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Updated on March 1st

We keep this virtual data room comparison up to date to bring you the latest overview.

Data Room Providers Comparison for 2024

Choosing the right data room provider yields significant benefits to the dealmaking process.

Whether your team is looking to accelerate the deal lifecycle, save money, or simply store files, use this ultimate data room software comparison to make an informed VDR provider decision.
Scroll to compare
Data Room Use Cases Free Trial Price Comments
Startups, Investment Firms & Banks, Corp Devs, Law Firms & More (All sizes) Yes.
30 days
$495/mo Suitable for needs such as M&A, Capital Rising, IPO, Legal & more
Medium-Large Businesses Yes.
14 days
$1295/mo Designed to accelerate due diligence in transactions of all sizes
Large businesses No $$$$$ See more
Large businesses No $$$$$ See more
Medium Businesses No $$$$$ See more
Medium Businesses Yes $$$$$ See more
Medium Businesses Yes $$$$ See more
Medium Businesses 7 days $$$$$ See more
Small Businesses 14 days $$$ See more
Small Businesses 14 days $$$ See more
Small Businesses 30 days $$$ See more
Small-Medium Businesses 14 days $$$ See more

Compare pricing

Data Room Pricing Plan

Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Pricing Structure
Flat-Rate
Flat-Rate
Per-Page ($0.60)
Per-Page ($0,60)
Flat Rate
Flat Rate
Flat-Rate
Per User
Per User
Flat-Rate
Flat-Rate
Flat-Rate
No. of Rooms
1
1
1
1
1
1
1
1
1
1
1
1
Up to 10GB
Up to 100,000 pages (1GB = approx. 10,000 pages)
$495/mo
$1,295/mo
$6000-$60,000/mo
$6000-$60,000/mo
$$$$
$3,119/mo
$460/mo
$1,650/mo
$250 - $$$$
$$$$
$338/mo (5GB)
$400/mo
Up to 20GB
Up to 200,000 pages (1GB = approx. 10,000 pages)
$995/mo
$2,495/mo
$60,001-$120,000/mo
$60,001-$120,000/mo
$$$$$
$$$$
$$$$
$1,650
$$$
$$$$
$$$$
$$$
Up to 50GB
Up to 500,000 pages (1GB = approx. 10,000 pages)
$995/mo
$4,995/mo
$120,001-$300,000/mo
$120,001-$300,000/mo
$$$$$
$$$$$
$$$$
$1,650
$$$
$$$$
$$$$
$$$
Up to 100GB
Up to 1,000,000 pages (1GB = approx. 10,000 pages)
$1,995
/mo
$4,995/mo
$300,001-$600,000
$300,001-$600,000
Flat-Rate
Flat-Rate
Flat-Rate
Flat-Rate
Flat-Rate
Flat-Rate
Flat-Rate
$$$
Additional Data
$150/GB/Month
$150/GB/Month
$0.50 per-page
$0.50 per-page (30K pages +)
$$$$
$$$
$$$
$150/GB/Month
$$$
$$$
$$$
$$$
Additional Users
Free
Free
$$
$$
$$
Free
Free
$25/mo/user
3 Users free, then $90/mo/user
Free
$$$
Free
Additional Admins
Free
Free
$$
$$
$$
$$
Plan upgrade required
$25/mo/admin
$$
$$
$$
$$$
Additional Rooms
Unlimited Rooms + $1000 (up to 10GB) / + $2000 (up to 250GB)
Unlimited Rooms
N/A
N/A
$$$$
$$$$
$$$$
$50/mo/room
$$$
$$$
$$$
$$$
Archive (USB)
$250
$250
N/A
N/A
$$$
$$$
$$$
$$$
$$$
$$$
$$$
Disk - $300/copyLarger room - $500
Annual Discount
30%
20%
N/A
N/A
N/A
N/A
N/A
20%
20%
N/A
N/A
20%
Hibernation
N/A
N/A
$0.10/page/month (approx. $1000/1GB)
$0.10/page/month (approx. $1000/1GB)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Minimum Active Billable Period / Term
1 Month
1 Month
6 Months
6 Months
1 Month
1 Month
1 Month
1 Month
1 Month
1 Month
1 Month
3 Months

Compare features

Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name
Plan name

Data Room Features

Workflow automation
Automate repetitive tasks and notifications, reducing the risk of human error and increasing efficiency in managing projects.
New Document Uploads, Due Documents Notifications
Real Time Diligence Requests
Partial
Partial
Partial
Partial
Drag and drop file upload
Allows users to easily upload files to the data room by dragging and dropping them from their computer.
Built-in viewer
Allow users to preview and view documents directly within the data room, reducing the need for external applications and improving ease of use.
Partial (Limited file types)
Full-text Search
Enable users to search the full text of documents within the data room, rather than just the document name or metadata
Data room index
Provides an organized and searchable index of all files and folders within the data room.
Document Version Control
Ensure that all team members are working with the most up-to-date versions of documents related to a specific deal.
Activity notifications
Sends notifications to administrators when certain user activities occur, such as a document being uploaded or downloaded.

Ease of Use

Self-Service Set Up
The ability to easily set up and customize your own data room, without needing to rely on any support from the provider.
Intuitive user interface
An intuitive interface enables users to easily navigate and use the data room platform without requiring extensive training or technical knowledge. This makes the process of accessing and sharing confidential documents much more efficient, saving time and resources.
Easy user management
A straightforward process for adding and removing users, assigning permissions, and managing user access levels.
Quick search functionality
A search function that is quick and easy to use, with the ability to search by keyword, document type, and other criteria.
Document Redaction
Quickly and easily redact or black out confidential information, such as personal-identifiable information or proprietary business information, from documents
Customizable document views
The ability to customize document views based on user preferences, including sorting and filtering options.
Partial (depends on file types)
Full-text search
Search through the full text of all documents in the data room, rather than just the document titles or metadata. Particularly useful when searching for specific terms or phrases within a large number of documents.
Viewer Speed (Upload, Download, Page Change)
Fast and reliable viewer with advanced features like full-text search and redaction.
Fast
Fast
Moderate (Affected by file sizes)
Fast
Fast
Fast
Fast
Fast
Moderate (depending on file sizes)
Fast
Moderate (depending on file sizes)
Fast

Permissions

Document Permission Levels
Set document-level permissions:

4-level access (view only, view with watermarks, original access, edit)
User roles
Assign different user roles with different levels of access to documents and folders within the data room:

Administrator, viewer, editor, downloader
Folder-level permissions
Control access to entire folders within the data room, rather than just individual documents:

Permissions for specific user roles, individual users, or user group
Watermarking
Place watermarks on documents to deter unauthorized sharing. Customize the watermarks with information such as the user name, IP address, time and date, or custom text.
Customizable NDAs
Require users to agree to NDAs or other terms and conditions of use before accessing the data room or specific documents.
Access requests
Require users to request access to certain documents or folders within the data room.

Project Management

Due Diligence
Streamline and manage the due diligence process in a centralized location and ensure all necessary information is collected efficiently and effectively.
External
Diligence Requests
Document requests: Buyers can create a list of documents they require from the seller, such as financial statements, contracts, or customer lists.

Document tracking: The feature allows buyers to track the status of document requests in real time, so they can see which documents have been provided, which are still outstanding, and which are past due.

Communication: It also enables buyers and sellers to communicate directly within the platform, which can help streamline the due diligence process and reduce the risk of miscommunication.
Q/A
Q/A
Q/A
Q/A
Q/A
Q/A
Q/A
Q/A
Q/A
Importable Templates/Playbooks
Pre-built templates and playbooks to help guide users through the due diligence process, improving consistency and efficiency.
Progress Tracking
Monitor the progress of due diligence. Utilize purpose pre-built checklists and task lists that can be assigned to team members, and tracks the completion of those tasks in real-time. Use comprehensive dashboard that displays the overall completion status of each task.
Pipeline Features
Track the progress of all ongoing and potential deals in real-time from a single dashboard. Create customized workflows and automate tasks, such as sending reminders and updating deal status. Streamline the deal-making process and gain greater visibility into the status of each deal.
Post-Merger Integration
Offers tools to help manage integration, including tracking progress and sharing information.

Analytics

Document tracking
Track user activity on individual documents, including who viewed, downloaded, uploaded, and printed them, and when
User tracking
Track user activity across the data room, including which documents they accessed, how long they spent on each document, and when they logged in and out.
Group tracking
Track user activity by user group, such as investors, attorneys, or accountants, to gain insights into their specific interests and needs.
Reporting
Generate reports on user activity, including user and document tracking, to gain insights into the due diligence process.
Heat maps
Use heat maps to visualize user activity, such as which documents are being accessed most frequently and which areas of a document are receiving the most attention.
Audit Log (Data room statistics)
Access detailed statistics on the data room's activity, such as how many and when users access or modify files, who made those changes, and the time and date of each action
User engagement
Monitor user engagement to identify which documents are receiving the most attention and which users are the most active in the data room.

Security Certifications

Public Company Standard
SOC 1/SSAE 16/ISAE 3402 (formerly SAS 70)
SOC 2 Type II (formerly SAS 70 Type II)
HIPPA/ITAR
ISO 9001 / ISO 27001
GDPR Compliance

Customer Support

Customer support
24/7 live chat and email support
24/7 live chat and email support
24/7 live chat and email support
24/7 live chat and email support
24/7 live chat and email support
24/7 live chat and email support
24/7 live chat and email support
Phone and email during business hours
Phone and email during business hours
Phone and email during business hours
Phone and email during business hours
Phone and email during business hours
Customer Support Library
Dedicated Success Manager
Onboarding services
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free
Free

Reviews (based on G2 analysis)

Quality of Support
9.8
9.1
8
N/A
8.9
9.1
9
9.7
9.1
7.6
8.2
9.1
Ease of Use
9.2
9
7.3
N/A
8.6
9
9
9.4
8.8
8.2
8.5
8.8
Ease of Setup
9.1
8.7
N/A
N/A
8.8
8.9
9
9.4
9.1
8.5
8.4
9.1
Main Pros
Main Cons
Rating (G2)
4.6
4.3
3,6
N/A
4.3
4.4
4.6
4.7
4.6
3.9
4.1
4.8

What makes FirmRoom the #1 VDR provider?

FirmRoom's platform is everything you need in a VDR: easy-to-use, cost-effective, and secure.
Rated Excellent by Gartner Peer Insights Customers’ Choice
92% recommended orcollgue on GetApp
One of the most popular data room software by Capterra
Rated Excellent by TrustPilot

FirmRoom

Top Data Room Provider

Features

FirmRoom's innovative platform offers capabilities such as document management, automatic indexing, advanced search, and a built-in file viewer. The platform allows users to upload, organize, and manage documents in a highly secure environment, with features such as two-factor authentication, granular access controls, and dynamic watermarking. The platform also offers real-time collaboration tools to streamline communication and deal management, as well as advanced analytics and reporting to track user activity and deal progress.

Description

At FirmRoom, we believe that everyone deserves a secure, easy-to-use data room platform with no hidden costs. We aim to provide a VDR platform that can assist with establishing transparency, efficiency and robust communication, reducing stakeholder burnout and lost deal value.

Pros

  • Intuitive interface and user-friendly experience
  • Advanced analytics and reporting
  • Custom permissioning
  • 24/7 customer support
  • Supports 25+ file formats
  • Competitive pricing compared to other top-tier providers
  • Smart features

Cons

  • Limited customization options
  • No Q&A feature

DealRoom

Top Data Room Provider

Features

DealRoom is an M&A lifecycle management platform that empowers communication, delegation, and accountability. The platform features pipeline, diligence, integration, and document management. M&A teams can track every aspect of their projects so there’s no more back and forth between different programs and platforms.

Description

Transactions begin with the promise of innovation and value creation. However, somewhere during the antiquated, avaricious M&A process, these initial goals are often lost. As M&A deals continue to grow in quantity and transaction size, DealRoom, through project management and collaboration, aims to create a more equitable M&A practice that focuses on preserving initial deal value.

Pros

  • Full deal lifecycle management
  • Team member management
  • BI Reporting
  • Supports 25+ file formats
  • Variety of transparent pricing options
  • 24/7 Customer Suuprt

Cons

  • M&A process changes learning curve
  • No mobile app

Intralinks

Features

Intralinks offers features such as document management, secure file sharing, and advanced analytics. The platform allows users to upload and organize documents in a secure environment, with customizable security features such as watermarking and access controls. It also offers advanced analytics to provide insights on document usage and activity.

Description

Intralinks is a Virtual data room platform that allows users to accelerate M&A due diligence with automated setup, AI-powered redaction, easy file management - including bulk uploads, document-based workflows, integrated redaction - and Zoom integration.

Pros

  • Integration with other software tools
  • Document analytics for insights and better decision-making
  • Real-time collaboration and document editing
  • Control and access monitoring

Cons

  • Features may require a steep learning curve for first-time users
  • Customer support can be slow to respond in some cases
  • Some users may find the user interface overwhelming or confusing at first
  • Per-page pricing
  • Complicated user interface for both administrators and users

Datasite

Features

Primary features of Datasite include dashboard and visual analytics, queries management, custom watermarking, redaction, project management and sandbox. The platform offers drag-and-drop controls to help users organize documents and facilitates optical character recognition (OCR) in multiple languages. Additionally, it enables users to export data and visuals into multiple formats such as PDF, Excel and email.

Description

Datasite is the digital home of M&A. One place for every sell-side and buy-side deal, alongside deal marketing and setup. Its flagship product, Datasite Diligence, offers sophisticated analytics, ironclad security and dedicated customer support to enable deal success, from deal preparation and staging through all phases of due diligence.

Pros

  • Activity tracking
    Access Controls/Permissions
    Data Import/Export
    Electronic Signature

Cons

  • Features may require a steep learning curve for first-time users
  • Customer support can be slow to respond in some cases
  • Per-page pricing
  • Complicated user interface for both administrators and users
  • Features may require a steep learning curve for first-time users

Firmex

Features

Key features include two-factor authentication and data encryption, customizable permission controls that allow administrators to set access levels and restrictions, real-time notifications and audit trails to track user activity, advanced search and filtering capabilities for efficient data management, and user-friendly interfaces for easy navigation and collaboration.

Description

Firmex virtual data room is a secure and intuitive platform that enables businesses to securely share and collaborate on confidential documents. The platform's user-friendly interface and advanced search and filtering capabilities make it easy to navigate and manage data efficiently. With round-the-clock customer support and dedicated project managers, businesses can be assured of a seamless and stress-free virtual data room experience.

Pros

  • User-friendly interface
  • Unlimited projects, pages, and users
  • Monitoring and Q&A functions
  • User interface is clean and logical
  • Continuous updates

Cons

  • Adding users and editing their information with permissions can be hard to find
  • System is slow at times
  • Creating folders once the main folder structure is set is not intuitive
  • Limited functionality and user analytics
  • Expensive pricing for projects with high data storage needs

Ansarada

Features

Ansarada is a feature-rich platform designed to simplify secure document sharing and collaboration. The platform includes advanced analytics capabilities, real-time notifications, audit trails to track user activity and streamline workflow, and dedicated customer support managers

Description

Ansarada is a virtual data room provider that specializes in deal management. The platform offers advanced security measures such as multi-factor authentication and encryption to ensure the confidentiality and security of data. Its user-friendly interface and intelligent automation simplify the setup and management of the VDR, while the customizable permission controls enable administrators to manage user access and set restrictions.

Pros

  • Responsive customer service
  • Mobile application for convenient access to documents
  • Advanced reporting and analytics
  • User friendly
  • Clean UX

Cons

  • Limited Q&A feature ability
  • Not as intuitive
  • No live chat support
  • Limited customization options
  • Sometimes works better with certain web browsers

iDeals

Features

iDeals offers a virtual data room platform with features such as secure file sharing, document management, and access control. It provides 24/7 customer support and real-time user activity tracking. The platform is accessible from any device with an internet connection.

Description

iDeals provides a robust and reliable solution for businesses looking for a secure and easy-to-use platform for document sharing and collaboration. iDeals offers comprehensive document management, permission controls, and detailed audit trails. The platform also includes a Q&A module to facilitate communication between deal participants, as well as watermarking and 2-factor authentication for enhanced security. With a focus on usability, iDeals offers a user-friendly interface that is easy to navigate.

Pros

  • Intuitive, user-friendly interface
  • 24/7 available support team
  • Customizable branding options for data rooms
  • Free trial period

Cons

  • Some users have reported occasional technical issues and slow upload/download speeds
  • Pricing (on the higher end vs competitors)
  • Inconsistent inhearitance of permisions between folders, subdirectories and files
  • Not as intuitive reporting features

Digify

Features

Digify provides advanced security measures, including two-factor authentication and 256-bit encryption, to ensure that sensitive data is protected from unauthorized access.The platform allows users to upload and manage documents, control access levels, and monitor activity logs. It also offers features such as watermarks and analytics for streamlined deal management.

Description

Digify is a virtual data room provider that offers document management, security, and analytics features. Dignify offers dedicated customer support and project management, ensuring that businesses have access to the support they need to successfully manage their data and collaborate with stakeholders

Pros

  • Customization options
  • Affordable pricing
  • Highly intuitive
  • Range of pricing plans

Cons

  • No built-in collaboration tools
  • No drag and drop functionality for bulk file upload
  • Limited ability to permission large amounts of users
  • Corporates usually have higher security standards than Dignify can provide

DocSend

Features

Docsend offers document management, analytics, and file sharing features. The platform's advanced analytics capabilities enable businesses to track and measure document engagement, including who is viewing the document and how long they spend on each page.

Description

Dropbox DocSend is a document sharing and analytics platform that streamlines communication and collaboration between businesses and their stakeholders. With DocSend, businesses can easily create and share secure links to their documents, and control who can view, download, or edit them. Additionally, DocSend integrates seamlessly with other popular business tools like Salesforce and Slack.

Pros

  • Offers a free trial period
  • Advanced analytics on recipient engagement
  • Attractive and intuitive UI
  • Mobile friendly
  • Great UX

Cons

  • Can be costly for large teams
  • Limited user management features
  • Lack of option to disallow downloading of documents
  • Customer support can be hit or miss
  • Some plans do not have advanced security features

CapLinked

Features

CapLinked provides real-time notifications, granular access controls, and detailed audit trails to track user activity, making it easy for businesses to maintain compliance and monitor progress. The platform offers a range of advanced security features, including two-factor authentication, granular permissions controls, and data encryption, to ensure the confidentiality and integrity of data.

Description

CapLinked is a platform designed to simplify secure document sharing and collaboration. With dedicated customer support and project management, CapLinked virtual data room provides a robust and reliable solution for businesses looking for a secure and easy-to-use platform for document sharing and collaboration.

Pros

  • Flexible pricing options
  • Granular access controls and customizable watermarks
  • Easy document search
  • User friendly set-up and UI

Cons

  • Limited integration options with third-party applications
  • Occasional technical issues and slow load times
  • No reports customization
  • Difficult and time consuming to upload large files

ShareFile

Features

ShareFile offers various features, such as customizable access controls, watermarks, and automatic expiration of documents. The platform provides advanced security features like 256-bit AES encryption and two-factor authentication. Additionally, ShareFile provides detailed activity logs and reporting, ensuring full visibility into user activity and document access.

Description

ShareFile is a secure cloud-based platform that enables businesses to securely share confidential and sensitive information with authorized users. The platform also allows for easy collaboration with team members and clients through secure messaging, commenting, and task assignments.

Pros

  • Flexible access permissions
  • Mobile access
  • Easy to use interface
  • Expiring links
  • Simple file-uploading functionality

Cons

  • Can be costly for projects with large data amounts
  • No bulk upload of documents
  • Limited customization options
  • Adding large amount of users is difficult
  • Limited users activity monitoring

SecureDocs

Features

Key features include custom-branded interfaces, flexible permission settings, and a comprehensive audit trail. SecureDocs offers 256-bit encryption and two-factor authentication to ensure secure document storage and sharing. The platform also provides detailed reporting and analytics to track user activity and document usage.

Description

SecureDocs is a cloud-based virtual data room provider designed for businesses to safely share and manage sensitive information with stakeholders. The tool offers a user-friendly interface and mobile app for seamless access to data on the go.

Pros

  • Advanced security features
  • Granular user permissions
  • Audit trail reports
  • Document version control
  • Simple user interface

Cons

  • No custom branding options
  • Limited integration options
  • Not suitable for large-scale deals
  • Limited options on user controls
  • Not a very appealing UI

What is a Virtual Data Room and How Does it Work?

A virtual data room is a secure, online, cloud-based storage center that acts as a repository for sensitive documentation. The use of data rooms allows users to share business information with internal and external teams in a controlled environment.

How Does it Work?

Virtual data rooms provide teams with a way to share data and information, without the need for physical data rooms, and ensure that files are only shared with those who should have access.

Virtual data rooms improve collaboration, and enable different parties to contribute to projects securely with real-time, remote access to data.

What is a Virtual Data Room and How Does it Work?

FirmRoom is a intuitive, user-friendly virtual data room that helps teams close deals faster. Try 14 Days Free.

Best data room providers

  1. FirmRoom
  2. DealRoom
  3. Intralinks
  4. Datasite
  5. Firmex
  6. Ansarada
  7. iDeals
  8. Digify
  9. Docsend
  10. CapLinked
  11. Citrix Sharefile
  12. SecureDocs

Necessary Virtual Data Room Features

Document Control

Virtual data rooms allow for the ability to organize, secure, and share sensitive document/files with internal teams, external teams, and third parties.

Content Organization and Presentation

Virtual data rooms enable enhanced document organization in the form of folder structures or tags. Organized folder structures help teams efficiently locate and access documents as well as control who has access to what.

User Activity Monitoring

Virtual data rooms provide real-time updates and detailed analytics about who made what changes. They can also be used to provide insight into the document review process.

Accelerated Document Preparation and Review

When dealing with compressed timelines, room admins can easily set up and maintain file permissions, administrative setups, and diligence tasks. Admins can also make bulk changes to permissions, policies, and room structures.

What to Consider When Choosing a Virtual Data Room

Define your VDR needs by considering the following questions:

  • How much storage do you need?
  • What kind of files and documents will you be storing?
  • What is your budget?
  • Which team members will be using the data room?
  • Will the entire company be using the data room?
  • Will the VDR simply be used to store documents or will it serve other purposes?
  • Will the use of the data room affect work streams?

Identify desired features

1. Security

Security is of the utmost importance when selecting a VDR.

When considering avirtual data room provider, look for options that are ISO 27081 compliant. Similarly, eliminate options that do not have two-factor authentication (to reduce password theft), strong encryption methods (to keep documents safe), and digital watermarking abilities (to prevent illegal copying).

2. Document management features

Some virtual data rooms, such as FirmRoom,  allow teams to not only store documents and files, but also include in-text search, built-in document and excel viewers, and various document filters.

3. Permission settings

Permission settings are critical to explore when shopping for a VDR. Important settings to look for are view-only, view with a watermark, download with a watermark, and download original. The specificity of permission settings varies, and can have an impact on your collaboration and document safety.

4. Analytics

A data room should provide data on all users, activity, files, and documents within the room. This is not only useful from a security point of view, but also from a project management perspective as it allows admins to identify potential roadblocks, measure users’ levels of interaction, and avoid redundant work.

5. Customer support

The best virtual data room providers offer 24/7 live customer support. Chat online with customer service or call the customer service line to gauge the provider's responsiveness.

6. Consider your budget

Pricing will be discussed further along in this guide; however, this is an important factor to consider when selecting a VDR. Read reviews (with a grain of salt) and contact providers to ask for a free trial so you can check out if the platform meets your needs. Pay attention to the interface, ease of use, and efficiency.

Virtual Data Rooms by Use Cases

Virtual Data Rooms by Use Cases

Below are some typical examples of virtual data rooms cases besides the most obvious, data storage. If you find yourself in one of these positions, a virtual data room may be worth considering

M&A

Virtual deal rooms are often used during the due diligence stage of M&A, as a place to house and share thousands of documents with different teams, such as potential buyers and sellers.

Pipeline document management

A deal pipeline is the visual illustration or representation of all current deals, arranged by stages and potential that exists with each stage. Virtual data rooms can be used to organize the files needed for each stage of the deal pipeline to provide fast and effective access to the most up-to-date data available.

VDRs help ensure uninterrupted distribution of information and eliminating any potential loss of information. Data rooms can be used to assist in folder preparation, managing user access, uploading updated documents, exchanging information, sharing notes from prospects, compiling sources of information, and controlling data distribution.

Due diligence

Due diligence virtual data room

With the use of a data room with Q&A functionality, it is possible to synchronize all processes involved with due diligence, including diligence requests, communication, and document management, in one place - tailored for both buyers and sellers.

Many data rooms, like FirmRoom, have pre-made diligence folder structure templates that outline all of the information required. Teams can upload the template and the room will be structured accordingly.

IPO

Companies preparing for an initial public offering, or IPO, find data rooms extremely useful. Virtual data rooms allow for management of the whole documentation process while sharing company information securely with shareholders, underwriters, and all third parties involved.

Partnerships

Similar to M&A, partnerships entail forming an agreement with another business to start a venture together while not entirely merging.These are mutually beneficial agreements and, as in M&A, require a great deal of data sharing. This data can be shared in a virtual data room, so both companies have access to all of the information at the same time in a secure setting.

Conducting Audits

While audits are no one’s favourite thing, they’re a necessary evil. Virtual data rooms can make the process of being audited a bit less painful; all company policies, procedures, accounts, and other documentation can be shared with external auditors on a view-only basis through a data room with specific permissions.

Raising Capital

Increasing funding is an extremely important part of sustaining a new business. To do so, private financial details about your business must be shared with investors as you try to convince them that your product or service is the best. Virtual data rooms are used during fundraising to facilitate this information sharing with stakeholders and prospects.

Consultancy

Confidentiality and privacy are top priorities of consultancy businesses that require a controlled environment, which a VDR provides.

Manufacturing

Manufacturing industries use VDRs to share new designs or project data.

Any type of Document Sharing

If your company finds themselves losing documents or struggling to find files, a virtual data room might be for you.

A global survey of workers and IT professionals in 2012 by IDC revealed that document challenges account for 21.3 percent of productivity loss. To eliminate that, store them all in a virtual data room where everyone in the company will be able to access what they need, when they need it.

Industry Applications

Not only do virtual data rooms have a large amount of uses, but they also apply to a variety of industries.

Technology

Virtual data rooms allow tech firms to share information among teams spread across the globe to facilitate the spread of ideas within the companies.

Investment Banking

Investment banking processes like IPOs, capital raising, and M&A can demand huge amounts of information sharing for which the virtual data room is ideally suited.

Corporate Development

With the use of a virtual data room, companies can identify trends in data that they otherwise may have missed to determine corporate strategy.

Private Equity & Venture Capital

Private Equity and venture capital firms usually analyze several deals at once, and depend on virtual data rooms to securely organize all of this data to ensure that every deal in their pipeline is managed efficiently.

Legal Industry

Virtual data rooms can eliminate the typical mountains of paperwork by introducing electronic document sharing. This streamlines the process for every manner of legal proceedings.

Life Sciences

Life science firms use virtual data rooms for everything from clinical trial results andHIPAA compliance to licensing IP and storages of patient files.

Startups

When startups are talking with prospective investors, data rooms help them analyze interest.Virtual data rooms allow startups to see which investors are spending the most time reviewing specific company documents and how much time they spent in a room to get a better idea of their engagement level.

Business agents

A virtual data room provides an accessible means to share information on deals and closures, no matter what industry or how much paperwork may be involved.

Virtual Data Room Pricing

How much does a virtual data room cost?

Not all data room pricing is made equal.  A per-page structure, as the name states, charges per page. The cost is generally $0.50 - $0.60  per page.

Tip:
You can compare per-page against flat-rate pricing using our VDR cost calculator

A per-user structure covers a set number of user licenses in the monthly cost, typically between $100-$250, and charges extra for each user. Certain providers base their pricing on storage size, and allow a certain number of GBs or a range of GBs.  And still others charge a flat fee, including a specific amount of data, unlimited pages, and unlimited users for a set price per month. This is the option utilized by FirmRoom.  

What makes them different?

VDR pricing is affected by a variety of factors, including the presence of features such as security, data management, project management, functionality, analytics, and software integrations. Find a balance between what you are looking for in terms of features and cost.  

Best Price to Feature Ratios

From our research, these data room providers have the best price to feature ratios.

  1. FirmRoom
  2. Securedocs
  3. Sharefile
  4. Firmex
  5. Ansarada
  6. Intralinks
  7. Merrill Datasite

But, you’ll have to see for yourself - keep our guide in mind when you’re evaluating your options!

What is the best data room for startups?

Fair, Transparent Pricing

The best virtual data rooms for startups are those with flat, rate transparent pricing structures. For start ups, every penny counts. Startups should avoid using expensive, per page data rooms such as Intralinks and Datasite, and chose a flat-rate provider, such as FirmRoom.

Short Adoption Curve

Typically in startups, employees are wearing many different hats, and do not have time to learn complicated platforms or use a clunky interface. Startups need to select a VDR provider that is easy to learn, with a very short adoption curve, and equipped with 24/7 customer service if needed.

Feature FirmRoom DealRoom DocSend SecureDocs
Intuitive interface
Fast and high-quality document viewer
Support for various file types
Granular permissioning
Version control and document management
Activity tracking and reporting
Robust security and compliance
Flat-rate pricing by storage
Per user
Monthly Price Starting at $495/mo Starting at $1,295/mo $$$$ Starting at $400/mo

What is the best data room for M&A?

Reliable Data Storage and In-platform Viewing

Deals are unpredictable, and so is the amount of data storage they require. M&A teams need to choose a virtual data room provider that can store significant amounts of data, support a variety of file types, and comes equipped with in-platform viewings. If teams can confidently storage and access their files in one place, they will not have to juggle multiple platforms and can focus on the deal.

High Security Standards and Customizable Permissions

Feature FirmRoom DealRoom Datasite Intralinks iDeals VDR
Robust Security
Document Management Drag-and-drop, bulk uploads, automatic indexing, version control Drag-and-drop, bulk uploads, automatic indexing, version control Drag-and-drop, bulk uploads, automatic indexing, version control Drag-and-drop, bulk uploads, automatic indexing, version control Drag-and-drop, bulk uploads, automatic indexing, version control
Collaboration Tools
In-app messaging, Task management, due diligence requests Q/A requests Q/A requests Q/A requests
Customizable Permissions
Audit Trails & Reporting
Due Diligence Support
Integration Capabilities
Pricing Flat fee ($495/mo/10GB, $995/mo/50GB) Flat fee ($1,295/mo/5GB, $2,495/mo/20GB Per-document-upload ($0.60/each) ($60,000/10GB) Per-document-upload ($0.60/each) ($60,000/10GB) $$$$

Deal documents need to be securely accessible to multiple parties, but not everyone should have the same access level. M&A teams should select a virtual data room platform that not only meet industry standards, but that goes above and beyond to keep their data safe. They also need to be able to control what type of permissions each user has, down to each individual file.

What to Consider When Choosing a Virtual Data Room

Define needs and abilities

Consider the following questions:

  • How much storage do you need?
  • What kind of files and documents will you be storing?
  • What is your budget?
  • Which team members will be using the data room?
  • Will the entire company be using the data room?
  • Will the VDR simply be used to store documents or will it serve other purposes?
  • Will the use of the data room affect work streams?

Identify desired features

1. Security

Security is of the utmost importance when selecting a VDR.

When considering virtual data rooms, you should be looking for only options that are ISO 27081 compliant. Similarly, eliminate options that do not have two-factor authentication to reduce password theft, strong encryption methods to keep documents safe, and digital watermarking abilities to prevent illegal copying.

2. Document management features

Some virtual data rooms, such as FirmRoom,  allow teams to not only store documents and files, but also include in-text search, built-in document and excel viewer, and various filters. .

3. Permission settings

Permission settings are critical to explore when shopping for a VDR. Important things to look for are “view only” options and specific, or partial,  document sharing and restriction. The specificity of permission settings varies, and can have an impact on your collaboration and document safety.

4. Analytics

Your data room should provide data on all users, activity, files, and documents within the room. This is not only useful from a security point of view, but also from a project management perspective as it allows you to identify potential roadblocks, gauge users’ levels of interaction, and avoid redundant work.

5. Customer support

The best virtual data room providers offer 24/7 live customer support. Chat online with customer service or call the customer service line to gauge the level of responsiveness and your experience, as this will inevitably be useful down the line.  

6. Consider your budget

Pricing will be discussed further along in this guide; however, this is an important factor to consider going into the process of obtaining aVDR. Read reviews (with a grain of salt) and contact the providers to ask for a free trial so you can be sure that it is a good fit. Pay attention to interface, ease of use, and efficiency.

Virtual Data Rooms by Use Cases

Virtual Data Rooms by Use Cases

Below are some typical examples of use cases for virtual data rooms besides the most obvious, data storage. If you find yourself in one of these positions, a virtual data room may be worth considering

M&A

Virtual deal rooms are often used during the due diligence stage of M&A as a place to house and share thousands of documents with different teams, such as potential buyers and sellers.

Pipeline document management

A deal pipeline is the visual illustration or representation of all current deals, arranged by stages and potential that exists with each stage. Virtual data rooms can be used to organize the files needed for each stage of the deal pipeline to provide fast and effective access to the most up-to-date data available.

VDRs help ensure uninterrupted distribution of information and eliminating any potential loss of information. Data rooms can be used to assist in folder preparation, managing user access, uploading updated documents, exchanging information, sharing notes from prospects, compiling sources of information, and controlling data distribution.

Due diligence

Due diligence virtual data room

With the use of a data room with Q&A functionality, it is possible to synchronize all processes involved with due diligence, including diligence requests, communication, and document management, in one place - tailored for both buyers and sellers.

Many data rooms, like FirmRoom, have pre-made diligence folder structure templates that outline all of the information required. Teams can upload the template and the room will be structured accordingly.

IPO

Companies preparing for an initial public offering, or IPO, find data rooms extremely useful. Virtual data rooms allow for management of the whole documentation process while sharing company information securely with shareholders, underwriters, and all third parties involved.

Partnerships

Similar to M&A, partnerships entail forming an agreement with another business to start a venture together while not entirely merging.These are mutually beneficial agreements and, as in M&A, require a great deal of data sharing. This data can be shared in a virtual data room, so both companies have access to all of the information at the same time in a secure setting.

Conducting Audits

While audits are no one’s favourite thing, they’re a necessary evil. Virtual data rooms can make the process of being audited a bit less painful; all company policies, procedures, accounts, and other documentation can be shared with external auditors on a view-only basis through a data room with specific permissions.

Raising Capital

Increasing funding is an extremely important part of sustaining a new business. To do so, private financial details about your business must be shared with investors as you try to convince them that your product or service is the best. Virtual data rooms are used during fundraising to facilitate this information sharing with stakeholders and prospects.

Consultancy

Confidentiality and privacy are top priorities of consultancy businesses that require a controlled environment, which a VDR provides.

Manufacturing

Manufacturing industries use VDRs to share new designs or project data.

Any type of Document Sharing

If your company finds themselves losing documents or struggling to find files, a virtual data room might be for you.

A global survey of workers and IT professionals in 2012 by IDC revealed that document challenges account for 21.3 percent of productivity loss. To eliminate that, store them all in a virtual data room where everyone in the company will be able to access what they need, when they need it.

Industry Applications

Not only do virtual data rooms have a large amount of uses, but they also apply to a variety of industries.

Technology

Virtual data rooms allow tech firms to share information among teams spread across the globe to facilitate the spread of ideas within the companies.

Investment Banking

Investment banking processes like IPOs, capital raising, and M&A can demand huge amounts of information sharing for which the virtual data room is ideally suited.

Corporate Development

With the use of a virtual data room, companies can identify trends in data that they otherwise may have missed to determine corporate strategy.

Private Equity & Venture Capital

Private Equity and venture capital firms usually analyze several deals at once, and depend on virtual data rooms to securely organize all of this data to ensure that every deal in their pipeline is managed efficiently.

Legal Industry

Virtual data rooms can eliminate the typical mountains of paperwork by introducing electronic document sharing. This streamlines the process for every manner of legal proceedings.

Life Sciences

Life science firms use virtual data rooms for everything from clinical trial results andHIPAA compliance to licensing IP and storages of patient files.

Startups

When startups are talking with prospective investors, data rooms help them analyze interest.Virtual data rooms allow startups to see which investors are spending the most time reviewing specific company documents and how much time they spent in a room to get a better idea of their engagement level.

Business agents

A virtual data room provides an accessible means to share information on deals and closures, no matter what industry or how much paperwork may be involved.

Virtual Data Room Pricing

How much does a virtual data room cost?

Not all data room pricing is made equal.  A per-page structure, as the name states, charges per page. The cost is generally $0.50 - $0.60  per page.

Tip:
You can compare per-page against flat-rate pricing using our VDR cost calculator

A per-user structure covers a set number of user licenses in the monthly cost, typically between $100-$250, and charges extra for each user. Certain providers base their pricing on storage size, and allow a certain number of GBs or a range of GBs.  And still others charge a flat fee, including a specific amount of data, unlimited pages, and unlimited users for a set price per month. This is the option utilized by FirmRoom.  

What makes them different?

VDR pricing is affected by a variety of factors, including the presence of features such as security, data management, project management, functionality, analytics, and software integrations. It is important to find a balance between what you are looking for in terms of features and cost.  

Best Price to Feature Ratios

From our research, these data room providers have the best price to feature ratios.

  1. FirmRoom
  2. Securedocs
  3. Sharefile
  4. Firmex
  5. Ansarada
  6. Intralinks
  7. Merrill Datasite

But, you’ll have to see for yourself - keep our guide in mind when you’re evaluating your options!

Ready to get started?

Try us free for 30 days - no salesperson required! Your virtual data room will be available immediately.