Businesses of all sizes are now resorting to data room software. A virtual data room is a secure online repository where organizations of all sizes can store and share vital business information.
Virtual data rooms take business communication and decision-making to a whole new level. As a result, VDRs have become the norm for all Internet users, replacing offices or physical data carriers. Let’s learn about data rooms.
Below are the most common uses of virtual data rooms for corporate document storage.
Data room services are used for:
- Communication board;
- Secure document exchange;
- Mergers or acquisitions of companies;
- Fundraising;
- Initial public offering;
- Strategic partnerships;
- Audits;
- Venture capital raising;
- Intellectual property management.
Best Virtual Data Room Services in 2022
Choosing data room services is a challenging aspect, especially when several providers are in the market. To select a good provider, you need to consider the specifics of your company and compare functionality and price. If it is possible, use a trial version.
Online data room software is essentially a business asset that will help you achieve your goals in the future. So, consider it an investment and do the proper research and planning. Then, choose a virtual data room provider that facilitates long-term cooperation.
Below is an overview of the four leading data room providers for startups, which will help you analyze what features they offer and what benefits they have.
iDeals
It is the most popular provider of data room software. iDeals is present in all the top rankings as it is one of the most reliable and up-to-date vendors as of 2022. In addition, the provider offers a multilingual interface as a solution for international partnerships.
iDeals is clear enough to use. New users will, therefore, not waste time mastering complex software. The vendor-oriented offers a flexible digital solution and a secure online platform to achieve strategic business goals.
Key features:
- Two-step verification. iDeals provides an additional layer of security. You must enter an SMS code to log in.
- Improved document handling. Full-text search and automatic index numbering. You can also see which documents have been viewed and how much time was spent on each page.
- Bulk Download function. Documents can be imported into the data room by double-clicking.
- Support for more than 25 file formats. Securely view, print, and download documents.
- Round-the-clock support. Chats, emails, managers, and FAQs make using iDeals convenient and easy.
Availability: iPad, Android, iPhone, Windows Phone, Mac, Linux, Windows.
The price starts at $98.0 per month.
IntraLinks
Users always mention Intralinks alongside the previous provider. Businesses turn to this software when conducting mergers and due diligence processes.
Intralinks has an intuitive interface that is easy to understand. In addition, the digital solution also provides advanced features such as analysis and file management with artificial intelligence.
Key features:
- Analytical tools. Improve M&A due diligence by analyzing and managing files with integrated artificial intelligence.
- Automatic encryption. Retain complete control over permissions and access rights, and revoke access to files instantly.
- Drag and drop feature.
- Configuration tool for bulk downloads from the desktop.
- Simplified process for adding users to your data room.
- Advanced document management with one-step approval and automated publishing.
- View from another user. For added security, see your data room as it appears to a specific VDR user.
- Multilingual user support is available 24/7.
Availability: Mac, Windows, iPhone, Android, iPad.
Cost: $25 per month.
Clinked
Clinked is a reliable option for companies of all sizes and freelancers. It allows you to customize the software to suit your brand and features fully.
One of the critical features of this provider is that it offers at rest, not just on transfer like most other virtual data room providers.
Key features:
- Instant access to files of different sizes. The user will be able to use software or a mobile application.
- Audit trails. Administrators can access the audit trail in the account settings and receive comprehensive user behavior and activity reports.
- Push notifications on mentions, chats, and updates. Access the dashboard for real-time activity stream results and the latest updates.
- Controlled access permission. Set permissions and control access at the user, folder, and file level.
- Advanced branding and digital data room customization. Fully brand your virtual room with your company color, logo, URL, etc.
Availability: iPad, Android, iPhone, Windows Phone, Mac, Linux.
Price: $64 per month.
Datasite
Datasite protects content stored in data rooms with a broad set of leading security measures and features.
This electronic data room contains several artificial intelligence-based tools that drastically reduce the time it takes to create a data room index, rename and reorder documents or edit information from them.
Key features:
- Ability to manage permissions. Intuitive management of each user’s access rights. An administrator can assign document access levels to each role in the digital data room.
- Intelligent editing. This feature makes it easy to erase sensitive information even from documents containing thousands of pages. The administrator needs to specify what types of data they want to erase. The AI tool will automatically search for where the information appears in the document and then erase it.
- Encryption of data in transmission and at rest. In the event of a data breach that allows unauthorized parties to get their hands on sensitive data, this feature ensures that the data remains secure.
- Smart tools. A wide range of customized and collaborative tools are available. The virtual data room contains several AI-powered tools that drastically reduce the time it takes to create a data room index, rename and reorder documents, or edit information from them.
- View as a user. When an administrator grants permissions to an individual user of a data room, he can impersonate that user to view the data room and the user. As a result, the administrator can know exactly what each user can see and do in the data room.
Availability: Mac, Windows, iPhone, Android, iPad.
Cost: $10 per 1 person/month.
