The rapidly growing and highly competitive virtual data room market is bringing the best out of vendors. However, with so many virtual data room providers available in the market, it can be very puzzling to choose the data room services that cater to the needs of your business.
If you find yourself facing difficulties in selecting a virtual data room provider that guarantees secure data storage and efficient collaboration, this guide has the answers to most of your questions.
Choosing the best data room software vendor
The following tips will help you pick the optimal online data room software that will support you in achieving successful deal-making, data management, and project management:
Check cyber security certifications
When choosing a data room service provider, it is imperative to prioritize certifications and compliance with data security standards and protocols.
Thus, look for data room vendors that are certified by regulatory bodies and adhere to protocols such as ISO 27081, ISO 27001, and ISO 27017. Furthermore, other highly recommended certifications to consider include FINRA, SSAE 16, and SOC2.
Consider experience working with your industry
When comparing virtual data rooms, consider those that are already established and actively serving your industry. For example, certain electronic data rooms specialize in mergers and acquisitions, while others cater specifically to pharmaceutical companies, law firms, etc.
Opting for an electronic data room with industry-specific experience is crucial because it facilitates better comprehension of your requirements and enhances the likelihood of developers understanding your needs accurately.
Check out the usability of the interface
A user-friendly data room software is essential, ensuring ease of setup and usability for all users, regardless of their technical expertise. Furthermore, high-end data room vendors typically offer multiple deployment options and easy integration with external apps.
Moreover, these features allow you to access your virtual data room from any device and seamlessly collaborate with your preferred software tools, such as Zoom, Slack, or Microsoft Office, all within the virtual data room space without the need to switch platforms.
Compare virtual data rooms
By exploring various options available in the market, you can discover the optimal blend of features and cost-effectiveness.
Several data room vendors provide customizable packages that enable you to tailor your virtual data room by adding or removing features as per your requirements.
Furthermore, it is advisable to compare data rooms based on the following criteria:
- Security measures
- Level of customization available
- User-friendliness
- Quality of customer support services
- Online customer reviews on trusted platforms
Best virtual data room providers in 2023
Following are some of the best virtual data room providers with remarkable market reputation.
iDeals
iDeals Solutions is a global giant in the VDR sector and stands out as a sophisticated virtual data room provider, trusted by investment bankers, dealmakers, lawyers, and top executives worldwide.
What’s more, iDeals VDR prioritizes customer satisfaction by offering secure, convenient, and fast solutions.
Key features offered by this provider include drag-and-drop file uploading, unlimited bulk upload capabilities, automatic index numbering, full-text search, and an 8-layered access controls system.
Additionally, iDeals supports over 25 file formats and provides full control to keep your data confidential.
Intralinks
Intralinks offers a range of solutions for mergers and acquisitions, including VDRs and deal rooms. With advanced features like AI-powered file analysis and management, Intralinks provides cutting-edge functionality.
Also, the platform boasts an intuitive user interface for seamless navigation and incorporates features such as watermarking and auto-indexing.
Some of the key features offered by the solution include drag-and-drop functionality, bulk upload with the option to rename files and folders before uploading, and detailed reporting on data room activity.
Moreover, Intralinks’ virtual data room solutions are compatible with Windows, Mac, Android, and iPhone/iPad.
Merrill
Merrill Datasite offers a comprehensive online data room solution designed for investment banking, corporate development, private equity, etc.
What’s more, the solution stands out with its visual analytics feature, providing better insights into document activity. Also, the platform allows customization of settings and management of document activities, ensuring a tailored experience.
Key features include permission management, role-based document access levels, and contextual search.
Merrill Datasite’s virtual data room solution is available for both Windows and Mac platforms. Also, it supports uploading zip files up to a maximum of 50 GB.
Digify
Digify is a cloud-based software that offers comprehensive oversight, protection, and tracking for your business documents.
With the ability to provide unlimited data rooms under one account, it offers flexibility and scalability. Moreover, Digify integrates seamlessly with popular cloud storage platforms such as Dropbox, Google Drive, and Box.
Additionally, it supports popular file formats like PDFs, images, and videos. Also, admins can set security presets, ensuring consistency in file policies across teams and enterprises.
Key takeaways
When conducting a data room comparison to select the ideal data room vendor for your requirements, it’s imperative to evaluate factors such as their experience, user-friendliness, pricing methods, feature set, security measures, quality of customer support, and customization options.
Moreover, it is beneficial to explore feedback from real customers, test multiple vendors, and carefully consider your budget.
By considering these aspects, you can make a well-informed decision and choose the best solution that aligns with your specific needs.
