Do you, just like many other business owners or professionals, find it overwhelming to choose the best data room software for your business? The good thing is that you are not alone. What’s even better is that this guide will give you a detailed overview of some of the best virtual data room providers available in the market.
Sounds intriguing? Without further ado, let’s just dive in.
Top 4 Best Virtual Data Room Providers for Your Business
Nowadays, virtual data room providers focus on providing industry-specific solutions. Some vendors such as DealRoom target complex transactions like mergers and acquisitions. While others like iDeals, Citrix, Google, etc., provide basic to advanced solutions that can cater to the needs of different types of businesses.
Let’s find out more about the most popular data rooms on the market and see the potential they can offer.
1. ShareFile virtual data rooms
Citrix ShareFile virtual data room makes it unbelievably easy to store and share data in a very secure environment. ShareFile data rooms are handy when it comes to mergers and acquisitions, private equity deals, due diligence, venture capital transactions, and other data-sensitive activities.
ShareFile makes it very easy to review and edit files and track documents all the time. You can see the changes, alternations, additions, or deletions made in the documents. Citrix offers a flat-fee pricing model and boasts industry-leading security.
Best suited for
ShareFile is commonly used in a wide range of industries, including Biotech companies, investment banks, venture capitals, private equities, mergers & acquisitions, real estate, and pharmaceuticals.
Deployment:
- Web-based, Cloud
- Mac- Desktop
- Windows- Desktop
- iOS (Mobile and Tablet)
- on-premise - Linux
- On-premise - Windows
- Android- mobile
- Live online
- Webinars
- Documentation
- In-person
- Email/help desk
- Chat
- Phone support
- 24/7 (live rep) Access permissions
- Secure file viewer
- Data storage management
- Audit trail
- Data security
2. Box virtual data room
With over 4000 reviews and a 4.3-star rating on Capterra, Box virtual data rooms are very handy for seamlessly storing, sharing, and managing your business documents. Box data room services can be used for large-scale deals such as mergers and acquisitions, due diligence, and other complex processes.
If you need software for safely storing your documents for the short term, Box is the option you can easily rely on. Box has won several badges on Capterra and boasts so many useful features.
Best suited for
Box is suitable for mergers and acquisitions, due diligence, SMBs, and large-scale corporations and enterprises.
Deployment:
- Cloud-based
- Mac- Desktop
- Windows- Desktop
- iOS (Mobile and Tablet)
- Android- mobile
- Live online
- Webinars
- Documentation
- In-person
- Chat and forums
- Knowledge base
- Chat
- 24/7 (live rep)
- Access permissions
- Secure File Viewer
- Data storage management
- Audit trails
- Data security
- Asset sharing
- Asset library
- Content management
- Contact management
- Backup and recovery
- Audio file management
- Compliance tracking
3. iDeals virtual data rooms
iDeals virtual data rooms are simply matchless when it comes to secure data storage and sharing. iDeals Solutions is the pioneer in the virtual data room industry, and the company has earned a name in all business sectors all over the world.
iDeals virtual data rooms are renowned for different purposes. For instance, you can easily set up these data rooms in 15 minutes, and they are super easy to use. Second, iDeals employ premium data security protocols to protect your business data.
The company has garnered the trust of lawyers, consultancies, investment bankers, managers, and professionals from all business sectors.
Apart from that, here are three major benefits that are only available in iDeals VDRs:
● Availability in 14 different languages
● Support for more than 25 different file formats
● Customer support is handled by VDR experts
Best suited for
iDeals data rooms are commonly used by investment bankers, law firms, professionals, and senior business officials. Apart from that, these VDRs are very effective for M&As, bankruptcy management, and fundraising.
Deployment:
- Cloud-based
- Mac
- Linux
- Windows
- Android (mobile and tablet)
- iOS (Mobile and Tablet)
- On-premise Linux
- On-premise Windows
- Live online
- Webinars
- Documentation
- In-person
- Help desk
- Chat
- Forum
- 24/7 live rep
- Phone support
- Knowledge base
- Drag-n-drop
- Bulk upload
- Bankruptcy case management
- Audit trails
- Access permissions settings
- Secure file viewer
- Document classification
- Legal forms library
- Data storage management
- Data security
4. Google Workspace
Google Workspace is a data repository and online collaboration platform developed by the tech Giant, Google LLC. Google Workspace is a top choice for thousands of businesses, corporations, professionals, and independent workers worldwide.
Apart from the basic data storage facility, Google Workspace boasts very handy collaboration tools such as live document links, video conferencing, calendar management, and instant messaging. What's more, Google Workspace has a free version too.
Best suited for
Google Workspace, as mentioned earlier, is globally used by businesses and professionals of all types.
Deployment:
- Web-based, Cloud
- Windows
- iOS (Mobile and Tablet)
- Android
- Live online
- Webinars
- Documentation
- Demos
- Forum/FAQs
- Chat
- Knowledge base
- 24/7 live rep
- Backup and recovery
- Access permissions
- Collaboration tools
- Customizable branding
- Content library
- Collaboration tools
- Audio calls
- Archiving and retention
- Notes/commenting
- Notification and alerts
- Video conferencing
Final Words:
A certified and high-end virtual data room is a great investment. Going for cheaper options may help you save money, but it can compromise your data security and may cost you more than you try to save.
Virtual data rooms and cloud storage solutions like iDeals, Citrix ShareFile, Box, and Google Workspace can easily cater to the needs of small, medium, and large-scale businesses.
Explore and compare best data rooms on https://datarooms.org/.
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