A Virtual Data Room (VDR) is a safe online location where data can be stored and distributed. They are generally used when there is a need for high security and confidentiality for certain processes.
VDRs hold many benefits over doing deals in person, as the data that is used in the transaction can be accessed anytime from anywhere, there is much higher security than physical meetings, and it is much cheaper.
VDRs are utilized in a wide number of industries including IT, Telecommunications, Accounting, Energy, Investment Banking, Biotech, Business Brokers, and many more.
Why Use A Virtual Data Room?
VDRs play a major role in making sure that Mergers and Acquisitions (M&As) are processed safely and the due diligence, contract negotiations, and bidding are managed effectively. According to Intralinks, up to 90 percent of all VDR users are comfortable putting their trust in this solution to ensure that an M&A deal goes through successfully.
If VDRs are compared with file-sharing apps that are typically used like Google Drive, then it is clear that VDRs have been developed to be able to handle thousands of documents at a time. They also feature structured folders which make it much easier to keep track of everything.
When used on a large scale, these normal file-sharing apps will make document sharing much more complex, and navigation will also be made more difficult. The inefficiencies that apps like Google Drive have will be highlighted on this large scale, and with their lower level of security, breaches and leaks are also more likely. VDRs are the efficient and secure choice for sensitive corporate data.
Generic file sharing systems do have their place for sharing and storing documents, and it can be used for cross-enterprise-collaboration. For security reasons, VDRs are the preferred choice for larger data volumes. Features like auto-expiration and timeouts, restrictions on viewing and saving, and reports on document activity all enforce a higher level of security.
Pricing of VDRs can vary drastically for different vendors, it can be compared to shopping for mobile phone plans from different providers. There is generally a basic fee and then extra fees on top based on the features that you require. Some vendors do offer unlimited plans which will have a steady and predictable cost. Many factors affect the pricing of virtual data rooms, the amount of storage that is needed by the user, the number of workspaces, customer support, onboarding, customization, level of document security, collaboration tools, and document management.
The most popular VDR pricing models are per-user, tiered, and per-feature. Each of these options has its own pros and cons, so when a company is choosing between them they must weigh up all of the options and make sure that they stay true to their original focus. Most VDR providers provide free trials so companies can test software and see does it fit their needs.
The Best Virtual Data Room Providers for 2022
Here is our list of the best virtual data room providers for 2022:
Clinked is a one-stop-shop solution for individuals, teams, and enterprises interested in Virtual Data Rooms. It is a document management software that has a vast array of software features. it is a cloud-based platform, that is available in Software as a Solution (SaaS), and can be used with iOS and Android. There are many document management features for users to get accustomed with, and along with these Clinked comes with content management features, file sharing features, collaboration features, social networking features, workflow management features, VDR features, internal communication features, and knowledge management features.
One the key features of Clinked that differentiates it from competition is that it offers encryption in transit and at rest and not just in transit like most other Virtual Data Room providers. Another advantage of Clinked is that it's VDR pricing starts from just $64 a month!
With this single software solution, many aspects of business can easily be dealt with.
Some features that Clinked provides are:
- Custom branding
- Controlled access permissions
- File request
- Version control
- Audit trail
- File recovery
- Security and compliance features
- e-Signature (Adobe Sign and DocuSign)
- Mobile app
- Can be used with Windows, Mac, iOS, and Android
Find out more about Clinked VDR, or book a demo to get a personalised demonstration.
iDeals Secure Data Room Provider
iDeals is a trusted and sophisticated Virtual Data Room provider. They are tried and tested by lawyers, managers, and investment bankers working in organizations around the world, and are revered for their user experience and fantastic results. They are known as one of the most flexible and result-oriented companies on the market, as they offer the most comfortable, fast, and secure solution. They have been able to create a successful product by listening to the customers and providing a solution to meet their needs.
Some features iDeals provides are:
- Bulk uploading with no limits on the size of files
- Full-text search and automatic index numbering
- Drag-and-drop functionality
- Supports over 25 file formats
- Unlimited storage
- Can be used on Windows, Mac, linux, iOS, Android
Merrill Datasite is one of the best Virtual Data Room solutions on the market for medium to large-size businesses. it can be used as an online VDR for corporate development, investment banking, law firms, and private equity. It has an easy-to-understand user interface that gives the user visual representations of document activity analytics. It also has industry-leading security measures and can pass even the most strict security requirements.
Some features that Merrill Datasite provides are:
- Document access levels can be assigned per role
- Permission management options
- Contextual search
- Drag-and-drop uploading of files
- Scheduling of file publishing
- Can be used on Windows and Mac
- Uploading is capped at 50GB
- Multiple languages including English, French, German, etc.
BrainLoop is suitable for all sizes of businesses, from small businesses all the way up to large-scale organizations. It provides Software as a Solution (SaaS) for securing an organization's sensitive and confidential data. It also gives the company the ability to have committee and board communications, secure collaboration, due diligence, and M&A.
Some features that BrainLoop provides are:
- Can be used both offline and online
- Can be integrated into MS Word, which gives the user a native working experience
- Supports all mobile devices
- Offers a range of products like Board Room, Board Suite, Collaboration Room, Deal Room, and My Room
Watchdox is another great option for businesses of all sizes. There are three editions of Watchdox, Send, Collaborate, and Secure plus. it is a solution that is provided by blackberry Workspaces, and features an enterprise-grade platform for file sharing and syncing. It also has sufficient protection against ransomware attacks and allows the users to collaborate inside and outside of the firewall. It is a great option for secure file sharing, storage, and synchronization. It has options for all budgets, and can be used in the healthcare, financial services, entertainment and media industries among others.
Some features provided by Watchdox are:
- AES-certified 256-bit file encryption
- Provides detailed activity logs
- No data migration is needed as it already supports all existing data storage
- Supports English, French, German, Arabic, Spanish, Japanese, Chinese, Indonesian
- Can be used on Windows, Mac, Linux, Blackberry and HTML5 browsers
Box has plans for individuals as well as businesses of all sizes. There are two plans for individuals and four for businesses, and free trials are also available. Box is a file storage, collaboration, and sharing solution. It has features that allow users to manage and access data securely from any device at any time. Features like rich file preview, access stats, and file locking all increase security and the user experience. It can be utilized by individuals, teams, and businesses alike to collaborate and securely share content.
Some features that Box provides are;
- Allows users to integrate mobile security controls and custom branding
- Added security features like auto-expiration
- Data loss protection
- Can be used on Windows, Mac, iOS, and Android
- 5GB upload size
- Unlimited storage
- Cloud-based platform
Ansarada is a great Virtual Data Room option for freelancers. and businesses. There are three different plans that offer various features like data rooms to suit the needs of the users. The Ansarada data rooms are all powered by Artificial Intelligence (AI) and are very safe due to security features like safety checks, watermarking, and settings for saving and printing. Ansarada is a virtual data room solution specifically for M&A. It is renowned as one of the best VDRs due to its functionalities and features.
Some of the features Ansarada provides are:
- Deal collaboration and team collaboration
- Integrations with Dropbox and Google Drive
- Document sorting and analysis with AI
- Security time-outs, tracking and locking MS Office and PDF files, and secure watermarks all ensure compliance
- Can be used on Windows and Mac
- Unlimited storage
Digify is a Virtual Data Room solution for teams and enterprises. It provides functionalities and features for virtual data rooms, statistics, file tracking, and document security. users can avail of unlimited rooms in one account. It can also be integrated with a number of applications like Google Drive, Dropbox, and Box. There is also a Gmail extension that can help users track email attachments, and supports the most popular file formats like images, PDFs, and videos. It allows admins to control security presets, and helps teams and enterprises maintain consistency throughout their workflow.
Some features that Digify provides area:
- Restrict forwarding, access control, download and print permissions, revoke access, admin control, watermarking, and security presets are all features that increases document security
- Team-wide file statistics
- File activity real-time notifications
- Users have the ability to upload multiple files directly from a computer or from apps like Dropbox, Google Drive, or Box
- Can be used on Windows, Mac, Linux, iOS, and Android
Firmex gives users a professional-grade document-sharing solution with high security. Their VDR solution can be utilized by complicated processes like compliance, due diligence, and litigation. It is used in many industries due to these rich security features like legal and corporate.
Some features that Firmex provides are:
- Security features like restrictions on saving, viewing, and printing, watermarks, expiration of access to documents
- Document activity reports
- Drag-and-drop functionality for uploading folders and documents
SecureDocs has three different package plans to suit businesses of all sizes. Their Virtual Data Room solution comes with features that allow for immediate setup and electronic signatures are built-in. There is also a multitude of security features like customizable NDA, two-factor authentication, permission-based user roles, dynamic watermarking, and many more. These features allow admins to set up custom permissions for all of their PDF and MS Office documents.
Some features that SecureDocs provides are:
- Bulk user invites and customizable permissions
- Restriction of user action
- Can be used on Windows, Mac, iOS, and Android
OneHub is a Virtual Data Room for freelancers and businesses of all sizes. It can be used on Windows, Mac, Linux, iOS, and Android. It features drag and drop functionality for uploading files and folders, and has the ability to integrate custom branding. There are many security features like role-based permissions and session timeouts, there is a 5GB limit on all file uploads, and users have unlimited storage.
The biggest advantage that VDRs have over physical meeting rooms and in-person deals is the higher level of security for sensitive and confidential information. It also provides many features that allow for improved document activity tracking and establishing user restrictions.
Our first option above, Clinked, is a perfect option for all types of businesses. Digify, SecureDocs, and Firmex are the best options for small to large businesses. Ansarada is the best option for freelancers, and Intralinks and Merrill Datasite are best suited to medium to large businesses.
So, what are your thoughts on our list of the best Virtual Data Room providers for 2022? Do you use any of the above options, or do you use something that you think belongs on this list? Please let Clinked know in the comments below, and if you are looking for a Virtual Data Room solution for your business, you can contact us on our Contact Us page or book a demo to find out if Clinked VDR is the right solution for your business.