Are you looking for a solution to facilitate a safe and speedy document exchange? Then virtual data room software is your answer. Today, virtual data rooms are taking over the market, offering tight data protection and security measures on top of its organized storage space capacity. Other great features from top virtual data room platforms include document expiration, document versioning, and speedy uploading. Moreover, best-in-class virtual data room solutions offer collaborative features as well for easy sharing and communication.
Since there are plenty of products available today, we’ve created a compilation of the 20 best virtual data room software solutions. In this way, you can browse through them and see which solution has the best features for you. We hope this article will help you with your software hunting.
The majority of data produced around the world is transactional. Meaning, a good chunk of the data today are generated by financial institutions and companies involving their operations, buyers, and suppliers. Since data thieves, unfortunately, are also aware of the value of this crucial information, there have been countless data breaches over the years. This is why the adoption of IT security software is also on the rise.
Each day, almost 5 million data records are either lost or stolen around the world. This is alarming as sorting it out costs a huge amount of money. According to SecurityIntelligence.com, the average cost of a data breach in companies is estimated to be $3.92 million in 2019. Moreover, the data breach lifecycle or the length of time it takes a company to identify and contain a data breach has risen by 4.9% from 2018 and reached an average of 279 days.
Furthermore, in most cases, data breaches lead to identity theft of your clients. In a survey conducted by the Identity Theft Research Center, this matter cannot be resolved quickly. Nearly 62% of identity theft victims haven’t resolved their cases yet even after 5 years. This is devastating for your clients as well as your company as you’ll lose your client’s trust and confidence throughout the ordeal.
Thus, it is important to keep up with cybersecurity trends as well as have a secure online repository where you can safely share and collaborate on files and other documents. Among the many virtual data room offerings, we have chosen twenty as they are the best the market has to offer. Which one fits your needs? Find out.
Of course, if you need more security for your internal infrastructure, you should also consider browsing the top 20 best IT security software solutions today.
Firmex is an enterprise virtual data room widely used for a variety of processes including compliance, litigation, and diligence. It is highly secure, utilizing document control and DRM such as custom permissions, dynamic watermarks, lock-down files and document expire. This makes it an ideal platform for exchanging, transmitting and collaborating with sensitive documents. The system has specific solutions for investment banking, biotech, government, energy, and legal industries.
Designed for non-technical users, it has drag-and-drop ease to set up your projects quickly or move documents by bulk. A key feature, it helps you to organize the files easily with a directory listing and data room index. The index can be exported to PDF or Excel. A large organization with tons of documents will appreciate this feature best.
Another admirable feature is the “View As,” which lets you see the document content before you access the data room, a time-saving tool when you are searching for something. Control in Firmex is flexible, giving you the option to implement strict access or lenient rules for convenience. You can also manage users with individual and group level permissions. Likewise, admin can turn to dashboards and reports that show user and document activities down to how the information in the document is used. Firmex also features DRM control, as specified above.
Additionally, Firmex is available for iPhone and iPad (Android not yet supported). The vendor claims to provide 24/7 support (terms may apply). Pricing is flexible, you can opt for a per-user subscription or an unlimited plan.
Detailed Firmex Review
Merill DataSiteOne is the company’s SaaS application built for dealmakers who need a solution for conducting a secure and compliant due diligence. Developed by the company that’s known as a global provider of M&A solutions, this tool is reliable in helping due diligence professionals to manage deal execution efficiently.
This tool was developed from critical direct inputs from customers which helped with the development and design of its user interface, user experience, and functionality.
Core features include an easy-to-use advanced search, file sharing and organization modules, activity tracking, and real-time reports. What’s more, is that you can customize your dashboards to your liking.
If you want to check out the solution closely, you can sign up for a Merill DataSiteOne free demo.
Moreover, there are also modules for Q&A management and project management. And, the high-level enterprise security offers tight protection of your data with end-to-end encryption and a single chain of data custody.
The software comes with a mobile version for iOS devices as well. Lastly, it is offered in personalized quotes. You can read more about its features in our detailed review.
Detailed Merrill DatasiteOne Review
Detailed Merrill DatasiteOne Review
eFileCabinet is a VDR solution to help companies get rid of paperwork and move to a more efficient paper-free environment. While it’s geared towards small and growing businesses, this tool can be used by enterprises that handle larger volumes of data by choosing its higher storage capacity.
The platform offers a variety of delivery modules to streamline and expedite how you upload data for a complete document management software solution. It also offers various integrations to make data migration easier. By automating these tasks, you lower the risk of human error from manual processes that opens the potential of losing crucial corporate data.
What’s also unique about eFileCabinet is that it offers an on-premise deployment option as well. It also has a file versioning feature on top of built-in security modules with 256-bit bank-grade encryption. There are many other features such as an automatic 24-hour backup and rapid uploading (fifty files at one time).
Detailed eFileCabinet Review
Next on our top 20 virtual data room software solutions list is Google Drive which is one of the most popular cloud storage systems with a robust office-suite collaboration functionality. It includes a word processor, presentation, and spreadsheet program. At its core, it is an online storage service with a generous storage space you can use, especially if you’re using Google productivity apps and files such as images, videos, and documents, among others.
Individual users readily get a free 15GB storage and basic sharing capacity which you can use for regular files or office documents. Its collaborative office-suite is also a good cloud-based solution with its programs called Docs (word documents), Slides (PowerPoint presentations), Sheets (spreadsheets), Forms and Drawings.
The highlight of this program comes in its automatic, real-time file-syncing regardless of the computer you’re using. It streamlines how you upload, migrate, and share files making it one of the top 3 file sharing software systems.
Using cloud technology, there’s no required software to download so you can immediately use the tool. It lets you open and save a variety of file types and actively monitor all changes made with details on what changes were made by who at what time. Furthermore, mobile users can install and use the app on their devices—both for Android and iOS.
Detailed Google Drive Review
Box Virtual Dataroom is a secure platform built for deal management for mergers and acquisitions. It specializes in ensuring you focus on closing deals instead of documents since managing a merger and negotiating a contract is as complicated as it is. Hence, it provides a solution for moving documents and negotiations out of emails and into a secure virtual data room.
This central repository is built for contracts, plans, meeting minutes, bids, and schedules. The secure workspace gives you a platform where you can upload, create, view, and search for any file you need on any device. You control user access and restrict the ability to share, print, and download files.
Furthermore, it mitigates data breach with file encryption, regulatory compliance, and individualized document watermarking, among others.
Detailed Box Review
ShareFile is a file sharing service built for business-class, real-time collaboration. It automates workflows for providing feedback, requesting approvals, co-editing, and getting legally e-binding signatures to accelerate productivity. Developed for personal and professional usage, this tool is packed in an easy-to-use platform for all types of users, even those that aren’t tech-savvy.
One of the tool’s strongest points is its robust third-party integrations. Data sharing is secure and flexible. Furthermore, it offers a variety of security capabilities such as granular permissions, multi-level access authentication, and SSL/TLS 256-bit encryption.
Also, you can manage your security settings on your own through extended customization with an internally monitored and password-protected document archive. Its Activity Log also stores all file information for streamlined tracking.
Detailed ShareFile Review
Egnyte is a VDR designed for content collaboration, data protection, and infrastructure modernization. Beyond being a file-sharing solution, it enables seamless collaboration between your business by enabling you to access the system on any device using any device in any app you prefer.
It ensures compliant data governance across the program by enabling you to monitor usage patterns and access controls. This ensures you stay on top of private and sensitive information on your organization.
One of its products, Egnyte Connect, specializes in leveraging collaboration. The enterprise file sharing solution is designed for teams to work how and where they want without affecting their productivity and efficiency. In fact, this platform reduces file bandwidth usage while enabling robust access to both internal and remote users.
Detailed Egnyte Review
Intralinks Virtual Data Room streamlines M&A to elevate the processes for dealmaking, global banking, and capital market transactions. Built on a secure digital platform, information and transactions that are sensitive and high-stakes are guaranteed to be on safe hands. Furthermore, it offers lifetime data protection, highly-managed custom permissions, and advanced IRM (Information Rights Management) for a secure VDR.
Over the years, it made a couple of improvements for its platform as well. One of them is the upgraded user interface that’s faster and more user-friendly. This way, non-tech savvy users can focus on deals and avoid struggling with learning how to use the system. It also incorporated machine learning to automate various processes such as sorting documents and reviewing contracts to save more time and avoid costly errors.
Detailed Intralinks Virtual Data Room Review
Onehub offers a cloud-based file-sharing system and VDR to help you manage your deals faster. It offers a secure platform where you can privately share sensitive data while also allowing collaborators to stay anonymous. This system is easy to set up and built to simplify various processes. For instance, you can use a simple drag-and-drop method to upload multiple files at once directly from your browser.
Its Activity Tracker feature gives you visibility over who interacts with your files and what interactions were made. This lets you see all the activities that occurred in every single file for monitoring.
Both its desktop and mobile app allows high-quality previews for over 30 file types. Other features include collaboration and communication using its Workspace feature and flexible customization to match your branding.
Detailed Onehub Review
Syncplicity is a VDR platform that offers solutions specifically for business users and IT professionals. It has a hybrid solution that provides you with storage infrastructure aggregation, file share replacement, real-time document security and backup, data migration, system connectivity, mobile collaboration, sharing and editing, and any-device content access.
As a user, you get folder syncing without additional steps or rearrangement of workflow, automated version control, and online file browsers. Additionally, it offers mobile access as well as sharing and collaboration. Meanwhile, IT users get solutions ranging from policies and control (such as external sharing restrictions and group-level policy control), admin management, storage, and deployment.
Detailed Syncplicity Review
RR Donnelley Venue Data Room is a VDR tool for bulk file management, real-time graphics reporting, and user activity monitoring. Also referred to as “Venue,” this product is a virtual platform built by the company to assist financial institutions in managing their complex local and cross-national projects. Built for M&A, it is equipped with tools and features to help you run deals smoothly and efficiently.
Since Venue is not the company’s main product as it’s considered as a complimentary service to its other tools, it still provides you with the standard VDR functions with a reliable data protection security, especially your business falls under the financial industry. Some of the industry solutions it supports include due diligence, document repository, M&A buy and sell-side, and procurement management.
Detailed Venue Virtual Data Room Review
Ipreo Prism Virtual Data Room provides you with a secure platform for sharing information with your key stakeholders, partners, and investors. This platform simplifies various processes starting from its deployment that doesn’t take more than 5 minutes. Using cloud technology, implementation is fast with no downloads, installations and plug-ins required.
It also streamlines how you manage deals by providing a single dashboard that gives you a robust overview of crucial information at a glance. Single-file and bulk uploads are also done seamlessly through rapid document upload. Additionally, its permission setting capabilities are made intuitive and simple. Since security is an important factor for a VDR, you’ll appreciate its user-based document watermarking, audit trails, and certification including SOC2 and ISO27001, among others.
Detailed Ipreo Prism Review
Ansarada is an AI-powered VDR solution that specializes as a material information platform for material events. In addition to its AI-powered data rooms, you also get features such as its own deal assistant app, AiQ bidder engagement, and due diligence Q&A. Its interactive assistant is developed to provide immediate answers to your questions anytime and anywhere.
With the addition of AI, you can empower predictions that can help you know more about the likelihood of bidders reaching deal negotiations. This way, you can plan for the right approaches and strategy for closing transactions and maximizing your client value. As the tool is not limited to any device, you can have your own mobile analyst along with you remotely to utilize AI and machine learning right at your fingertips.
Detailed Ansarada Review
SecureDocs Virtual Data Room is a simple and intuitive VDR platform for moving transactions quickly and efficiently. It streamlines manual tasks through its drag-and-drop capability for documents and folders. The product also offers a flat-fee pricing scheme that already includes unlimited users and data to give you value for your investment. This tool is commonly used in technology, life sciences, legal firms, investment banking, and private equity and venture capital.
VDR provides various solutions for your needs. In addition to offering a secure data room, you also get a virtual deal room where you can manage deals effectively. This is meant to expedite the deal process and give you control over your data. As a corporate repository, you can protect your intellectual property while storing and sharing them.
Detailed SecureDocs Review
RCM Virtual Deal Rooms is a VDR tool built for storing and sharing confidential commercial real estate documents. This tool is used by professionals who are handling acquisitions, asset portfolios, fundraising processes, and dispositions in the industry. It offers a safe, compliant and fully auditable solution for distributing sensitive files within your firm and professional networks using any device at any time and anywhere.
Commercial real estate owners, brokers, servicers, asset managers, title companies, attorneys, equity partners, and lenders have been using this tool over the years to manage transactions efficiently. It also serves as a global marketplace for buying and selling CRE.
Detailed RCM Virtual Data Rooms Review
SunGard DX is a VDR tool built for data exchange that automates data capture and reports distribution. It is mostly used by financial institutions to operate their sensitive, time-sensitive and mission-critical processes. One of its key features includes its encrypted data transfers between the PC of the end-user and the web servers to make sure your data is protected at all times during the transfer.
It is also used by enterprises with information-depended operations. Users can easily navigate around the system’s user-friendly interface and layout. You can customize your online experience by setting alert preferences and managing your bookmarks and searches. Its Data Exchange Administrator Console also doesn’t require technical knowledge for managing your data content.
Detailed SunGuard DX Review
HighQ Dataroom is a virtual data room solution with high-grade security and control for exchanging transactional information with clients, deal teams, and partners outside of your organization. The data room can be set up within minutes while uploading and sharing information can be accomplished within minutes, which is crucial for time-sensitive information.
The platform supports advanced Q&A, detailed reports and auditing, and advanced permissions. As a modern solution, it supports accessibility through its touch-friendly, mobile-responsive design that automatically optimizes itself based on the screen size of the device you’re using. This way, you can access files and data from your mobile phone and collaborate remotely.
Detailed HighQ Dataroom Review
If you’re looking for a secure tool for sharing and collaborating on business-critical documents, iDeals Virtual Data Room is a good VDR product to consider. It is a document sharing platform that enables you to share files with the peace of mind over their security. It offers tools such as single sign-on, data encryption, 2-step verification, and fence view feature, among others, to leverage your document protection.
Furthermore, it also includes a variety of business tools to provide a complete solution to your needs ranging from Q&A tools, smart filters, keyword searches, and a secure Excel viewer. It also includes secure viewing for over 25 file formats.
Detailed iDeals Virtual Data Room Review
DataCore Virtual Data Room, through its product SANsymphony, is a software-defined storage for providing an agile storage infrastructure with enterprise-class capabilities. What makes this product favorable is its zero downtime with synchronous mirroring for disaster recovery. It offers multi-layered protection for continuity, availability, and recovery. The tool also reduces unnecessary storage costs by leveraging resource utilization.
It supports your existing and new infrastructure to eliminate bottlenecks in your workflow. It has a reasonable total cost of ownership with a pricing scheme that lets scales with your growth. Its perpetual licensing includes software upgrades and support with discounts for higher volumes.
Detailed DataCore Review
Digify is designed with a focus on protecting and tracking sensitive files, giving you control and peace of mind over confidential documents that you share online. It scales to the needs of small business to enterprise. Your data room is secure with features such as rights management, watermarking, file tracking and encryption.
If you have different sets of users, Digify helps you manage access permission at varying degrees. You can restrict forwarding, revoke access or make your files private or public. You can also set rules for downloading, so you can decide which users can save locally or print a confidential document. Other key features include file tracking and statistics, which allow you to get real-time notifications, generate view summaries and share statistics to help your team track and measure file views. The system integrates with storage solutions, email clients and a range of mobile productivity apps.
Pricing starts at $99 per month for one user and three data rooms.
Detailed Digify Review
The irony in having a list of the 20 best virtual data room software systems is you can easily get overwhelmed with options. That said, while it is recommended that you try the software first before subscribing to its plan, it is not practical to try all twenty on our list.
Your next best step is to try the best platforms as well as those that can target your specific needs. In fact, you should start with our top choice here, then measure the other ranking apps against it. Our top app is Firmex because it packs powerful features into a well-designed and easy-to-use interface. You don’t need to be a security professional to make use of the program. This is thanks to an easy drag and drop interface. Plus, it has great upload speeds and tons of security. I
Also, to help you keep abreast of all the internet and digital security happenings, we have compiled a list of 101 cybersecurity statistics for you. In it, we wager, you’ll find more reasons to adopt a virtual data room platform.
Lastly, if you have a tight budget, you can check out our top 12 free IT security software here.
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