data rooms provide a fantastic option for medium and large businesses that make even the most challenging transactions much easier and faster. Virtual data rooms allow users to focus on cooperation, communication, and other critical duties by automating time-consuming routine operations.

The common procedures where virtual data room software can be used include the following ones.

M&A due diligence

Due to the fact that M&A due diligence is a time-consuming and rigorous procedure, an online deal room may assist in streamlining the process, minimizing administrative expenses, and retain sensitive information in a secure, central location. Permission-based access can prevent unauthorized downloads or copies, as well as totally block access to particular documents.

A virtual data room for due diligence provides a secure environment for the deal's completion. Using virtual data room solutions during negotiations is a secure approach for all parties to analyze and share secret papers. All of these crucial duties become significantly more efficient and less time-consuming. Furthermore, an M&A data room provides complete control over documents and access permissions to the sell-side party.

The best data room providers to use for M&A

  • iDeals
  • Datasite
  • Donnelley

Fundraising

Virtual data rooms provide a platform for presenting all relevant materials to potential investors and sponsors in a simple and systematic manner. Many startups and large enterprises can benefit from that, as the company’s potential growth and success highly depend on that.

Rather than looking for and reading several emails, extensive search tools save time and allow authorized users to easily locate any document or file in just a few clicks. Moreover, a well-organized data room for fundraising can serve as a sign of professionalism and trustworthiness to investors.

The best data room providers to use for fundraising

  • Clinked
  • Box
  • Citrix ShareFile

Audit

When legal counsel, accountants, or auditors need to look at a company's corporate records or other data, for example, the leadership team must figure out how to provide them the information they need without compromising it.

Typically, auditors are required to examine practically every area of a company or organization. It helps both parties if auditors have access to well-structured, safe data storage without having to travel, especially if frequent auditing is an automated procedure within a data room.

The best online data room providers to use for audit

  • SecureDocs
  • DealRoom
  • Clinked

Initial Public Offering (IPO)

The IPO is a complex process because when a business decides to go public, it is susceptible to plenty of local and federal regulations and restrictions. This transaction necessitates the completion and revision of a huge number of documents. Better openness is highly valued and demonstrates the company's reliability to the public, state, and shareholders.

All the processes required to launch an IPO need precise document management, which is simple to do with the help of a reputable data room. Because there are so many third-party specialists participating in the IPO process, secure data rooms are essential tools during IPOs.

The best virtual data room providers to use for IPO

  • iDeals
  • Donnelley
  • SecureDocs

Procurement projects

Without needing to organize physical meetings, VDRs allow procurement professionals to safely interact and work with contractors, legal counsel, law firms, and other third parties. A VDR simplifies the process of collecting RFPs and assessing bids, resulting in more competitive pricing for desired items or services.

The best virtual data room providers to use for procurement projects

  • SecureDocs
  • DealRoom
  • iDeals

Strategic partnerships

Strategic partnerships are critical for business expansion and success in new markets. And, as with most business collaborations, this one necessitates extensive data sharing. You may handle critical documents and share them with partners in a secure VDR. Even if organizations do not combine, having alliances and participation with other initiatives is always beneficial.

The best virtual data room providers to use for strategic partnerships

  • Box
  • Intralinks
  • iDeals virtual data room

Reporting

The majority of virtual data room software includes built-in reporting and sophisticated analytics. The reporting process may be automated to save time and money for companies of any size, operating in any industry.

The best virtual data room providers to use for reporting

  • DealRoom
  • Citrix ShareFile
  • SecureDocs

Board meetings and communication

The board of directors is responsible for the organization's future and the well-being of its employees. When external parties such as attorneys, accountants, or regulators are needed, a VDR provides a secure platform to interact easily, examine documents, hold internal conversations, and invite external parties such as lawyers, accountants, or regulators.

Board members may insist on becoming highly involved with a company's executive team and other aspects of operations at times. Board members, on the other hand, do not necessarily live close by or attend the office on a regular basis.

The best VDR providers to use for board meetings and communication

  • iDeals
  • Intralinks
  • Firmex

Intellectual property management

Online data rooms are ideal for sharing sensitive documents for joint ventures including intellectual property (IP) like trademarks, copyrights, patents, and even trade secrets. They reduce the possibility of third parties benefiting from information that has been released and keep track of everything linked to your IP address.

The best virtual data room providers to use for Intellectual property management

  • Datasite
  • Firmex
  • Intralinks

Talent acquisition, employee onboarding, and offboarding

The recruitment and employment of employees is a great part of talent acquisition. Onboarding refers to the process of orienting new employees to the organization, whereas offboarding refers to the process of termination.

Each one of these three procedures comes with its own set of required documentation. It is critical for HR management to keep all paperwork and contracts for a single employee in a folder in one easily accessible place. All of these crucial papers may be collected and stored in a virtual data room for an infinite amount of time.

The best virtual data room providers to use for talent management

  • Citrix ShareFile
  • SecureDocs
  • Box

Non-Disclosure Agreements (NDAs)

Non-Disclosure Agreements are common contracts that two parties sign before disclosing sensitive corporate information. They can be difficult to handle since editing and negotiating an agreement between two parties takes a lot of time.

Typical virtual data room solutions serve as a basic repository for fulfilled contracts. With just a few easy clicks, an online data room may help businesses develop automated workflows for NDAs, including eSignatures, streamlining the whole process.

The best online data room providers to use for NDAs

  • iDeals
  • DealRoom
  • Firmex