Top Secure And Trusted Virtual Data Rooms in 2020

Choosing a virtual data room that suits your individual needs can seem like a daunting task. What compounds this problem is that there are so many data room providers all claiming that they are the best. The fact is that not all virtual data rooms are the same: they all have the features that make them unique, and they have their niche on the market. Because of all these reasons, you need to be very careful during the selection process; an error could be too costly to switch providers.

For your convenience, we have compiled a list of some of the biggest and well-known data room providers who offer a wide variety of services. It would be a good idea to collect your own set of requirements before reading the list so that you can see which data rooms meets your needs.

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iDeals Data Room

The iDeals Virtual Data Rooms offers some of the most extensive packages of features found on the market today. It would be a good fit for conducting all kinds of transactions or if you simply need a convenient place to store your files. They offer excellent customer service and support is provided in 12 languages around the clock. Moreover, it offers a very easy to use and intuitive interface which even non-technical users will find simple to use out of the box. Why Choose the iDeals Data Room:

  • All user activity tracking
  • Basic and advanced Q&A module
  • No plugins required
  • iOS and Android apps available
  • Granular document access authorization

Intralinks Data Room

The Intralinks Dealspace has a long and illustrious history dating back to the start of the century. Most of their customers are large businesses in the Fortune 500 and consequently, they tend to focus on large deals. One of the biggest advantages of this data room is that allows you to solve even the most intricate and challenging problems that can be found in complex deals, but it comes with a hefty price tag. They offer three versions of their data each containing more advanced features as the price increases, therefore you are bound to find what you are looking for as long as you are willing to pay the budget. Why choose the Intralinks Dealspace:

  • 24/7 customer support
  • Advanced user verification methods
  • 99.9% uptime
  • Compliant with international safety standards
  • Supports a wide variety of file formats

Merrill DatasiteOne Data Room

Just like Intralinks, the Merrill Datasite tends to focus more of its attention on large companies and in particular financial institutions. In addition to offering data room services, they also offer additional content management and consulting services which can take a lot of the burden off your shoulders. However, all of these great services are expensive and the prices they charge reflect that. Even more so, it would make more sense to use the Merrill Datasite if you purchase their other services in order to complement the data room. Why choose the Merrill Datasite:

  • One of the oldest data rooms that are still in business
  • Negotiable pricing options
  • Wide choice of search features
  • Solid security features
  • Simple file sharing system

Onehub Data Room

Onehub tends to focus more on being a convenient place to store your documents. It offers many security features to keep all of your data safe and makes it easy to share it with all of the participants. There are many customization options available, but only for the client portal and not for the data room itself. All in all, it offers all of the tools you need to be productive but falls short of being a full- fledged data room. Why choose Onehub:

  • A secure place to store your files
  • Easy to use
  • Customizable web portal
  • Lots of sharing features
  • Plenty of storage to accommodate even the biggest files

Firmex Data Room

Firmex is a newcomer on the market but offers a decent set of features that lets it compete with even the most experienced players out there. It has managed to amass around 75,000 customers which include some of the most trusted names in their respective industries such as E&Y, PwC, Deutsche Bank and many others. With such an impressive list of customers, you can be comfortable using the data room knowing that your information remains secure. Why choose Firmex:

  • Great data security
  • Round the clock support
  • Deployed on the cloud
  • Can be integrated through API
  • Trusted by industry leaders

Ansarada Data Room

Ansarada makes it clear that they are geared towards M&A transaction users and it is evident when we look at the features they offer. However, if you are conducting an M&A transaction, Ansarada may be up you alley. It offers a very intuitive interface that facilitates M&A deals and has very good Q&A options. Having said this, it is best suited for individual deals but not as a central document storage location. Why choose Ansarada:

  • Great customer support
  • Lots of activity tracking features
  • Equipped with lots of collaboration tools
  • Great uptime
  • A wide array of document access management options

HighQ Data Room

HighQ was created with legal services in mind. They have all kind of features that allow legal services to facilitate their operations. This allows them to work smarter instead of harder and lets them go above and beyond in order to deliver more value to their customers. However, if you are not in the legal industry it may not be a good choice for you because it does not offer the collaboration features that can be found in other products out there and does not offer the same quality of customer support. Why choose HighQ:

  • It has everything legal services need for conducting transactions
  • Good integration features
  • Robust security
  • Easy to use in the office and on the go
  • Intuitive interface

V-rooms Data Room

V-Rooms is a very effective solution for collecting documents and managing your workflow. The letter “V” in its name stands for “Vault” and as this might suggest it is great for storing documents especially if you are conducting financial transactions. With V-rooms, you will not have to waste time searching for the documents you need and it also makes it easy to share documents between participants as well. It can be a great choice if you are just trying to get organized and you need a central and secure area to store all of your information. Why choose V-Rooms:

  • Low prices
  • Drag and drop features
  • Batch uploading
  • Workflow tools
  • Document watermarks

Imprima Data Room

HighQ was created with legal services in mind. They have all kind of features that allow legal services to facilitate their operations. This allows them to work smarter instead of harder and lets them go above and beyond in order to deliver more value to their customers. However, if you are not in the legal industry it may not be a good choice for you because it does not offer the collaboration features that can be found in other products out there and does not offer the same quality of customer support. Why choose HighQ:

  • It has everything legal services need for conducting transactions
  • Good integration features
  • Robust security
  • Easy to use in the office and on the go
  • Intuitive interface

SecureDocs Data Room

SecureDocs is fast to set up and start working in it. It has some of the features that are found in the most expensive data rooms yet it is much cheaper. It offers valuable data management tools and has all of the features you need to get insights from your data. Why choose SecureDocs:

  • Low prices
  • Immediate setup
  • Uncapped number of participants and data used
  • Ability to sign your documents electronically
  • Drag and drop documents into the data room

Choose the Best Data Room for Your Business

As we can see from the list above, each data room has its niche on the market and includes the features needed to facilitate such transactions. While there will be data rooms that fit all types of deals regardless of the industry you are in, you should carefully examine your business requirements before deciding on a virtual data room provider. The hallmark of a great data room is that its features are designed to achieve business goals.

For example, Ansarada aims to satisfy all of the needs of M&A users, and HighQ has everything legal professionals need. While there are many technical nuances involved in M&A transactions and the legal sphere, the underlying benefit they try to provide is to solve the business needs. After all, even if a product is easy to use and comes at a cheap price, but does not meet your business challenges, then it’s not valuable for your company.

Best Data Room

The first thing you should do before even beginning to compare all of the various providers out there is to figure out your specific business needs. A lot of them will try to impress you with all of the features that they offer, but in reality, they do help you reach your business objectives. Also, be sure to request a live demo of the data room and ask the customer service representative specific question relating to your business needs. If they are having trouble providing direct and straightforward answers, then this is a bad sign. If you are satisfied with the answers that you received, later try playing around with the trial version. Go ahead and input some data and see if it lives up to your expectations.

It is hard to make an important decision, such as selecting a data room provider without trying out the data room. You might discover throughout the trial period that certain functions are indispensable to conduct your project. After all, you might not be aware of all of the state of the art features that come standard in most data rooms.