Virtual Data Room Reviews

What Are The Best Virtual Data Room Providers Of 2017?

Virtual Data Room Providers

There are dozens of virtual data room providers on the market, and even more if you include similar cloud storage platforms, but not all of them are created equally. Here’s a list of the major data room providers with our assessment of each one’s usability, features, security, and versatility. For more information, see our full guide to choosing a virtual data room.

Overview
Who uses virtual data rooms?
Virtual Data Room Providers of 2017 Reviewed
Virtual Data Room Review Conclusion

Who Uses Virtual Data Rooms?

While virtual data rooms are useful anywhere there’s a need for secure document sharing, they are used most frequently by investment banks, law firms, and businesses for certain functions.

Mergers & Acquisitions

Virtual Data Rooms are such a staple in M&A that the terms “deal room” and “virtual data room” are virtually synonymous. Most Virtual Data Rooms provide features that help enable and secure every aspect of the M&A process, from searching for a buyer, to carrying out due diligence, to post-merger integration. The highly customizable security settings in Virtual Data Rooms ensure that the right documents reach the right people, and help prevent information breaches that can stall or derail a deal. Virtual Data Rooms also contain features that help organize documents and make a highly tedious process like due diligence move much more quickly and efficiently. When a deal is over, Virtual Data Rooms also offer options for backing up deal information. Most institutions who engage in deals regularly, like investment banks and business law firms, choose to open a virtual data room subscription so they always have a new virtual data room ready when it comes time for a deal.

Legal Extranets

Law firms face many of the same challenges as businesses when it comes to organizing, simplifying, and securing communications, but they face the extra pressure of meeting stringent legal standards for distributing information that is critical to cases and client matters. Just like businesses, some law firms choose to build their own extranets, but most find that a virtual data room provided by a SaaS company offers the most secure and easiest to use solution across the whole organization. The customizable security settings on Virtual Data Rooms allow for communication with parties at various levels of involvement in projects, such as external clients and counsel, courts, and colleagues. As with investment banks, most law firms use a virtual data room subscription so they can open a new room instantaneously whenever a new project comes up.

Corporate Document Sharing

As any business grows bigger, so does its need for efficient, intuitive, and secure communication tools, and many turn to virtual data rooms for this purpose. A virtual data room offers one simple but powerful way to collaborate across an organization while also reducing the risk of an information breach. Most businesses find that, when compared with other common solutions, a virtual data room is much safer and makes much more sense. Building an extranet is expensive and complicated, and requires full time vigilance from in-house employees to make sure it stays up and running, while freemium services Google Drive lack the customizable security features that allow for large-scale, multi-layered collaboration. Worse yet, there’s e-mail, which quickly becomes disorganized and is highly susceptible to hacks. Many businesses use a virtual data room for document sharing because it offers an out-of-the-box, institution-wide solution.

Other common uses

While these are the most frequent uses for virtual data rooms, they are by no means the only ones. Virtual data rooms are commonly used for projects as diverse as investor reporting, corporate restructuring, fundraising, financial auditing, intellectual property management, preparing for IPOs, and much more.

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Source: http://docphy.com/technology/computers/software/virtual-data-room-reviews.html