Technology

Top-Rated Virtual Data Room Services of 2021-2022

Online data room services are soaring in popularity and for a good reason. Data room software has revolutionized the whole transaction process with 24/7/365 access from anywhere in the world on any device with an internet connection.

However, choosing the right type of virtual data room that fits the needs of your business can be a little overwhelming especially, when there are plenty of options available. 

But fret not — we have compiled a list of some of the best online data room services that not only facilitate the safe and speedy exchange of documents but offer tight protection.

What is a virtual data room?

The online data room software (also known as a virtual data room) is a secure online repository that allows businesses to store and exchange digital documents. Some of the robust features of electronic data rooms include multi-factor authentication, Q&A tools, encryption, board document management, etc.

The growing need for virtual data rooms

Businesses across the globe are now resorting to online data room software rather than relying on physical data rooms. Here’s why.

Global accessibility

With everything going virtual, companies are now opting for solutions that can help them get ahead of the competitors and preserve their dominance in the market.

All it takes is an internet connection; anyone can access the files regardless of the location. It gives investors from any part of the world access to these important files and helps them make an informed decision.

Data protection

What’s the primary concern of the companies? The most critical issue for every company deciding to take an electronic data room is security.

Virtual data rooms are protected; what’s more, you can use other multiple channels to add more layers of security. For instance, you can put watermarks on documents, restrict access to confidential data, use file encryption, and use complex authorization.

Top online data room services of 2021-2022

Below is a comprehensive comparison of some of the best data rooms that will help you analyze what each provider offers, features, and a lot more — all in one place. Without further ado, let’s get started!

1. Merrill Data site

Merrill Data site provides virtual data room solutions to a wide range of businesses of all sizes all around the world. The security of the transaction is the top priority of the solution. 

Apart from that, the solution also offers translation, data management, and the ability to customize the settings — anything a large corporation would need.

Features:

  • Advanced permission management features
  • Drop-n-drag facility to upload documents
  • Q&A forum
  • Advanced search options
  • Can restrict document access

Technical details:

  • Platform: Mac, Windows, Windows Phone
  • File size upload: Can upload a file of a maximum of 50 GB
  • Language support: Multilingual

2. Brainloop

Brainloop came into light in 2000, and since then, catered to the needs of various businesses. The solutions electronic data room provides an effective platform to store and exchange all kinds of documents.

What sets Brainloop SaaS solution apart is its ability to integrate with the company’s existing infrastructure, enabling you to create a more cost-effective cloud web-based online document repository.

Features:

  • Dynamic watermarks
  • Q&A tools
  • It can be integrated into MS office
  • Bulk upload

Technical details:

  • Platform: Android, Mac, Windows, iPhone, iPad, Web-based
  • Language support: English, German, Spanish, and French

3. Intralinks

The company provides all essential online data room services to carry out the due diligence process and provide collaborative features for enhanced communication – a true giant in the business community.

Also, the solution offers advanced features such as managing and analyzing files using artificial intelligence.

Features:

  • Auto population feature to add more users
  • Drop-n-drag functionality
  • User-friendly interface
  • Reporting tools

Technical details:

  • Platform: Android, Mac, Windows, iPhone, iPad
  • File size upload: Can upload a file of11 GB
  • Supported language: English, French, and German

4. iDeals

It is considered as one of the renowned solutions for its security throughout the electronic data room industry. iDeals electronic data room caters to various industries that include banking, M&A, legal, life sciences, and many more around the globe.

The solution offers dedicated customer support and always listens to what its customers have to say. It provides them with the fastest and secure platform that helps them achieve their strategic goals.

Features:

  • Full-text search
  • Automatic index numbering
  • Drop-n-drag functionality
  • Bulk upload facility
  • Q&A tools

Technical details:

  • Platform: Mac, Linux, Android, iPhone, iPad, Windows, Windows Phone
  • File size upload: Unlimited
  • Supported language: English

5. Ansarada

The solution powered by artificial intelligence offers great security targeting mergers and acquisitions activities and due diligence. Ansarada data room has everything a business would need for a hassle-free and successful deal.

The solution is known for its top-notch features and functionalities and provides a neutral space exclusively for M&A.

Features:

  • Seamless integration with Dropbox and Google drive
  • Real-time audit trails
  • Web-based spreadsheets viewer
  • Customizable watermarks
  • Tracking tools

Technical details:

  • Platform: Mac and Windows
  • Language support: English

6. Box

The solution’s sleek and easy-to-use interface provides a high-quality platform for your business deals. The Box’s virtual data room is used for sharing, storing, and managing crucial business data. The solution provides a wide range of products for all; teams, individuals, and business corporations and can work in any browser.

Features:

  • Auto expiration tools
  • File locking functionality
  • Custom branding tools
  • Reporting tools

Technical details:

  • Platform: Windows Phone, iPhone, iPad, Windows, and Android
  • File size upload: Can upload a file of 5 GB
  • Language support: English

Wrapping up

Online data room software erases the geographic and time boundaries, offering everyone a secure and collaborative platform to conduct business processes from any part of the world.

Choosing the online data room service that you can trust with your confidential data and board material is indeed an overwhelming endeavor. However, we have listed 6 top-rated online data room services that make the deal-making process hassle-free and safe.

Nonetheless, the final decision boils down to what features you are seeking, and this will help you choose the virtual data room that best goes with your business requirements.

Suggested:

How Virtual Marketing Is Playing a Vital Role During the COVID-19 Pandemic?

Virtual Data Room Market Overview and Future.

AR and Blockchain: A Perfect Matchup in the Virtual World.

Robin Khokhar

Robin Khokhar is an entrepreneur and blogger who runs this blog. Thus sharing the tips and tricks related to SEO, WordPress, blogging, and digital marketing. You can follow him on Twitter @jacoblucky3.

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