Best Virtual Data Rooms in 2020

Here are the best virtual data rooms for this year. Image Source: Photo by Bich Tran from Pexels

The virtual data room is a technology that facilitates safe and speedy document exchange. Since there are numerous products available in the market today, in this compilation, we have created a list of the best Virtual Data Room (VDR) in 2020. We hope this article will assist in deciding on the VDR software.

The majority of digital data produced globally are transactional. Therefore, a significant amount of these data is generated by companies and financial institutions during their operations. This information is critical; thus, it is always under risk from data thieves. Recently, there has been a surge in data breaches leading to the need for adoption of IT security software.

Best Virtual Data Room

Firmex

Firmex is an enterprise VDR that has been widely utilized in a variety of operations and transactions, such as litigation, compliance, and diligence. This VDR had numerous robust features such as document control, document security, and DRM, which include; dynamic watermarks, custom permissions, document expiration, and lock-down files. Based on these features, Firmex is an ideal platform for transmitting, exchanging, and collaborating with sensitive materials. Furthermore, the software has industry and system-specific solutions for biotech, government, investment banking, legal, and energy sectors.

The software is designed with non-technical users in mind. Firmex allows for drag-and-drop to ease the setup process and bulk movement of documents. This is a critical feature used to organize the files easily in the data room index and directory listing. The indexes and listings can be exported to Excel or PDF easily. The VDR has the “View As” feature that allows viewing of the document before accessing the data room a time-saving feature when looking for particular information.

Control in Firmex is also robust and flexible as it provides the option to implement individual or group permissions. The VDR also features DRM control and the ability to implement strict or lenient control.

The following are the reasons, why you should select Firmex;

· Bank-grade security of the documents
· Enterprise standard features
· Robust but flexible control management
· Support mobile utilities
· Reasonable pricing.

Merrill DataSiteOne

Merrill DataSiteOne is built for the dealmakers in need of a solution that can be used for conducting secure and compliant document searches in the due diligence process. This is a SaaS application, which is very reliable for due diligence professions
The application was developed from customer inputs; therefore, the user interface improves functionalities and user experience. The key features include file sharing, simple advanced search, activity tracking, organization modules, and real-time reports. The dashboard is also customizable to your liking. Further, the VDR incorporates modules for project and Q&A management.
Merrill DataSiteOne offers top-of-the-end security with end-to-end encryption and a single chain of document and data custody.

The following are the reasons for choosing Merrill DataSiteOne:

· Easy set up due as it does not need add-ons
· Instant project availability
· Elasticsearch feature

eFileCabinet

eFileCabinet is a Virtual Data Room that can assist companies in transitioning to a paper-free environment. Although the VDR is aimed for small and growing businesses, it can also be used for enterprises as it can handle large volumes of documents when you select a higher storage capacity.

The VDR offers a variety of modules to streamline and expedite the uploading of data to a comprehensive document management software solution. eFileCabinet provide different integration modules that can be used for data migration. Automating these tasks eliminates the risk of human error.

eFileCabinet has an on-premise deployment option. It also offers a file versioning features built on a security module that uses 256-bit bank-grade encryption. Other features include fast uploading and 24-hour backup. The following are the reason why you should select eFileCabinet:

· Optimized for mobile devices
· Flexible deployment
· Zonal OCR tool

Google Drive

Google Drive is one of the most popular cloud storage systems that comes bundled with a robust office-suite collaboration features. The Office-suite includes a word presentation, spreadsheet, and presentation program. The system has generous storage when using Google productivity apps.

Google Drive offers 15GB storage capacity and essential sharing for office documents and regular files. The office-suite allows for cloud-based viewing and manipulation of the documents. The program incorporates automatic, real-time-syncing, which is platform-independent. The following are reasons why you should use Google Drive:

· Supports a variety of file formats
· Available for free
· Live Chat for collaboration

Box Virtual Dataroom

Box Virtual Dataroom is a secure platform built specifically for deal management in M&A. The primary aim of this VDR is to ensure that companies close deals rather than the management of documents. Box Virtual Dataroom provides a solution for negotiations and moving documents in a secure VDR compared to emails.

The Box Virtual Dataroom offers a central repository for meeting minutes, contracts, schedules, plans, and bids. This secure platform provides features such as upload, view, search, and create for different file formats on a device of your choice. The program incorporates control of user access features to restrict unauthorized sharing, downloading, and printing of files. The program has file encryption, individualized watermarking, and regulatory compliance. Here are the reasons why select Box Virtual Dataroom:

· File sharing and access
· Custom branding of document
· Comprehensive reporting

In this article, Firmex has been selected as the best Virtual Room in 2020 because of the extensive features, the security of documents, and ease of use. Firmex has secure document sharing such as document expiration, multi-level security, and document version.

Additionally, the VDR has unrivaled upload speed and excellent 24/7/365 customer service. These robust features are accessible via an easy-to-use interface.

This is an article provided by our partners network. It does not reflect the views or opinions of our editorial team and management.

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