DealRoom virtual deal room equips users with features from simple file management to integrated AI and in-depth analytics. DealRoom eliminates complexities so users can learn the system within minutes.
Awarded as a “Rising Star” by FinancesOnline, FirmRoom is taking the industry by storm. Although they are most acclaimed for their M&A solutions, FirmRoom is suited to fit a wide variety of industries. Renowned users include Pfizer, Baird, and J.P.Morgan.
Datasite has been used by over a quarter million companies worldwide. Similar to other VDR providers, they offer simplicity, cost-savings, and resourceful support for a variety of industries. Users have reported limitations with Excel files with macros and un-advanced search and reporting functions.
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 clients, investors, and company leadership in a controlled environment.
How Does it Work?
Virtual data rooms allow for data sharing without the need for physical data rooms, and ensures that it is only shared with those who should have access.
This improves collaboration, and allows all those involved to contribute to the process securely with easy remote access to data and data sharing on a real time basis.
FirmRoom is the fastest, user-friendly virtual data room to get your deals done. Try 30 Days Free.
Virtual data rooms allow for the ability to secure and control sensitive documents while sharing them with internal teams, external teams, and third parties.
Virtual data rooms enable enhanced organization of documents in the form of folder structures or tags. This helps team efficiently locate and access documents as well as have specific access to some folders but not all.
Virtual data rooms can show real-time updates and who made what changes to track progress. They can also be used to provide business intelligence into the document review process.
When dealing with compressed timelines, users can easily set up and maintain documentation, administrative setup, and maintenance tasks while allowing for bulk changes to permissions ,policies, and organization.
Consider the following questions:
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.
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. .
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
Not only do virtual data rooms have a large amount of uses, but they also apply to a variety of industries.
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 processes like IPOs, capital raising, and M&A can demand huge amounts of information sharing for which the virtual data room is ideally suited.
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 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.
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 science firms use virtual data rooms for everything from clinical trial results andHIPAA compliance to licensing IP and storages of patient files.
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.
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.
Not all data room pricing is made equal. A per-page structure, as the name states, charges per page. The cost is generally $0.10 $0.25 per page.
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.
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.
From our research, these data room providers have the best price to feature ratios.
But, you’ll have to see for yourself - keep our guide in mind when you’re evaluating your options!
We offer volume discounts on a case-by-case basis. Please contact one of our sales reps to learn more: sales@fimroom.com
Yes. We offer the service free of charge for 14 days. No credit card required.
You can pay by credit card or bank transfer. We offer both monthly and discounted annual plans. This provides greater flexibility and savings compared to traditional 6 month contracts.
Flat-rate plans include data storage according to a chosen plan with no hidden fees or additional costs. Learn more
Yes. If requested, we can integrate with other software such as Slack, Salesforce, Marketo, etc. Please contact a sales rep to learn more: sales@firmroom.com
Yes. This also would include data, users, and support according to the plan with no additional fees.