Top-10 the Best Virtual Data Rooms for Your Business

Choose the right virtual data room for your projects, by the provider's reliability, security, and price.

1
iDeals
4.9
Capterra G2
4.7
iDeals is one of the leaders among data room providers for a good reason. This vendor offers high-quality software with numerous useful advanced features for affordable prices.
Ease of Use 9.4
Support Quality of Support 9.4
Ease of Setup 9.5
Ease of Admin 9.2
2
Intralinks
4.3
Capterra G2
3.6
The provider offers smart solutions for all industries. Reliable data security does not complicate logging in. Authorized users are under the control of VDR admins. Due diligence and other operations are simplified.
3
Datasite
0.0
Capterra G2
5.0
Datasite is suitable for concluding financial transactions of any complexity. The exchange of confidential data in a secure environment eliminates the possibility of leakage. Users can get technical support 24/7.
4
Workspaces
4.0
Capterra G2
3.7
Workspaces is a tool to empower teams and protect data. The mobile app makes working and communicating with colleagues possible anywhere. Two-Step Verification keeps third parties aside.
5
Brainloop
0.0
Capterra G2
4.0
The features of this virtual data room have made the provider the most advanced in the market. Easy and secure communication, encryption, access control, and many other business benefits.
6
OneHub
0.0
Capterra G2
3.8
OneHub serves more than 150 countries. Client companies can focus on more important things than data security. Installing the software takes a few minutes. Branding feature makes the platform more recognizable.
7
CapLinked
0.0
Capterra G2
3.9
The provider complies with international data protection standards. The use of workspaces is available only to the authorized. Technical support is 24/7. Activity tracking is a monitoring and analytics tool.
8
ForData
0.0
Capterra G2
0.0
This platform protects data with editing and printing features. Administrators control access and monitor user activity. 256-bit encryption for data. Two-Step Verification ensures only the authorized are logged in.
9
Ansarada
0.0
Capterra G2
4.4
Artificial intelligence tools automate actions on the platform. Virtual data rooms are protected from third parties. Dozens of features simplify paperwork. Virtual spaces are customized.
10
ShareVault
0.0
Capterra G2
4.7
ShareVault differs from other providers in that it also protects data from everyone who has access to the platform. Despite this, data exchange is not difficult. Clients get a reliable partner for their due diligence.

What is a Virtual Data Room?

Regardless of the industry, organizations lack a technology tool for some operations, including day-to-day office work. There are lots of them on the market, which complicates the decision-making process to buy a particular product. First and foremost, a customer is looking for stable storage so as not to be at risk. However, not all offerings of service providers can meet this urgent need. The relatively new electronic tool described below is distinguished by its power to satisfy the modern corporate world.

A virtual data room (VDR) is a private online platform for storing data and sharing files. Companies apply it to maintain security, close deals and keep in touch with third parties. The difference from other programs lies in providing a high level of protection and ease of use.

Workspace management does not take much effort and time. A VDR administrator is responsible for data access permissions. This person empowers each group of users, depending on their job descriptions and objectives. The software records all actions on the platform, including the duration of document viewing. Directors consider this feature to be especially essential when working with potential investors, buyers, etc.

The online tool availability is also an advantage over others. A simple interface is within the power of all those who have ever dealt with any file hosting service. If a client has any questions about the operation, technical support is on the line, during business hours, or around the clock. Installing software on corporate devices usually takes a few minutes.

Virtual data room developers comply with international information security standards. Therefore, financial, government and other institutions that own valuable data are confident in the reliability of services. A complex encryption mechanism, watermarks, authorization in two stages are some of the platform protection methods used by providers. It is worth mentioning that confidential information is heavily guarded not only from intruders or hackers. Access levels are an option to ensure that the authorized and platform visitors use the data as intended. It is vital when entering into transactions such as mergers and acquisitions and in any other type of cooperation.

Find out the best virtual data room

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Your TOP Choice is

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iDeals Virtual Data Rooms

10 best Virtual Data Room Vendors for 2021

iDeals

iDeals
Business size: small, large, and medium business
Price: customers have three service packages to choose from, differing in functions, number of users, and storage size. To clarify the price, contact the provider.
Free trial period: 1 month
Support language: English, German, Spanish, Portuguese, French, Dutch, Chinese, Turkish, Japanese, Polish, Italian
Compatible with: Windows, Android, Mac, Linux, iPhone
Mobile app: available
The maximum data size for upload: without limits
Platform description: It is a virtual data room that has earned the trust of companies across industries globally. Clients appreciate the provider's flexibility and continuous support throughout the collaboration. Ease of use, secure environment, user management tools is the hallmarks of the product. Many data centers provide high-speed data transfer, which means that the program can never cause any delays. Client organizations can change the look of the platform by choosing their logo or colors.
Advantages and disadvantages:
  • a set of functions that ensure a smooth flow of transactions
  • perfect applications that make work and communication with colleagues possible anywhere
  • certified high level of data and user security
  • quick software installation without effort
  • advanced access control
  • document search
  • reporting features are not as intuitive as the rest of the platform

Intralinks

Intralinks
Business size: medium and large
Price: to find out the price, contact the provider
Free trial period: not available
Support language: English, German
Compatible with: Windows, Android, Mac, iPhone
Mobile app: available
The maximum data size for upload: unknown
Platform description: Intralinks is a team with 25 years of experience, the USA. This tool is good to deal with paperwork, transactions, and collaboration. Ease of access (not possible for unauthorized ones) and data defense facilitate deal-making. Clients turn to a provider for due diligence, M&A, etc. For managers, it is a tool for monitoring personnel and execution of tasks using activity reports.
Advantages and disadvantages:
  • drag and drop function to speed up working with files
  • bulk upload
  • full reports on user activity on the platform
  • program management with artificial intelligence
  • solutions for mergers and acquisitions
  • graphical reports are not available
  • complicated document search because there is no indexing
  • customers cannot try the product using the demo version

Datasite

Datasite
Business size: medium and large companies
Price: information on tariffs is not open on the official website. As you know, the provider's services are expensive. To find out the price, contact the Datasite manager
Free trial period: upon customer request
Support language: English, French
Compatible with: Mac, Windows
Mobile app: available
The maximum data size for upload: 50 GB
Platform description: The vendor entered the VDR software market in 1967. Datasite mission is to meet rapidly changing needs of business. A few hours after a customer's request, the platform is ready for operation on their devices. Access to data and features is open around the clock. The security assurance allows directors and managers to make big deals with less effort than ever before. The vendor's primary audience is large corporations and institutions. Accordingly, not everyone can afford this product.
Advantages and disadvantages:
  • indexing files and folders
  • drag and drop tool
  • access control
  • suitable for mergers and acquisitions
  • the program lags if there is a large amount of data
  • not suitable for all industries (for some, half of the proposed functions may not be useful)
  • not the best choice for those looking for a budget option

Workspaces

Workspaces Blackberry
Business size: small, medium, larg
Price: The provider offers solutions to the problems for the resources that the customer company can allocate. Three service packages are offered.
Free trial period: available
Support language: English, Japanese, French
Compatible with: Windows, Android, Mac, IOS, Blackberry
Mobile app: available
The maximum data size for upload: without limits
Platform description: The platform provides users with access to data around the clock. Data exchange is protected even outside the program. Modern mechanisms exclude infringement of the client's copyright. Users can master the functions in a short time, having no difficulty in switching from one to another. The peculiarity of this technology is that any device is suitable for full-fledged work. Some other vendors cannot provide this feature. Various enterprises find solutions for themselves in Blackberry Workspaces.
Advantages and disadvantages:
  • data synchronization on all devices
  • protecting and managing content even if the file was sent to the recipient
  • built-in protection mechanisms against viruses/malware
  • activity report for managers to monitor workflows
  • sometimes synchronization is slow
  • the program lags if many users are on the platform at the same time
  • compared to other tools, ease of use could be better

Brainloop

Brainloop
Business size: small, medium, large
Price: information is available upon request
Free trial period: available
Support language: English, German
Compatible with: iPhone, iPad, Android
Mobile app: available
The maximum data size for upload: unknown
Platform description: Brainloop has been on the market since 2020 and has won the trust of client companies worldwide. It is purchased to facilitate a transaction course, having tools for paperwork, administration, and maximum security storage at hand. The bulk of users are IT administrators, management teams, secretaries. Calendars, templates for creating minutes of meetings, the voting feature make the processes smoother.
Advantages and disadvantages:
  • the ability to work offline with automatic saving of the changes made
  • Microsoft office package integration
  • reliable environment for storing data
  • data upload is not fast enough
  • sometimes there are difficulties in mastering the platform
  • synchronization takes a long time

OneHub

Onehub
Business size: small, medium, large
Price: 4 tariff plans with a trial period, differing in the set of functions, the maximum number of users and virtual spaces for work. The minimum price is $ 12.5 per month
Free trial period: 2 weeks
Support language: English
Compatible with: Windows, Android, Mac, Linux, iPhone
Mobile app: available
The maximum data size for upload: unlimited
Platform description: The provider of these data rooms has been serving the company since 2007, headquartered in the United States. At the moment, the number of clients is more than a million. Among them are both newcomers to business and world-renowned corporations. Access is controlled by administrators. There is automatic syncing here, so the latest version of the document is always available. Anyone can leave a comment or remark on the file. The involved persons immediately receive notifications. These and many other functions are available on any gadget.
Advantages and disadvantages:
  • no additional software is required to view files, all formats are available
  • technical support working around the clock
  • the provider’s assistance to users in mastering the tool
  • simplicity of use is lower compared to others
  • administrators cannot delete workspaces on their own (only by contacting technical support)
  • underdeveloped Q&A module

CapLinked

CapLinked
Business size: small, medium, large
Price: 2 tariff plans with a trial period. The minimum price is $ 99 per month. One of them fits for storing and exchanging data, the other for concluding transactions.
Free trial period: 2 weeks
Support language: English
Compatible with: Windows
Mobile app: available
The maximum data size for upload: flexible without limits
Platform description: These VDRs are considered one of the highest quality on the market. Sophisticated mechanisms for protecting confidential information prevent leakage or hacking. Companies often use CapLinked for M&A deals and due diligence. Clients can use the help of the technical support team in case of problems or master the program. The provider serves a large number of industries, meeting the needs of each. Among them are marketing, banking, legal organizations, and others.
Advantages and disadvantages:
  • no additional software is required to view files, all formats are available
  • technical support working around the clock
  • the provider’s assistance to users in mastering the tool
  • simplicity of use is lower compared to others
  • administrators cannot delete workspaces on their own (only by contacting technical support)
  • underdeveloped Q&A module

ForData

fordata
Business size: small, medium
Price: 3 tariff plans with trial period. The minimum price is 165 euros.
Free trial period: 2 weeks
Support language: English
Compatible with: web-based, Android, software as a service
Mobile app: available
The maximum data size for upload: flexible
Platform description: It is a leading European provider of services in over 90 countries. Users get a platform for data storage, transactions, and communication. They share super-sensitive data with third parties without fear. It is compliant with international information security standards. The program blocks files from the outside that can damage the platform.
Advantages and disadvantages:
  • intuitive interface
  • technical support processes requests immediately
  • a good way for managers to monitor processes and personnel
  • good value for money
  • the right tool for due diligence
  • outdated design interface
  • slow deletion of bulk files
  • sometimes it is difficult to invite new users

Ansarada

Ansarada
Business size: small, medium, large
Price: 3 tariff plans. Contact the provider for pricing.
Free trial period: 2 weeks
Support language: English
Compatible with: Mac, Windows
Mobile app: no
The maximum data size for upload: unlimited
Platform description: Ansarada has been on the market since 2005. Clients are offered tools for data management and safe exchange in their daily work and during transactions. The provider guarantees that there are no risks of leakage or penetration into the system of third parties. Initially, the product was created for mergers and acquisitions, but later companies began to choose it for other purposes. Virtual data room administrators receive activity reports, and as a result, they have control over processes.
Advantages and disadvantages:
  • good environment for exploring data during transactions
  • no additional plugins needed
  • automatic indexing, which makes it easier to work with documents
  • the provider offers a standard set of functions
  • no IOS or Android
  • user cannot manage encryption keys

ShareVault

ShareVault
Business size: small, medium, large
Price: 3 tariff plans. The provider does not indicate the cost on the official website.
Free trial period: up to days
Support language: English, German, Spanish, French
Compatible with: Mac, Windows, Android, IOS
Mobile app: yes
The maximum data size for upload: contact the provider for clarification
Platform description: This platform simplifies data exchange and minimizes the risk of leakage during transactions. The provider serves a large number of industries with a focus on the financial sector. Customers do not worry about potential threats applying watermarks, encryption, IP tracking, and more. Microsoft Office integration, Dropbox empowers the user even more. Technical support accompanies the client during transactions and helps to find solutions at any time.
Advantages and disadvantages:
  • high-quality customer support at any time
  • customers are confident in the protection of confidential data
  • if necessary, it is possible to delete data remotely
  • difficult file tagging
  • it may take some time to get used to the instrument
  • outdated interface

Five Key Advantages of Virtual Data Rooms

A VDR has become a tool of choice for confidential communication in the new digital business environment. Its functional analysis allows highlighting five key advantages.

1. Security

Many, if not all, VDR providers track and follow all the updates regarding protocols, laws, regulations of information security globally. For example, modern VDRs comply with GDPR, HIPAA, and other personal data security standards. When using a VDR, businesses enjoy a level of data protection similar to that of established banks or even governmental institutions. From a technical standpoint, deal room providers use key card access, AES document and transfer encryption, 256-bit password encryption, multi-factor authentication, dynamic watermarks, expiration intervals, set of firewalls, and more. Such a vast range of precautions ensures the highest level of security.

2. Availability

In short, anyone with an experience in utilizing any popular document sharing service will have no difficulty in operating any modern VDR. A deal room is easy to use thanks to friendly and intuitive user interfaces. The latter provide all the common and practical features like drag-and-drop of files, advanced search, document versioning, undo options, etc. Moreover, no specific technical equipment or an expert are required to install and run the solution. The rooms are available and easily accessible to all the participants who need to be involved in the process or transaction.

3. Management 

When operating VDRs, users get full control of documents, as well as of the roles and degrees of access of everyone involved in the interaction. A VDR is a tool managed by a person commonly known as an administrator. They are responsible for labeling documents and giving permission to other users or third parties. 

Usually, modern VDRs can be easily managed and are rather flexible when it comes to tailoring to the user’s needs. For example, an administrator can set roles for individual participants or create a group with the same regulations for each member. Regarding documents, users have the discretion to add watermarks or set a file expiration time. Each document can be labelled with attributes of editing, printing, copying, or viewing.

Five Key Advantages of Virtual Data Rooms

Active monitoring and tracking are an extremely valuable control characteristic of many deal rooms. A VDR can allow administrators to track what each user is doing with a particular document at a specific point of time. It can be detected whether a file has been printed or copied. Additionally, an administrator has options to monitor users’ activities in real-time: what document they are viewing right now or how long they have been doing that. This feature is paramount for interactions with third sides.

Skeptics may say that VDRs emphasizing human-driven management have the risk of a human error. Without a doubt, human errors are among the worst enemies of any information technology. Luckily, many modern VDRs are equipped with built-in mechanisms minimizing such errors or even eliminating them completely: from API solutions to simple double-check alerts or ‘view as’ options (when the creator of the data or the room can track what any user sees and can do with the data).

4. Effectiveness 

By employing VDRs, businesses increase their efficiency and streamline their processes significantly. Companies obtain a safe option of dealing with all copyright information and sharing it securely as well. Besides, the implementation of VDRs is straightforward, and their management will not be a challenge. Except for these boosting factors of efficiency, VDRs are time- and cost-saving solutions.

Let us give you an example. An old-school approach to due diligence or similar procedures is usually time-consuming. To gather people in a physical location may be complicated. In addition, many specialists should be involved in collecting data (huge volumes of it, usually) that may be stored in different places while other factors can make the use of offline data rooms laborious. What’s more, physical deal rooms are costly. Businesses may need to hold meetings engaging international participants, allocate budget on business trips and collateral expenditure. To overcome these issues, VDRs give companies instant access to huge amounts of gathered and categorized materials in one catalog, which parties can evaluate beforehand — it helps to hold more organized Q&A sessions. VDRs can be a great option as, usually, people are more flexible in scheduling e-meetings, which accelerates any procedure. 

5. Relevance

We live in the digital era, with technology becoming critical to almost any process and is likely to cover even more areas in the nearest future. Denying technological progress is extremely detrimental to companies as it slows them down while everyone else is speeding up. It seems even more bizarre today as the COVID-19 pandemic that constrained a third of humanity to stay and work from homes making companies need any kind of tool which facilitates remote team and operations management. Thus, a VDR is just the right solution for today’s business environment.

Historically, the use of VDRs has had dozens of purposes. Below are use cases demonstrating the outstanding applicability of VDRs.

1. M&A due diligence 

Online data rooms are a handy tool to use in these processes. In essence, due diligence in merging and acquisition is a complex process requiring data collection, thorough research, and review of materials. All these manipulations entail the assessment of sensitive records by all the involved parties, which slows down the procedure and makes it slow. Participants actively use VDRs to avoid turning the final phase of M&A transactions into an exhaustively protracted routine as well as to ensure security. Even if a deal is not closed, it is possible to terminate the data room access.

2. Audit

No matter what industry companies operate in, an audit is a standard practice of business assessment. Frequently, this procedure entails the involvement of third-party professionals, which typically means that outsiders are going to have access to financial documentation, corporate records, and other confidential information. By using a virtual data room, users can prepare and share all the needed folders, while knowing that every bit of information is secured and cannot be corrupted or stolen. What’s more, the whole workflow becomes more smooth and quick as auditors receive notifications about uploads and updates instantly; they can request, comment, and clarify everything needed. 

3. Fundraising

Attracting and convincing investors is often a challenge. This process usually entails getting ready for many rounds of negotiations which need to be back-upped with different kinds of reports, financial statements and customer references, among hundreds of other documents. In other words, fundraisers will need to collect and streamline all the valuable and classified records that may positively affect the outcome of negotiations. Further, they may need to find and share new files during the session. Thanks to the existence of virtual data rooms, the whole process becomes less stressful and more productive. Besides, both sides of talks enjoy a required level of process control.

Popular Use Cases Of Virtual Data Rooms

4. Regulatory compliance

Businesses must comply with various sets of industrial laws and policies, as well as meet international regulatory compliances. This helps governmental organizations, external firms and potential or current business partners understand how a company follows the rules. Usually, such documents as regulatory reports and checklists are used to check if the company is compliant with necessary standards and rules. VDRs help swimmingly import all critical information into checklists and fill regulatory reporting forms.

5. Litigation

Legal firms are regularly involved in processing and sharing large amounts of confidential records. Data rooms add convenience to that process. Litigation teams and clients can establish an applicable channel of communication there. Optionally, this channel can be expanded, and external experts or other third parties can enter the litigation process. The ability to process large amounts of documents and categorize them makes a VDR a beneficial tool for law firms.

6. Initial Public Offering (IPO)

When an enterprise decides to go public, it means exposing itself to new regulations. It also entails sharing a lot of specific information with shareholders and institutions. This translates into many steps and rounds of discussion in which many sensitive files may be used. To facilitate this process, businesses can employ virtual data rooms.

7. Procurement projects

Both public and private agencies may participate in procurement projects. Procurement managers often use request for proposal (RPF) templates as well as can request specific information (RFI). In this scenario, VDRs help to keep all the project materials such as bidding instructions and procurement protocols in one place and initiate a Q&A session for managers and bidders. 

Best virtual data room for M&A

1. iDeals Virtual Data Room
2. Brainloop Secure Dataroom
3. Ansarada
4. Datasite
5. Donnelley Financial Solutions
6. Intralinks
7. BOX Virtual Data Room
8. ForData VDR
9. Drooms
10. SmartRoom VDR
Full list of virtual data room providers


8. Strategic partnership

Today, such type of commercial relationships is a common phenomenon. Strategic partnerships are formalized, which implies the use of contracts and legal agreements. Before signing up documents, both sides need to be transparent regarding their corporate records by sharing all the needed data to ensure mutual trust and facilitate negotiations. In case a partnership falls short, access to the data room can be restricted immediately.

9. Reporting 

Reporting is a widespread and varied corporate activity. It naturally deals with statistics and other valuable increments. Among others, firms provide reports for limited partners and investors or share periodical company’s portfolios. Each of these cases requires a tailored level of transparency of confidential data. Users can gather necessary statistics for a report and set group or individual access for other VDR users without risking the exposure of confidential data. It’s possible to create a template as reports are required regularly. 

10. Board meetings

As remote work is gaining momentum, board meetings involving members living in different cities, states or even countries have become a common phenomenon. This calls for a safe and modern solution like VDRs that can ensure secure and fast communication through classified meetings, as well as the regular receipt of updates of corporate records.  

11. Intellectual property management

Intellectual property (IP) is essential for various organizations. For example, startups, research groups, and tech-offering firms, among dozens of other types of businesses, depend on their proprietary information entirely. Sadly, this information can be stolen in the process of negotiations. Hence, managing and keeping IP secured while licensing or presenting it to other parties is an indisputable must. This is a task that any modern VDR can handle. 

Who Uses Virtual Data Rooms?

Virtual data rooms are helpful for any technology-based industry or company role. But there are six fields of activity in which deal rooms are already essential.

1. Corporate

Corporations are common users of VDRs. Commercial players obtain a large number of financial records, departmental files, employee information, in other words, the intellectual property that must be protected. Enterprise representatives (from CEO to HR specialists) are often involved in various activities related to sharing classified information with others. 

Thanks to VDRs, corporations can:

  • accelerate fundraising or IPO
  • establish Q&A sessions during financial audits 
  • protect information in M&A due diligence
  • streamline various procurement stages

Besides, the data room may be a tool of choice to keep all the confidential data for inner-company use.

2. Investment Banking 

Investment bankers usually utilize online deal rooms for M&A activities, IPOs, strategic partnerships as these rooms ensure stable and safe transactions and are easy to use. 

3. Private Equity

Online deal rooms have become a useful solution for private equity and venture capital firms. This has happened thanks to the fact that VDRs ensure most of numerous transactions, meetings, and negotiations that occur in the routine of PE firms. With the help of deal rooms, PE associates and principals participate in:

  • buyout or exit negotiations 
  • sell-side due diligence 
  • investor communication and reporting 
  • partners arrangement 
  • limited partnership reporting 
  • fundraising activities

4. Legal Segment

To satisfy clients’ needs, law firms should meet their responsiveness and accessibility requirements. Virtual deal rooms can help lawyers meet both of these requirements. Modern VDRs allow for the constant review and exchange of data with immediate upload notifications. Besides, they provide 24/7 support. VDRs have a client’s portal in which all versions of materials with commentaries are available for reviewing by experts. In the legal field, the data rooms are used for M&A, IPO, RPFs, RPIs, and bankruptcy. 

5. Life Sciences

The life science industry is rapidly developing and becoming more innovative, which means that firms obtain a lot of proprietary information. Besides, biotech companies, medical device producers, and pharmaceutical firms often collaborate with enterprises. That is why researchers, engineers, and executives use deal rooms to protect shared intellectual property during fundraising, licensing, or discussing clinical trials with contract research organizations. 

6. Energy Industry

The industry faces communication challenges since many remote parties need to be connected. The set of typical implementation includes:

  • fundraising and financing negotiations
  • joint ventures and other strategic partnerships
  • RFPs and bidding
  • tax equity investing
  • environmental audits
  • company’s portfolio reporting 
  • monitoring activities

Therefore, anyone from senior engineers to founders may be involved in safe communication. For sensitive data transactions and discussions, representatives of energy segments utilize online data rooms.

Successful Launching of Virtual Data Rooms

Before the implementation and exploitation of VDRs, every new user must follow two fundamental rules:

1. Choose a trusted VDR provider 

Among many providers, those who stay transparent in terms of offers and pricing are preferable. Before partnering with a provider, it’s essential to evaluate all its offerings. For example, many companies have annual subscriptions, free trials, fees for the number of files uploaded, or other options. Another crucial point is the presence of a 24/7 responsive customer support or customer care team. 

A credible VDR provider has a website with contacts, ‘About us’ page, partners’ feedback, and all the software features explained. It’s better to check independent reviews and comments about the product available on peer-to-peer review websites. 

2. Plan and prepare 

The plain fact of purchasing an online room does not mean it’s entirely ready to be used. Users will need to set up all the features they need on their own. The good news is that doing it is a piece of cake. 

Bearing in mind the risk of human errors is a necessary aspect of launching a VDR. To get the best possible experience, an administrator must always plan a meeting and prepare the room. It’s essential  to start with the categorization of files and customization of permission to folders. The next step would be to determine who will get access to the deal room and to what files particularly. Setting roles and responsibilities clearly is a must, too: each member of the process must know what they can and cannot do. 

When everything is completed, an administrator should double-check everything. One of the ways to do it would be using the ‘view as’ function to see what every user can do. To maximize the security of VDRs, it is normal to ask for signed agreements like NDAs before entering the room. 

Final Highlights

Visual data rooms have become a valuable tool for confidential business communication. Over the past fifteen years, the concept of an online deal room has evolved substantially making it a must-have tool for multinational or global companies.

VDRs are convenient, time- and cost-saving alternatives to physical data rooms. While modern deal rooms may have various sets of options and structures, their biggest advantages still lie in their security and availability. Experts of different levels and from different industries choose VDRs to manage and share copyright data, intellectual property, and other types of secure files with trusted partners. 

When choosing a VDR provider, it’s crucial to be very careful. Checking the provider’s offerings and pricing, as well as third-party reviews may be a good step towards making the right choice. Also, VDR users should focus on the minimization of human errors — they should be a responsible gatekeeper at the entrance to a data room. Once everything is set up, VDRs become an indispensable tool for secure and fast communication.