A virtual data room is an alternative to paper data rooms, which require the physical presence of the parties. By greatly simplifying the process of file sharing, tracking, and distribution, virtual data room providers help expedite due diligence and close a transaction faster.
Virtual data room providers facilitate the secure exchange of documents between parties by giving every organization access to an online data room.
So, what should you look for when evaluating virtual data room providers?
Choosing Virtual Data Room Services
You can compare virtual data rooms, but there are several critical criteria to consider when choosing virtual data room providers:
- Security
Your choice of virtual data room provider should combine easy access for authorized individuals with protection from data loss, leakage, and unauthorized viewing.
- Simplicity
Uncomplicated software hinders adoption, so virtual data room providers should offer user-friendly solutions that work with any platform, operating system or device.
- Control
The best virtual data room vendors allow you to maintain tight control over document access and permissions.
After evaluating leading solutions, more global enterprises trust Datasite, iDeals, and Ansarada more than any other virtual data room provider.
So what sets these providers apart? Let’s take a closer look.
Datasite
It is a SaaS provider focused on the M&A industry. Formerly known as Merrill Corporation, the company rebranded itself in early 2020 and took the name of its best-known solution, Datasite’s virtual data room.
As a premier VDR, Datasite serves transactors across the corporate spectrum. Companies large and small, law firms, and investment bankers, all find Datasite VDR a valuable tool for managing internal data.
Datasite Features
As a versatile VDR solution, Datasite’s data room software offers many resources.
- Artificial Intelligence-based Data Editing
Once files are loaded and indexed, you can specify words or other terms to be edited and the system will do the rest, making changes to all files.
- Carefulness Analytics
Visual, easy-to-process dashboards will provide all the statistics you need on everything from customer engagement to user actions, permissions, questions asked and everything in between.
- Automated Q&A Process
Allows the Q&A team to collaborate on all files, tracking user interest and identifying the most popular questions asked.
- Fast Indexing
Automated indexing allows you to use placeholders for greater personalization and adaptability.
- Multilingual Support
Solve any problems and get answers to questions in your native language, whether it’s German or Spanish.
- All-Channel Platform
Work on the go with the device of your choice, from phones to tablets.
- Guaranteed Security
Datasite goes to great lengths to ensure high standards of privacy and data protection. This includes specific security training for its employees and bringing in hackers to test the platform for hacks.
iDeals
iDeals Solutions Group is a data room provider built on the principles of technological innovation and service excellence. The strengths of iDeals online data rooms include simplified workflows, stable and secure data sharing, and ease of use. In addition, the platform is ranked number one in the G2 Top 10 Virtual Data Room Software.
In terms of use cases, iDeals software is suitable for many purposes, including data room for due diligence, M&A, board communication, restructuring and bankruptcy, and life sciences.
Features of iDeals
VDR iDeals uses more than 100 tools to provide secure data sharing and management.
Here are some of them:
- Upload in Any Format
iDeals supports more than 25 formats, so you don’t have to prepare a file before adding it. It also converts documents to PDF for viewing in any browser.
- Single Sign-On
No need to remember multiple passwords because there is a single sign-in for all projects.
- Drag-n-Drop
Uploading data to a new virtual workspace is just a few clicks away – no plug-ins required.
- Quick Search with Shortcuts
Dedicated shortcuts serve a dual purpose – they help you categorize and make it easier to find the right files when searching.
- Compliance with Requirements
The provider adheres to international standards and is ISO 27001 and SOC 2 certified for security, accessibility, and privacy. The data centers use biometric entry authentication systems, physical security, and multi-level video surveillance.
- Restrict Access by IP or Time
These settings help control access to virtual workspaces based on a specific period or specific IP addresses.
- Multilinguality
iDeals offers data rooms in multiple languages, including English, French, German, Spanish, Japanese, Dutch, Chinese, and Turkish.
Ansarada
This is no ordinary virtual data room. Ansarada harnesses the power of artificial intelligence and machine learning to identify risks and opportunities, enhance and protect capabilities, and optimize processes from deal preparation to closing. Check out the important features of this data room below.
Ansarada Features
- Defining Access Level
The user decides who in the room can view, edit or download files.
- Protecting Information with Watermarks
Even if the download option is blocked for a particular document, users can still take screenshots and share them. The custom watermark feature works to prevent this by showing each user their name, login time, and IP address.
- Full Remote Control
Files can be destroyed or access changed even after they have been uploaded by individual users.
- Audit Trail
The Ansarada Data Room is a monitored environment where you can access the actions of each user on the platform.
- Electronic Signatures
The electronic signature feature allows users to digitally sign important documents without having to print and physically sign a copy or use a less secure third-party solution.
- Document Classification
In addition to indexing files, you can also assign different levels of sensitivity to them. A useful feature for limiting the types of users who have access to sensitive information.
- Keyword Search
Even with the best indexing, it is not always easy to find a file quickly. This is where keyword searching comes in handy, allowing you to find any document within seconds.
Summary
So, the best virtual data room software provides not only secure document sharing, but also more efficient file handling. Moreover, it eliminates the need to invest in a physical data room. There are many virtual data room providers on the market today, but it is important to choose the best one. With Datasite, iDeals, or Ansarada, you are sure to get the best professional services.
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