Technology is great, but how you use technology is something different. For instance, virtual data room technology is unbelievably helpful, but its effectiveness depends on the virtual data room providers of your choice.
Businesses around the globe realized the true potential of virtual data rooms, but this potential strongly depends on the market expertise, feature set, security compliance, and value for the money offered by a particular provider. That said, finding the right data room vendor is a serious issue for many companies and professionals, especially those who are new to VDRs.
If you also share this concern, here are some of the best data rooms that can be found on the market. You can also explore tons of options and read more about virtual data rooms on datarooms-review.com.
10 best data rooms in 2022
Below mentioned online data room software are picked on the basis of their overall reputation in the market, quality of services, and customer reviews.
iDeals has been the pioneer and virtual data room industry leader, with clients from almost all parts of the world. Although iDeals virtual data rooms are fully equipped with the latest data room features, their security, innovation, and customer support service are simply second to none.
iDeals is a well-known name among the M&A industry, legal industry, investment banks, fundraisers, the life science industry, and senior-level officials. Most importantly, their packages are similarly suitable for all businesses, no matter their type or size.
DealRoom data room services are highly sophisticated solutions for complex transactions like M&As, fundraising, capital raising, IPOs, and due diligence. These data rooms boast advanced features for project management and data sharing.
DealRoom data rooms have a strong security system and excellent customer support. However, DealRoom may not be an ideal fit for smaller companies or if you intend to use it for regular data management.
CapLinked is another trustworthy name when it comes to secure data sharing and management. The company has established itself as a key player in the virtual data room industry and specifically facilitates mergers, acquisitions, licensing, asset sales, capital raising, and other similar transactions. CapLinked offers a flat monthly fee pricing which is great for long-term use.
When it comes to voluminous data sharing with external parties, Firmex virtual data rooms are highly trusted by businesses and professionals across the globe. The ISO, HIPAA, GGPR, and SOC2-compliant virtual data room has robust customer service and is used in M&As, litigation, audit, compliance, due diligence, financial services, legal affairs, investment banks, and biotech.
Firmex has been rated as the Top Performer data room software by Capterra in 2022.
Digify virtual data rooms are super easy to set up — they hardly take a few minutes, and their security is simply great. With Digify data rooms, you can share hundreds of files with your partners, investors, clients, and others in no time without worrying about their security. The best thing about Digify is that despite having high-end features, it is very much affordable.
SecureDocs is another secure, affordable, and easy-to-set-up virtual data room for data storage, data sharing, and deal management.
SecureDocs data rooms have all basic to advanced features necessary for data management and business dealmaking. That is why SecureDocs data rooms are regularly used in M&As, strategic partnerships, due diligence, bankruptcy case management, litigation, and corporate fundraising.
Most importantly, SecureDocs is suitable for small businesses as well.
ShareVault mostly targets small to medium-sized businesses and is well-known for mediating mergers, acquisitions, board communications, fundraising, partnering, and asset sales.
ShareVault data rooms are already serving different business sectors, including law firms, accountants, biotech and pharmaceutical companies, and investment bankers.
Box is an established player in the virtual data room industry. It is not only economical but provides high-level security to your business documents and boasts the latest deal management tools. Completely suitable for all business sizes, Box data rooms are used for contract management, mergers, acquisitions, and bidding.
Ansarada virtual data rooms boast over 100 features for data management, online communication, and deal management. Ansarada is an AI-backed electronic data room that automates data sharing and optimizes the deal process during mergers, acquisitions, fundraising, etc. Ansarada data rooms are used by financial institutions, investment bankers, lawyers, and businesses from other industries.
10. Google Workspace
Google Workspace is a complete package for remote business teams, corporate directors, and geographically dispersed professionals. It allows you to store documents online; you can easily arrange virtual meetings via audio and video conferencing tools, create shared documents, and create work calendars on a single platform. Best of all? Google Workspace has a free version too.
Lack of research and hasty virtual data room investments will not only waste your time and money but can cause security problems as well. Relying on free storage solutions can cost your business more in the long term in case of data leaks, breaches, or a good-old human error.
To stay on the safe side, you can explore some of the best data rooms mentioned above in the text and choose the one that suits your business or personal needs. This will make your deals faster and safer, especially in the long term.