Data Room Providers: Which One Offers The Best Value?

With the world experiencing global digitalization in every sphere of society every day, digital virtual rooms are becoming increasingly relevant.

Technology has changed the way we do things not only in public life but also in business logistics, including the documentation department, goods, and employee work methods. That’s why most leading businesses decide to start using such storage facilities.

Given this trend, it is important to understand the definition and virtual data room pricing, its benefits, and examples of the best data room providers with the best offers.

Introduction to the concept of a data room

The modern concept of a virtual data room is defined as a secure network location for storing, displaying, sharing, and distributing documents. In particular, Wikipedia, an electronic resource, notes the fact that VDRs are safer for storing documents than their physical counterparts.

This is because they minimize the possibility of loss of security when handling them (e.g., when transporting documents or using them directly in work projects). Due to the high popularity of data room services, there are many software vendors of different quality and functional configurations.

That’s why companies turn to data room comparison platforms when they need them. Such sites immediately provide prepared reviews with a clear structure and the main advantages of each vendor. This is very convenient and allows users to compare virtual data rooms based on various indicators.

Which data room providers offer the best software?

For businesses to maintain business relationships, frequent data transfers and contracts are required. Virtual data rooms provide storage and transfer of these contracts as needed. However, it is important to choose high-quality platforms for this purpose. For example, the following companies offer the best services:

1. iDeals.

It is the most popular company in the virtual room market that offers a competent combination of technology and user comfort. iDeals offers different packages of services depending on the pricing and immediate needs of the client. In general, the platform is known for its reliable approach to storage security and unique features (for example, plugin-free IRM and page-by-page reporting).

In addition, iDeals offers users intuitive software and a user-friendly interface. Therefore, fast document uploads and an optimized document editing process save time for closing deals and increase the efficiency of cooperation.

2. Datasite.

The data room software is designed to work systematically with clients and documents, make quick changes, track edits and file activity, and generate reports. The platform has a special free version so that users can familiarize themselves with the functionality of the virtual room.

The main functionality of the repository includes analytics and tracking of deal status, search trackers, and editing tools. Security is ensured by the encryption of all uploaded data and the possibility of single sign-on (SSO), multi-factor authentication, and information rights management (IRM).

3. Securedocs.

The main focus is on ease and safety of use. The company offers all the necessary services for doing business, strategic partnerships, and performance analysis. With the Securedocs platform, you can easily manage transactions and IPOs, conduct M&A due diligence, entrust fundraising and partnership agreements, and much more. It takes just 10 minutes to set up a personalized workspace in SecureDocs.

Even with these few examples, it is easy to see that each virtual room developer emphasizes different parameters or features. That’s why it’s important to analyze your business needs before purchasing a virtual storage solution. Virtual room consultants advise choosing the online storage that best meets the personal expectations of the company and its employees.

Virtual rooms: the benefits of using them

Businesses that start using virtual rooms in their corporate system have the opportunity to get a lot of additional benefits that outdated physical storage cannot offer. The main advantages include:

• Efficient and secure document exchange among employees and clients;
• Reliable storage of all files. A secure virtual data room allows you to hide specific files from unauthorized users or, on the contrary, extend editing rights to particular individuals.
• Convenient division of many documents into clear categories with search by specific filters.
• It is possible to download a large amount of information in a short period.
• Available for multiple parties at the same time.

In addition, a virtual data room due diligence makes it possible not to worry about the security of corporate files from third-party manipulation. After all, only a certain number of company employees will have the right to edit or change the status of users.

Thanks to a convenient filtering system, word search, and fast loading of large amounts of information, working with documents will be even easier and more enjoyable than with physical media. That’s why such storage has gained the current high level of demand in the big data storage market.