Virtual data rooms offer a safe space to protect business documents with confidential or sensitive content from third-party access. They are a secure online document storage and distribution repository that features advanced security, customization, permission-based control, and more.
A virtual data room plays an important role in merger and acquisition transactions, especially for security or finance organizations, where data confidentiality is crucial. The virtual data room becomes the centralized point of access for stakeholders to store, manage, and exchange data without exposing the digital assets to unauthorized parties.
What are the benefits of using virtual data room software?
Using virtual data room software aids in the smooth cooperation between involved parties, serving as a secure storage location during M&A transactions, corporate audits, legal disputes, and other joint business projects. It consolidates relevant data, making it possible to share information without risking the confidentiality of the documents.
The solution guarantees transparent, fast, and secure information sharing, a suitable alternative to physical data rooms due to its security measures, accessibility, and cost efficiency. Outlined below are the top 5 best virtual data room software in 2023:
1 iDeals
Overview
iDeals simplifies secure document sharing and corporate deal management so organizations can focus on growing the business instead of learning how to navigate its software. Founded in 2008, it has won the trust of over a million users, supporting thousands of customers to run mission-critical projects. The platform currently ranks as the number 1 easiest-to-use virtual data room software on G2 and offers many features for effective user and document management, activity tracking, and team collaboration.
Features
iDeals features an easy-to-use interface. Users can deploy a virtual data room in 15 minutes, requiring no plug-ins to set up the platform. It supports 25+ file formats for viewing, printing, and downloading. All documents and folders are numbered automatically for effective document management. Users can also apply multiple search filters to locate information or merge the content of several files into a single PDF file.
It can also help maintain the confidentiality of critical assets. It has built-in redaction that allows users to quickly redact any area of the document inside the virtual data room, ensuring all information is protected. It also features a restricted viewing mode, covering the document except for its central part. Users can also specify access policies for each file with eight levels of document permission for varying levels of document security.
iDeals also has a dedicated mobile app on iOS and Android, making virtual rooms accessible to users through their phones. Rest assured, the security features and accessibility of documents extend to mobile devices, such as granular user permissions, access control and expiration, and even user security impersonation. Admins can also set various user access levels to maintain data integrity and monitor user activity.
Overall, customers can leverage this virtual data room for its comprehensive set of features and user-friendly functions. iDeals can centralize operations for many use cases, making it the top choice for customers worldwide, given its ease of use, accessibility, and security compliance.
2 Ansarada
Overview
Ansarada brings order into the complexity and whirlwind of daily operations experienced by businesses. For 17 years, it has been helping customers increase business value by implementing a proper structure so they can gain the insights and confidence to achieve better outcomes for the business to thrive.
Features
The virtual data room of Ansarada features a simple design, making it easy to use even for first-timers. It offers the highest level of security with restrictions for saving, printing, and access. Admins can track usage and self-destruct files regardless of their saved locations. They can also refine permission controls for every user, increasing safety from potential insider threats.
It features a powerful AI that can effortlessly redact over 500 documents, saving time and effort on manual operations. The advanced technology begins scanning the documents as soon as they are stored inside the virtual data room. Users can elect more than 30 customizable search times to be redacted or reverse the redaction. In addition, it can also help predict outcomes of M&A with 97% accuracy by the seventh day of the deal.
In the unfortunate scenario where an unauthorized user gets access to a file they saved remotely, Ansarada features a file self-destruct that can prevent said user from taking advantage of the sensitive contents of the digital asset. It has a workflow tool that enables greater efficiency by centralizing the project management space from marketing to executing due diligence and running integrations, even reporting. Overall, customers can leverage this virtual data room for its advanced technology, ultimate security, and simplicity in managing critical digital assets.
3 ShareVault
Overview
ShareVault provides enterprise-grade document protection. It contains features that accelerate the collaborative process, making it easy to organize documents, create access permissions, and share confidential files or data with authorized parties. Based on client testimonials, it can help save up to 15 hours per week and reduce administrative redundancies by 30%. It provides every customer with a dedicated project manager and 24/7 support for technical concerns.
Features
ShareVault contains a wide range of features that help users keep control of sensitive content. It offers AES-256-bit encryption for Pro and Enterprise users, which minimizes the risk of data breaches during transfer and storage.
It has granular access controls that admins can utilize to configure file permissions at the user or group level, even at the document or folder level. Admins can also enforce deadlines by setting a date/time when documents can no longer be accessed or revoking user's rights to view a document even if it's been downloaded.
ShareVault also contains features for activity analytics. It can provide a detailed trail audit to maintain and uphold compliance among users and generate interactive reporting, detailing the documents users have viewed, when, and for how long. For easy navigation, it has smart filters that allow users to locate relevant documents stored in the virtual data room.
All documents are automatically presented in a numbered hierarchy for efficient due diligence and organized document management. It contains all essential features to maintain control over sensitive data while streamlining the document review process to drive business operations.
4 SecureDocs
Overview
Secure Docs, an Onit product, provides a simple and secure virtual data room to store, distribute, or manage sensitive corporate documentation. Besides its sophisticated security features and easy-to-use interface, it provides a 24/7 dedicated support team, guaranteeing 99.9% uptime so customers can access their virtual data room whenever they need it.
Features
SecureDocs features customizable dashboards that display real-time user statistics so admins can analyze user activity to predict buyer or investor interest. It also has permission-based roles that restrict access to confidential company information, ensuring only authorized users can view confidential data that's exclusive to C-level stakeholders. It keeps track of all data room activity, including date and time stamps, to maintain compliance and enforce accountability.
SecureDocs can also quickly locate any document with its advanced search feature. Users can type in the keyword and the duration to narrow the search results to find the target document. They can also quickly create, send, or sign NDAs and other paperwork through its e-signature and templates.
Powered by AWS-certified data centers, SecureDocs has robust security features such as segmentation, intrusion detection, electronic key cards, and more. It also has multi-factor authentication for privileged access management, strengthening its security posture to avoid breaches. With unlimited storage for unlimited users, it is also a top choice due to its user-friendly functionality and high level of cybersecurity.
5 dataroomX®
Overview
dataroomX® offers the highest security measures, such as encryption and access control. It places a high value on transparency and trustworthiness, as evidenced by the regular top marks it receives from an independent rating agency. It provides fair and transparent fees, requiring no additional costs for page views, data transfers, storage space, and other essential features. It stands as one of the largest data room providers in Europe and a pioneer in secure cloud solutions.
dataroomX® specializes in confidential business processes, such as mergers, acquisitions, real estate sales, and sensitive document exchange for various companies, from listed companies to family offices. Customers have used its virtual data room software to process transactions worth millions of euros, utilizing the platform to store and process data and applications securely in the cloud with the confidence that it upholds the highest standards for data security.
More than adhering to the highest standards of information security (ISO), it also actively participates in the Alliance for Cyber Security. This alliance is an initiative of the Federal Office for Information Security. Moreover, it is also a member of the Trusted Cloud Competence Network, further proving its commitment to transparency, security, and quality in cloud services.
It has received its Trusted Cloud and THAWTE certifications, signifying its high qualifications to deliver cloud services and promising highly secure transmissions of data through its encrypted network protocol. The virtual data rooms of dataroomX® are not only popular with European companies but are also among the most secure worldwide. They are hosted on high-performance servers in Germany, meeting the strict European data protection requirements based on EU-DSGVO law.
It has been nominated for the international Top 10 Confidentiality Solution Providers 2023 award, a testament to its commitment to excellence and innovation to help its customers protect sensitive data and ensure efficient information sharing. For years, dataroomX® has been providing secure cloud solutions for confidential business processes, standing out for its strict security protocols and compliance.
Features
User Rights
dataroomX® offers a great advantage in permission-based control through configurable user rights. Only authorized users can see the assigned files. This feature ensures confidentiality obligations are met for the respective target group, as it prevents other members from accessing critical information.
Smart Search
dataroomX® can search all readable text documents in real time based on the keyword or entire sentence entered by the user. Users can also search by date, making it easy to locate resources for faster transactions.
Own Domain
Customers have the option to open the virtual data room under their domain address. This helps establish professionalism, especially among partners involved, regardless of the use case.
Customizations
dataroomX® offers a wide range of customizations. Users can personalize their virtual data room by creating a project logo. This custom logo increases its recognition value while strengthening the company's brand identity. They can also customize the watermarks of the stored PDF documents with the company name, including the date stamp and reader. They also have the option to change the appearance of the data rooms according to their brand, from the background to the font colors of the login page.
Protected View for PDF documents
dataroomX® can block the download and printing of PDF documents through a protected view, preventing the risks of insider threats that may compromise the confidentiality obligation agreed upon by the parties involved. It also features photography protection, which makes image files incomprehensible to viewers.
Question & Answers Module
The secure data rooms of dataroomX® contain a question and answers module to ensure compliance with established conditions in accessing critical information. The participants are informed about new questions via email. In individual cases, admins can decide whether only the questioner will receive the answer or all members.
Annotations
It also allows every user to make notes or make records through annotations. They can also highlight specific texts to emphasize their importance.
dataroomX® has been recognized globally for its innovative approaches and outstanding achievements. It designs specific solutions to support companies in the secure management of sensitive data while driving operational efficiency. Customers can leverage the platform for its flexible data rooms, certifications, access security, and user-friendly functionality to achieve data protection.
Conclusion
Virtual data rooms offer bank-grade security and comprehensive functionality to ensure file protection for the success of business transactions. These solutions are more secure than general-purpose file-sharing platforms and provide more protection from threat actors that may cost the financial health of the parties involved in M&A, diligence, partnership agreements, and other joint transactions. Take advantage of the top 5 virtual data room software and gain a secure way to share confidential documents internally and externally without risking confidentiality and compliance.
