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These days, there are over 100 known virtual data room providers operating worldwide. However, rather than offering generic services, modern-day virtual data room vendors target specific markets or industries. For example, DealRoom mainly targets the corporate sector and M&As, while other industry giants like iDeals, Caplinked, and Merrill provide all-around services.
When it comes to choosing online data room services that can specifically solve your problem, the list shrinks to very few names. That’s because every vendor offers different feature sets and it is often hard to find everything in one place. This is where big names in the virtual data room market come into play. The vastness of their services and the quality of their products can easily tackle challenges faced by any business type.
Below is a detailed guide on the top 5 virtual data room providers and what you should consider when buying a VDR service.
iDeals will make it to any list of best data room providers. The company started operations in the early 2000s and is now the leading data room vendor all over the globe. Although iDeals data rooms service any business type or size, its services are highly demanded in the life sciences, legal industry, board management, and financial sector.
Moreover, the company is well-known for its remarkable and unique customer support service and fort-like security. iDeals is the only VDR available in more than 10 major languages. Read more about this virtual data room’s benefits and features on https://datarooms.org/.
One of the best data rooms for investment banking, corporate development, legal industry, and private equities, Merrill best serves medium and large-sized companies. Merrill, just like iDeals, is a multilingual virtual data room and has a superior visual analytics feature, which is rare to find.
DealRoom is arguably the best data room provider for M&As, and this service provider has significantly changed the face of modern-day M&A transactions and project management. DealRoom is more suitable for occasional, large-scale projects like M&As, fundraising, etc., and is more economical than its competitors.
Intralinks is one of the few AI-powered virtual data rooms and is recommended for small, medium, and large scale businesses. Intralinks, just like DealRoom, is an established player in the M&A sector and boasts all necessary features like digital watermarks, auto-file indexing, analytics, etc.
FirmRoom is amongst the rising stars of the virtual data room market and has already made a huge impact in the industry due to its imperial services. Its clientele includes Pfizer, Baird, and J.P Morgan. FirmRoom is ISO 27001 certified and is easily integrable with SalesForce, Office 365, and Slack.
Although the process may seem challenging, especially for someone who is looking for a data room for the first time, keeping these simple things in mind will help you make a better decision.
How secure a virtual data room is, is the first question to ask in the selection process. There are no specific criteria to determine it, but ISO-certified data room software is considered safe enough to protect your sensitive information. Moreover, if a vendor has compliance certifications from institutes like FINRA, HIPAA, GDPR, FISMA, SOC, etc., then it is a huge plus.
Also, watch out for features like 256-bit data encryption, multi-step verification, digital watermarks, document access control, device purging, etc.
An electronic data room vendor specifically operating in your industry will be able to solve your problem better as they are well aware of industry-specific challenges.
What’s more, do some research on the vendor on the internet. If there is less or no data related to the service provider, consider it a red flag. Also, read detailed customer reviews from websites like TrustRadius, SoftwareAdvice, G2, Capterra, and https://datarooms.org/.
Many buyers overlook the importance of customer support services from VDR providers. No matter how good a data room is, you will need assistance from the support service. Knowledgeable, cooperative, and readily available support service is vital, which is why going for 24/7 support is a must.
The pricing factor is arguably the trickiest section, and this is where many vendors charge hidden fees. Be transparent about the pricing and choose a model that suits you. A flat-monthly fee model suits regular use, while per-page pricing is better for smaller, one-time projects.
Lastly, never forget to ask for free trials; a test ride will give you a clear picture of whether a specific vendor will be able to help you or not. Also, consider the above-mentioned virtual data room providers in your research process.
To simplify your search and comparison of virtual data rooms, we’ve analyzed the market and picked some of the best solutions for you:
1. iDeals
2. Merrill
3. DealRoom
4. Intralinks
5. FirmRoom
If you’d like to choose a suitable solution on your own, below is a checklist to follow:
● How many security certifications does the vendor have? ISO, SOC, and GDPR are essential, while FINRA, HIPAA, and FISMA are nice-to-have.
● Does the vendor offer such critical security features as 256-bit data encryption, multi-step verification, digital watermarks, document access control, and remote device purging?
● Does the vendor have sufficient number of user reviews and at least 4 out or 5 rating on platforms like TrustRadius, SoftwareAdvice, G2, Capterra?
● Does the provider have 24/7 customer support available across all major channels and speaking multiple languages?
● Does the data room vendor avoid any hidden fees for extra storage or services in its pricing?
● Does the vendor offer a free trial? What is the duration of the trial? Can it be extended on demand?
Hopefully, the tips above will help you to effectively compare virtual data rooms and settle on the perfect solution.
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