Virtual data rooms are a long-term investment, and it’s important to ensure your business is making the right investments. Because there are so many VDR providers on the market, it can be difficult for management to choose the right option.
For example, management should ensure that the data room software they choose has all the required features and fits easily within their budget. If a company only needs a data warehouse, they don’t have to pay for additional features.
Likewise, if a company needs a VDR for due diligence, it looks for specialized providers and specialties. There are so many things to consider, right? So where to start?
One of the best ways to narrow your search is to search online for virtual bedroom reviews. Today we wanted to list some of the best VDRs on the market and their offerings. You will also learn some important things to consider before choosing online data room software.
What You Should Pay Attention to When Choosing a VDR
Your ideal data room meets your business needs. However, it is important to pay attention to the following with any online data room software:
How secure is VDR? Does it meet safety standards? Does it protect your business data with 256-bit encryption? Be aware of other security features like watermarks, audit trails, two-factor authentication, restrictions when downloading or printing a document, etc.
- Is it easy to use? Always look for a VDR with a user-friendly interface.
- How strong is the customer support?
- Does the service provider offer a free trial?
Here are some of the best online data room software and how effective they are in different industries.
The reason to start the list with iDeals is that this solution is “one for all” and is equally effective for small and large businesses. iDeals started in 2008 and quickly became one of the biggest names in the VDR industry.
The company provides comprehensive business solutions for various industries including real estate, mergers and acquisitions, life sciences, investment banking, law firms and many other companies around the world.
Although iDeals is an all-in-one data room with so many useful features, the Q&A section gives iDeals an edge for better collaboration and communication, especially in M&A deals and real estate transactions.
In addition, iDeals has a unique customer support system as VDR specialists communicate with customers via chat, email and telephone.
Intralinks is another well-known name in the VDR industry, which is particularly suitable for medium and large companies. The company is recognized as one of the best solution providers for mergers and acquisitions.
Intralinks VDRs have an intuitive and very easy to navigate user interface. Notable features include automatic indexing, digital watermarks, data room audit reports, bulk swiping, and more.
Merrill Data Site Website
Merrill is very similar to Intralinks when it comes to medium to large business needs. Merrill solutions are the best choice for law firms, investment bankers, direct investments and business development, even if they are more expensive.
MerrillVDRs offer all VDR features you need, including a Q&A section, bulk upload, drag-and-drop functionality, branded website and more. Merrill allows you to download archived files up to 50GB.
SecureDocs is highly rated on various review platforms like G2, Capterra and others. SecureDocs’ uniqueness lies in its intuitiveness, transparent pricing, quick setup, and ease of use.
Ansarada offers three different pricing plans and is a reliable option for businesses of all sizes as well as freelancers. Ansarada is an AI powered VDR with robust security features like digital watermarks, multi-factor authentication, configured access restrictions and more.