If you’re looking for unbiased reviews on various virtual data room providers, you’ve come to the right place.
Virtual data rooms or VDRs are fast becoming the popular choice over physical data rooms for those in the mergers and acquisitions and business brokering world. Especially when the buying and selling of business and other properties occurs over great distance such as inter-continental.
Virtual data rooms provide a secure space over the internet where a seller can place all of their sensitive documents and share them with potential buyers. A physical data room requires both parties be there at the same time, creating more of a logistical problem. Through a secure website data room you can monitor and track everyone that accesses the room and track and record what they review.
So maybe you’ve made the decision to use a virtual data room but then you’ve googled it and are now overwhelmed by all of the virtual data room providers that pop up in the results. Where do you start? Which one is best for you? The checking of the Data Room Review will deliver effective results to the business organizations. The decision is taken with the intelligence of the business owners to have the right benefits. The information available in the reviews to get the right results about the data room virtual.
Well, the thing to do is start by reading the reviews. You need to get an idea of what they offer and what customers have to say. To see what the customers think about various VDRs you can check out capterra.com. There you can see a number of customer reviews and what kind of experience they had with the virtual data room they are reviewing.
We’re going to cover our own take on a few of the main virtual data room providers to give you an idea of what each does including their positives and their negatives.
Box, as the name indicates, is a lot like Dropbox. It provides cloud storage for your files. Where it differs from Dropbox is that it is intended for business use. It allows for stricter sharing settings and tracking that you would expect from a virtual data room.
Probably one of the things that makes Box stand out is its ease of use. It’s fairly simple to set up and begin sharing documents. You’ll receive up-to-the-minute notifications whenever something occurs in the “room.” Like when someone accesses it and whether they make any edits or leave comments.
Its simplicity is both a negative and a positive. Box is not as secure as some other VDRs out there and works more as a souped-up Dropbox which is not always what you want, especially if you’re talking about multi-million dollar deals.
If you want something more robust than Box, then you should take a look at Intralinks Dealspace. This is one of the more popular VDRs on the market. They claim to have over 2.7 million users with north of 5,000 deals each year using their system.
Dealspace offers many features when setting up and using a virtual data room. There’s a high level of security surrounding your documents that you can set up before launching the room. And the easy-to-use UI makes that easy to get going.
They have their own deal marketing feature that lets you transfer secure deal documents. Mobile access is a huge deal when it comes to using a VDR and Dealspace allows that so you can add or remove users whenever you need to or change any other settings. You can also upload files right from the app.
Intralinks offers a lot more than just their Dealspace platform if you wanted to take a look at some of their other services. One negative when it comes to Intralinks is its pretty expensive. So you’ll have to think with that when determining your best provider for a virtual data room.
Firmex is more aimed at small-to-medium size businesses. Intralinks is more high-end so if you’re looking at something for a smaller operation then Firmex might be a good fit. Unlike Intralinks their pricing is easier to swallow.
They claim to have about 55,000 clients and can set you up in a virtual data room in just a few hours. Some larger, more complex VDR providers take days to set you up.
It has a simple UI and is designed with simple drag and drop features. Security is pretty on-point despite its simplicity. You can rest assured that your PDFs and Microsoft Office documents will be protected. You can set user settings that include expiring access, blocking of saving, copying, printing or screen grabs.
They also offer 24/7 live customer support which is a huge plus.
Firmex may not work well with large companies with complex deals but it fits beautifully with smaller to medium size enterprises.
Those are some reviews on a few of the top virtual data providers on the market today. Research them well before you make your decision.