Due diligence tasks are not that hard to cope with; however, finding the right depository for all the involved documents may puzzle your head. Nowadays, several designated file management software exists. This guide will introduce you to the best online data room providers. You will learn what features are available to boost your transactional work and productivity.
What is Virtual Data Room Software?
Virtual data room software, or briefly called VDR, is a secure online repository of information used for files/document storage and sharing. On most occasions, it will be a good fit for firms and individuals to help them with due diligence. It mainly concerns the business stages of mergers and acquisitions, loan syndication, private equity, and venture capital deals, among others.
You are most likely to say – why won’t I use Google Drive, DropBox, iCloud, Microsoft OneDrive, OpenDrive, Egnyte, and similar cloud storage? Cloud storage has similar functionality to the VDR, but it is not the same program. VRDs are distinguished primarily by their security for storing and transferring documents.
Online data room software is all about interacting with other systems to provide two-way synchronization and drag-and-drop capability, allowing rooms to be set up and operational in minutes. A smooth collaboration is enabled by granular access privileges, print and save controls, monitoring of all activities, reporting, and intelligent Q&A. Artificial intelligence powers and automates sophisticated analyses on people’s motivations and behavior.
Yes, you can still use cloud storage. However, will you be sure of its security measures for your due diligence documents?
Based on feedback from existing customers and purely independent research, the following programs are the best among VDRs.
The first pick is iDeals. It is a VDR provider, and a service EY audited and ISO 27001 certified. Choosing their electronic data room takes about 15 minutes to set it all up only.
No plug-ins are required so that you can use any computer, browser, or mobile device. Besides, the software is powered by drag-and-drop uploads, 25+ file types for safe reading, printing, and downloading, so no document preparation is required.
You may easily secure sensitive data, redact text, images, or portions of a document in the data room. Only in a matter of seconds may you copy and paste email addresses to invite hundreds of individuals to the data room.
Finally, do enjoy the utmost comfort by configuring which files may be read, printed, or downloaded for each user using intuitive document permissions management.
If you want to test their VDR, the iDeals team offers a 30-days trial. You may choose from three plans – Pro, Business, and Enterprise with flexible storage, multilingual support, among others.
The second pick falls for Drooms. Drooms provides maximum security and GDPR compliance with privately-held servers, external security assessments, secure data processing procedures, vulnerability monitoring, and encryption. Those who have never worked with VDR before won’t need any training or use manuals.
The Drooms features a clean design that allows for a better user experience. Besides, you can definitely forget about monotonous manual procedures with smart workflows using artificial intelligence (AI) and machine learning technologies embedded into their virtual data room.
Similar to iDeals, you may get the most out of their 30-days trial. The available storage starts from 1GB. Besides, there is 24/7 support.
Intralinks has an offer of VDRPro for those who seek the pro software for kickstarting their next M&A negotiation. You may easily identify and rate your buyers faster with automatic setup, predefined workflows, and real-time information. Then, you can upload videos like facility tours and management presentations to your VDR in seconds or proceed with the Zoom integration.
Their software is known to be feature-rich and backed up by actual experts who understand the due diligence process. Among the key features, you will find stage deal information, streamlined user invitations, and M&A Workflow, which is a quick document approval and automated publishing aimed at reducing risk.
There is currently no free trial.
Merrill, or else called DataSite offers a VDR for real Dealmakers. You may find many cutting-edge features that won’t slow down your transactional work. For instance, try out their Email Files In feature to allow people access the project to send files straight into the project.
They will now email files to the project using a concealed forwarding email address. Use Outlook, Gmail, or any other email system that has been approved by IT. Otherwise, test their AI technology by adding redaction AI to Datasite Diligence. You will find target redactions, go live with buyers, and when exclusive ones appear, redaction reasons allow you to unredacted in a matter of seconds.
There is a 14-days trial available.
Last but not least, among the best data rooms, DealRoom. It will help you proceed with the buy-side, sell-side, divestitures, or financing deals. The pre-built templates make it adaptable to a range of application scenarios. Inside the room, all of your private documents are secure.
Sensitive files and due diligence documents may be easily stored, shared, and collaborated on. Either connect papers or request them with ease. Besides, you will find such a feature as drag-and-drop upload to complete your due diligence request. If needed, change permissions at any moment to maintain control over file visibility and accessibility.
There is a 7-days free trial.
The Bottom Line
As you can see, the reviewed data room vendors may all fit your due diligence work easily. You can find their plans and prices by heading to the official websites. However, ensure first to try out the free trials where possible. Note, there are more features to integrate with each, so prioritize what optimization you seek particularly.