Virtual Data Room Providers Rating

Review the Best Data Room Providers for Online Deals

Compare the vendors by Security, Features & Price

by Data Room Rating Group

Best Data Room Software in USA 2020

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Provider
Description
Profile
Rating
1

If you’re looking for the best provider, you can merely stop right here. iDeals offers all the features you need packed in the convenient interface for very affordable prices.

Top Rate
5.0
2

This is the old-school provider that can become a solid solution for many businesses. However, you might feel like it’s not agile enough for your dynamic company.

Top Rate
4.8
3

If you are looking for a VDR solely for Mergers and Acquisition, Firmex might fit you. This provider makes due diligence way easier and faster.

Top Rate
4.5
4

Being one of the most experienced providers, Merrill knows what businesses need. This vendor tries its best to satisfy the expectation of its customers.

Top Rate
4.3
5

This provider focuses on Merger and Acquisition and does everything that’s possible to simplify this process for businesses. So if you need a solution only for M&A, take a look at Ansarada.

Top Rate
4.0
6

This is a great data room for small and medium-sized businesses. V-Rooms focuses on banks and accounting firms, but this software will work for other companies, too.

Top Rate
3.8
7

If you need a simple data room with basic features, Imprima might be your choice. This provider will help you with all the business processes that involve documents.

Top Rate
3.5
8

This minimalistic and affordable data room is a good fit for many companies. SecureDocs lacks a couple of features, but the low price makes up for it.

Top Rate
3.3

To help you make the right decision, we’ve studied technical details about each provider, and the features of their software. We went through hundreds of genuine customer reviews to read the true opinions about vendors and find out about their flaws. We paid special attention to the quality of customer service because that’s one of the most important qualities of data room providers. The software becomes a cornerstone of every deal. Thus, customers should always have access to the support team if something goes wrong. Knowing all this information, we’ve created unbiased and detailed reviews you can find on this website. We hope they will help you to pick the solution that fits you the best, not wasting time and efforts on searching for the information.

Online Data Room | All You Need to Know

A virtual data room (can also be called a VDR, data room, online data room, or deal room) is a digital environment for information that is used for the depositing and the following distribution of data.
It is a business tool for secure storing and sharing corporate documents. It streamlines the exchange of information accelerating deals and improving communication between parties. It is a vital instrument that ensures successful deals and fruitful interaction between sides. In most cases, a virtual dataroom is employed when a need for due diligence occurs. Usually, it happens, in such deals as merger and acquisition and other financial transactions. Before virtual data rooms occurred, due diligence processes were held in traditional physical data rooms. Because of PDR’s cost, time consumption, and security issues, businesses have transferred all of the documentation related processes to the online data rooms.

virtual data room, online data room, dataroom, data room, vdr, data room software, cloud services, electronic data room
Virtual Data Room

Any virtual data room is an extranet to which customers gain access through the internet. In most cases, an extranet is an online website with limited and controlled access which is supplied by the dataroom provider and can be disabled as soon as the customer withdraws. This is needed due to the nature of the documentation stored in the dealing room. Apart from the controlled access, vdr provider sets certain restrictions for the users’ ability to view, copy, print, or edit the information. All that guarantees the safety of the stored documents.

The best data room providers deliver to their clients the ability to choose whether to use an online website or specially developed data room software. In most cases there is not so much of a difference, however, it is always better to have different options rather than just one.

Business advantages and Key Benefits of VDR

  • Security
    An idea of the online data room was born with a purpose to guarantee the high security of the data. This goal has been achieved and now the virtual data room is considered to be the most protected digital environment there is.
  • Costs
    The online dealing room allows its owner to reduce the cost of the entire transaction by eliminating such business components as logistics, wages, and expenses related to the loss of the documentation. Apart from that, a decent service provider will supply its potential customers with different service packages depending on the client’s needs.
  • Speed
    The conjuncture of the virtual doom room allows its owner to move all the required materials all around the globe with the help of internet cables that connect every corner. Documentation can be uploaded, downloaded, viewed, and edited online with the help of a convenient user interface that the online data room provides.
  • Ease of use
    The VDR software has been developed with a customer in mind which is why it is easy to navigate even without any documentation and help which are usually included in the service package.
  • Transparency
    An online data room is often used for an IPO where the company’s transparency is the key. Even though the public has to be aware of what is going on in the company, all the materials still have to be secure. This is why a virtual data room is the only possible option that can satisfy all the needs there are.
  • Control
    The virtual data room owner can grant and deny access to the documentation that is stored in the vault to the different parties. Apart from that, the VDR client can see which documents were viewed and changed, and at what time.

A virtual data room is a professional business tool that provides its owner with a wide range of beneficial features that make any documentation heavy transaction conduction smooth. VDR software using increases the efficiency of any business process there is and the sooner the company implements such an instrument the better it is for the corporation.

How to use a Virtual Data Room
How to use a Virtual Data Room

Virtual Data Room Industry Licensing

As we have already mentioned, it is important to choose the provider that truly fits your requirements. Otherwise, the software might be useless for your business. The most common issue customers face is that the data room doesn’t support certain licenses. Usually, this situation happens to life science and legal companies since these industries require special licenses for documents. Before choosing a provider, check if it has a license to work with your industry. The presence of a license confirms that the company knows and complies with the standards of document flow in a particular industry. There are presented the list of industries, that require the licensing:

  • Accounting
  • Banking
  • Bankruptcy
  • Biotech
  • Board Portals
  • Clinical Studies
  • Debt Financing
  • Distressed Real Estate
  • Document Repository
  • Due Diligence
  • Energy, Oil & Gas
  • Fundraising
  • Hedge Funds
  • IPO & Exits
  • Life Sciences & Pharmaceutics
  • Legal / Litigation
  • M&A Buy Side
  • M&A Sell Side

Thus, if your business operates in the field that has certain unique requirements, that’s the first thing you should consider choosing a provider. In our reviews, we always note if a particular vendor is not suited for specific industries to make it easier for you to throw away options that don’t satisfy your needs.

Virtual Data Room software

Also, choosing a secure data room, you should know what do you want to get from this service. Listing your requirements will help you pick the solution quicker since you know what you need. Some vendors have unique features and some lack of standard functions. So you should understand what tools do data room services have in general, and then determine which ones you need.

Such an approach will not just simplify the search, but help you save the money as well. If you understand that you need only basic features, you can get a cheaper solution so that you don’t overpay for the functions you will never use anyway.  

Once you pick the suitable provider and implement the software in your workflow, you will notice the improvements instantly. When the business uses a fitting virtual data room, all the corporate documents are in order and can be easily accessed by authorized users. The participants of the deal don’t feel restricted or confused by the software, and the deal does smoothly and quickly.

Follow our tips for choosing your VDR provider

Even those who proudly stand among the best virtual data room providers have their flaws. Of course, they might seem insignificant for those who focus on other features. But for some business owners, even the seemingly small disadvantage might be an awful drawback. So here is a quick guideline that will help you to differ the good from the bad.

history

Consider the history

While you might think that it doesn’t matter how a certain provider was created, in reality, its origins impact the final product a lot. There are basically two types of vendors – those created decades ago and young ones. 

Older vendors, thanks to the vast experience, know what businesses, and especially large corporations, need. They usually focus on cumbersome deals creating software that can handle very large volumes of information and processes with multiple participants. Among customers of such providers, you will find many huge brands known around the world. Of course, the prices of old vendors are rather high due to the sophisticated software. However, mostly, their data rooms are not very customizable.

Young providers usually offer tailored solutions that can adapt to the needs of the business. They are much more flexible and often pack their data rooms with all the features you can imagine. Although some users might feel overwhelmed. But mostly such vendors make their interfaces very straightforward. When it comes to prices, they vary, but mostly these providers offer cheaper services than old ones.

industry

Check if your industry is covered

Not every VDR provider has all the needed licenses to satisfy the requirements of specific industries. For example, often life science companies have to look for a suitable provider for much longer than firms from other industries because of the license. Therefore, if you know that your business has to work with unusual documents, check if the provider can deliver you the required solution.

deals

Check if the needed deals are covered

Some providers focus solely on mergers and acquisitions and due diligence. It doesn’t mean that it’s forbidden to hold other kinds of deals here. But you will most likely feel rather restricted because in such data rooms you won’t have many features. Online data room providers that offer solutions only for M&A and due diligence don’t overload their software with tools that are unnecessary for these business processes.

language

See if your language is supported

If you live not in an English-speaking country, you want to check if the provider supports your language. It is important for the efficient search among documents uploaded to the data room and for the optical recognition of PDF files. If your language is not supported, you will struggle to work with your corporate files.

reviews

Read the reviews

Never trust the testimonials mentioned on the provider’s website. They might be genuine, but they highlight only the positive sides. And what about the flaws? You have to know everything about the vendor you’re going to choose. That’s why you should look for genuine testimonials elsewhere. You can find them on dedicated websites, forums, and social media. 

Or you can just read our reviews on this site. We’ve studied every detail about each provider for you, found every testimonial possible, and even asked our fellow business owners for their opinions. As a result, we’ve created detailed and unbiased reviews that cover both the pros and cons of each vendor.

free demo

Reach out for a free demo

Some vendors offer a free trial, and if your candidate does as well – take advantage of it and try the software before paying for it. And if there is no free trial, look for a free demo. It will give you at least some sense of the service. You will be able to see the interface and all the functions.

customer service

Make sure the customer service is on point

It is extremely important to have 24/7 access to the support team when you go through a cumbersome deal. Therefore, read reviews to find out if you will be able to get help at any moment. Also, check if the provider offers live training and a dedicated project manager.