Best Virtual Data Room Service Providers of 2024 — Comparison
This virtual data room comparison chart aims to help you analyse what each data room offers, compare prices, features, reviews and more, so you can choose the best VDR for your needs. All in one place.
| Software with Data Room | Best for | Free Trial | Price |
|---|---|---|---|
 DealRoom |
M&A, Corporate Development | Yes. 14 days | $1250/mon annually |
 FirmRoom  |
Small and Medium businesses | Yes. 14 days | $495/mon annually |
 Intralinks |
Large businesses | No | $$$$ |
 Fordata |
Small and Medium businesses | Yes. 14 days | $$ |
 Datasite |
Medium and Large businesses | No | $$$ |
 SecureDocs |
Small and Medium businesses | Yes. 14 days | $$ |
 Sharefile |
Small businesses | Yes. 30 days | $ |
 Caplinked |
Small businesses | Yes. 14 days | $$ |
virtual data room companies COMPARATIVE OVERVIEW
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Legal
Real Estate, Life Sciences
Legal, Life Sciences
Professional plan -Unlimited
Premium plan -Unlimited
Business plan - Several
VDR Pro plan - Multiple
Easy of use
Virtual Data Room Software Vendors Comparison
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DealRoom
Cost:
Starts at $1295/month (billed annually)
Capterra Rating:
4.6 / 5
Ease of use:
4.5 / 5
Customer Service:
4.6 / 5
Support Options:
Live chat, ticketing, knowledgebase, phone.
Platform Availability:
Online, iOS, Android.
Free trial:
Yes. 14 days.
Features:
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.
DealRoom has a secure virtual data room with all necessary compliances and data encryptions.
Description:
Built upon Agile principles, DealRoom was created in 2012 to revitalize inefficient processes associated with project management and M&A.
By unifying tools associated with creating, executing, and monitoring projects, DealRoom provides a dynamic data room that revolutionizes traditional methods. DealRoom’s VDR & M&A project management software is well-suited for a multitude of industries at a price well below competitors.
FirmRoom
Cost:
Starts from $495/month billed annually
Capterra Rating:
4.8 / 5
Ease of use:
4.8 / 5
Customer Service:
4.8 / 5
Support Options:
Live chat, ticketing, knowledgebase, phone.
Platform Availability:
Online, iOS, Android.
Free trial:
Yes, 14 days
Featured by Capterra:
Best Easy of Use Virtual Data Room (2020)
Best Value Virtual Data Room (2020)
Features:
FirmRoom online data room offers the essential functions of other VDR providers such as drag and drop, bulk file upload, and permission settings. FirmRoom can integrate with Salesforce, Slack, and Office 365 so that you have what you need in one spot.
Description:
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.
Security is a priority with advanced user settings, an ISO 27001 certification and other compliances. FirmRoom’s claim to fame is their intuitive interface and clean design.
Intralinks
Cost:
$$$$
Capterra Rating:
4.3 / 5
Ease of use:
3.7 / 5
Customer Service:
4.7 / 5
Support Options:
Email, phone
Platform Availability:
Online, desktop.
Free trial:
Per request
Features:
Intralinks online data room is sold at a premium versus their competitors, even though they do not seem to offer as many functionalities. However, when working with large-scale deals, Intralinks could provide just the support you need.
Description:
Intralinks’ allows dealmakers to choose between three main models. Users are able to build upon those with extra modules to better suit their deal. However, users often report that Intralinks rooms are not customizable enough. In terms of capabilities, Intralinks provides all of the basic data room services to conduct due diligence and facilitate collaboration. Intralinks equips users for success with consulting services, optional training and round-the-clock support.
iDeals
Cost:
$$$
Capterra Rating:
not relevant
Ease of use:
not relevant
Customer Service:
not relevant
Support Options:
Email, phone, live chat
Platform Availability:
Online
Free trial:
Yes.
Features:
One of their most well-known features of iDeals electronic data room is a Q&A section that encourages communication and collaboration.
Description:
Since its inception in 2008 by Ukrainian company, iDeals has become renowned for its security throughout the VDR industry. iDeals caters to various industries, including life sciences, M&A, and real estate.
Fordata
Cost:
Starts with $190/month billed annually
Capterra Rating:
4.5 / 5
Ease of use:
4.4 / 5
Customer Service:
4.7 / 5
Support Options:
Live chat, ticketing, knowledgebase, phone.
Platform Availability:
Online, mobiles
Free trial:
Yes
Features:
They said they don’t overload our system with functions you will never use. VDR includes common features like drag-and-drop upload, automatic indexing, permissions management, docs viewer.
Description:
Their goal is to support dealmakers with the fastest and best-supported Virtual Data Room. FORDATA's main focus is to provide exceptional services, including individual and proactive customer service, great usability and security. They cooperate with industry leaders, including the largest advisory companies, law firms, banks, and PE/VC funds.
Datasite
Cost:
$$$
Capterra Rating:
No data
Ease of use:
No data
Customer Service:
No data
Support Options:
Email, phone
Platform Availability:
Online
Free trial:
Yes. Per request
Features:
Datasite's online VDR provides most basic VDR capabilities, such as branded website, bulk uploads, drag and drop files, and Q&A sections.
Description:
Much like Intralinks, Datasite specializes in large-scale, complex deals with sizeable corporations and a bit higher of a price tag. Datasite offers solutions in corporate development, investment banking, private equity, and law.
Securedocs
Cost:
Starts from $400 / month billed annually
Capterra Rating:
4.9 / 5
Ease of use:
4.9 / 5
Customer Service:
4.9 / 5
Support Options:
Email, phone
Platform Availability:
Online
Free trial:
Yes
Features:
They offer most VDR necessities, such as permissions, notifications, drag and drop uploading, audit logs, and watermarking.
Description
Securedocs boasts of their intuitiveness and ease of use, fast set up, and transparent pricing. When projects change, companies can simply recycle and tweak existing user roles and restrictions. Against competitors, Securedocs falls short in terms of collaboration capabilities.
Theirs are not as intuitive or present, which may cause some speed bumps during due diligence. Their values are security, simplicity, security, and savings, claiming that you should not compromise functionality and safety for a low price.
Sharefile
Cost:
Starts with $50/month billed annually
Capterra Rating:
4.6 / 5
Ease of use:
4.6 / 5
Customer Service:
4.6 / 5
Support Options:
Email, phone
Platform Availability:
Online
Free trial:
Yes. 7-days.
Features:
They offer typical VDR functions such as view-only access, click trails, dynamic watermarking, reporting, and granular user access.
Description
Sharefile online data room offers secure solutions for various industries and business functions, such as human resources and marketing. Sharefile is able to integrate with other systems such as Google Suite, Microsoft OneDrive, and others. However, utilizing Sharefile in conjunction with free systems may compromise security.
Users have also critiqued Sharefile’s reliability. Some reviews report Sharefile either crashing or locking up when used in conjunction with other applications.
Box
Cost:
$$
Capterra Rating:
4.3 / 5
Ease of use:
4.4 / 5
Customer Service:
4.2 / 5
Support Options:
Email, phone
Platform Availability:
Online
Free trial:
Yes.
Features:
Box does not provide more complex, innovative functions such as custom workflows and features or secure fence view.
Description
Box’s Business line offers the most basic secure file sharing capabilities as most VDRs. Box is well-suited for daily operations or small transactions. They may not offer the necessary support and capabilities for larger, more intricate M&A transactions.
Caplinked
Cost:
Starts with $338/month billed annually
Capterra Rating:
4.5 / 5
Ease of use:
4.5 / 5
Customer Service:
4.6 / 5
Support Options:
Email, phone
Platform Availability:
Online
Free trial:
Yes.
Features:
CapLinked virtual data room software offers common VDR capabilities and security measures. Their more notable features include a dashboard, instant messaging, and the ability to edit Excel or Word documents within the VDR.
Description
Since their founding in 2010, CapLinked has been used by over a quarter million companies worldwide. Similar to other VDR providers, they tout simplicity, cost-savings, and resourceful support for a variety of industries.
Users have reported limitations with Excel files with macros and unadvanced search and reporting functions.
Data Room Service Providers
So, what is a data room service provider? Virtual data room providers equip interest groups, firms, and corporations with a secure, online platform to upload, store, and distribute information. Some M&A data room providers may provide consulting and administrative services in conjunction with their VDR to facilitate a smoother transaction.
Here is a list of well known virtual data room service providers:
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Datasite
Best Virtual Data Rooms for M&A (Virtual Deal Rooms)
Here is a list of the top VDR providers for M&A:
- DealRoom Deal Room
- Intralinks Deal Room
- Datasite Data Room
- Fordata Virtual Dat Room
- Securedocs Virtual Data Room
- Firmex Deal Room
The Best Virtual Data Rooms for Due Diligence
- DealRoom Due Diligence Software
- Datasite Data Room
- Intralinks
- Firmex
- Ideals
- Document Vault
Free Virtual Data Rooms
With that being said, there are a few important considerations. First, they all have storage or usage limitations. We detailed what you receive for each in the descriptions. Second, and perhaps most important, is security and advanced capabilities. At their core, all of these options offer a virtual space to collaborate and share information. Beyond that, not everyone may have the necessary safeguards to protect information or advanced and analytical features that expedite projects, deals, and due diligence.
What it really comes down to is knowing your project and needs. From there, you can discern if one of the options below will work or if you should invest in something else.
The options for free virtual data rooms are:
- Google Drive
- Koofr
- Ftopia
Data Room Providers Usage
How to compare virtual data rooms and choose the right one?
What it really boils down to is being able to delineate what you need from the data room. You can sort through hundreds of virtual data room reviews online, but none may speak accurately to your project. One option that many providers offer is a free demo or trial. Utilizing these services are a great way to see whether or not it would be worth the long-term investment.
Some common functionalities of virtual data rooms include:
- Advanced Permissions
- Digital Rights Management
- Document Filtering Tools
- Automation Tools
- Advanced Search within the Whole VDR
- Activity Tracking and Audit Log
- Bulk Uploads
- Drag and Drop Files
- Possibility to Have Numerous Projects within One Account.
- Print Screen Button Disabling
- Questions and Answers (Q&A) Functionality
- Microsoft Office Integration
- Security
- Complexity of capabilities
- Customization
- Extra or premium features
- Storage
- Amount of rooms or workspaces
- Number of users and/or administrators
- Additional consulting and/or administrative services
- What are the security measures required for your project and/or transaction?
On the outset, a free virtual data room may sound great. However, these free online data room providers may lack substantial security features. Thievery and breaches of data may be costly, difficult, and if not impossible to recover from. If your dealing with large amounts of confidential information like in mergers and acquisitions, the extra investment may be wise. - What is the size of your project and/or transaction?
You often have to pay above the market for VDRs that are apt for handling big data. Regarding smaller projects, it may not be cost-effective to choose a renowned VDR just because Goldman Sacs did. - How complex is your project and/or transaction?
Some VDRs charge a premium of complex or customized features whereas others lack the capability. That is why it is integral to forecast what functions you will need your VDR to perform. Otherwise, expensive, fancy features may sit at the wayside when the expense could have been avoided altogether. - Will you need extra services, i.e. consulting, training, or other support functions?
Many virtual data room providers offer additional support services to ensure a smooth transaction. These may be offered at a cost-savings when bundled with their VDR. This could be a worthy investment for smaller firms or complex transactions. These additional services help alleviate the burden of minute tasks so you can focus on your business.
Listed here are some questions you can ask to better navigate and compare the additional options they offer:
- Is there a virtual data room free trial?
- Is their customer support team available 24/7/365?
- Are you granted a single, dedicated company representative? Or are you waiting on hold and then tossed between reps?
- Are you able to request new features post-implementation?
- How comprehensive are their training and onboarding services?
Here we have detailed a few questions you can ask yourself when judging a potential VDR’s usability and flexibility:
- Is the VDR available on all operating systems?
- Does it have to be accessed via desktop or does it offer iOS or Android applications?
- Is the interface attractive and intuitive?
- Are capabilities such as invites or uploads efficient or do they require multiple steps?
- Is the VDR’s uptime at least 99.95%?
Below are some questions you can ask yourself when gauging how secure a data room provider is:
- How many of encryption are there for the data room?
- Does the data room abide by necessary compliances?
- What security certifications does the provider have?
- What control features does the data room offer, i.e. advanced user settings?
- Is there an option for two-factor verifications?
Here are some items to consider:
- Integrations
Many product and service-oriented firms utilize CRM applications such as Salesforce. During a transaction, these applications may house important data that you would need in your VDR. The ability to integrate with different software can bolster efficiency and save the headache of manually transmitting data. Some providers offer the same capability with other collaboration software such as Office365 and Slack. - Storage
Depending on the size of your firm, you may not need to forgo the extra dollar on storage space. Some providers may offer different packages for virtual data rooms for startups versus billion dollar M&A transactions. - File extensions
Some VDRs may not have the capability to upload and support certain file extensions. Ensure to check all features before committing to a provider. - Compliance Standards
Compliance standards vary from industry to industry. Certain providers cater to specific industry standards, so check security and compliance standards carefully when choosing a VDR.
Virtual Data Room Best Practices
Detailed here are some best practices to follow so that your data room is an aid rather than a detriment:
- Use it
After a large change in processes, often times individuals and firms quickly revert to old ways. Some fear change or find it easier to do things as they’ve always known. Nonetheless, it would be a waste of the implementation costs and monthly premium if your new VDR is quickly discarded. - Keep it neat
Similar to traditional file-storage, VDRs run the risk of becoming disorganized. Aimlessly uploading documents in ambiguous folders can hurt more than help. Staying up-to-date and naming items clearly will boost organization and efficiency. - Let in who you can trust
If you’re using a virtual data room, chances are it is housing confidential information. Be sure to only give trustworthy individuals access and take advantage of advanced user permissions.
Virtual Data Room Benefits for Your Business
Detailed is an even more comprehensive list of benefits:
- Secure data storage
- Fast data organization and transmission
- Achieve better control over information
- 24/7 accessibility anywhere with an internet connection
- Glean helpful feedback and analytics
- Better accountability measures
- Efficient, non siloed collaboration
- Get deals and projects done faster
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