In this article, we will consider the purpose of using Data Room software and analyze the best well-known Data Room Providers.
What is Data Room?
Virtual data room (VDR), first appeared and began to be used in M&A transactions. Mergers & Acquisitions deals are transactions in which the rights to operate a business, or part of it, is transferred.
To simplify and speed up the procedure for conducting such transactions, a city or another country was invented, to pay for travel and travel expenses, and the seller, in turn, had to rent a room in which he kept the documentation. It was also necessary to ensure that the transfer of confidential information took place in strict accordance with the existing requirements.
VDR, created by specialists, is a debugged Internet project that can be used by people who are at a considerable distance from each other. Several people can work with documents at the same time, at a convenient time for them, the rights to access information, if necessary, can be changed and edited.
A virtual data room is used in different directions:
– corporate storage of documents;
– communication board;
– secure exchange of documents;
– mergers or acquisitions of companies;
– fundraising;
– initial public offering;
– strategic partnerships;
– audits;
– increase in venture capital;
– intellectual-property management
Key features of the virtual versus traditional option
It is analyzed according to 3 points of view:
- Dimensions: a traditional information room occupies a very large space, a virtual one does not require such a space.
- Hours of work with documents: in a traditional room, buyers get access to documents during working hours for a period of no more than 5 days.
- Expenses: the traditional option requires the presence of representatives of “sellers” and “buyers”; expenses also go to travel, accommodation, rental of premises, and organization of security.
In addition to all of the above, in the virtual version, you can monitor user actions, control the copying and printing of documents, etc.
TOP of the best Data Room options on the marketplace
There are a lot of specialized products on the market with different functionality and different price policies.
So, the main competitors in the global market of virtual data rooms are:
- iDeals Virtual Data Room
- Citrix ShareFile
- Merrill DataSite
- Box Virtual Data Room
- CapLinked
- Intralinks
- Brainloop Secure Dataroom
- Ansarada
- SecureDocs
According to competitive analysis, it can be noted that the main elements that receive the most attention are the security of the environment and intelligent search of downloaded documents. That is, it is important not only to download documents but also to have methods that will help find the documents the user needs.
Secure online storage from iDeals Solutions will help eliminate the risks associated with the confidentiality of information, and an intuitive interface will ensure free work with documents.