A data room is a safe location where confidential information is kept, typically for legal procedures or merger and acquisition deals. Data rooms are utilized for file sharing, document storage, document security, and financial activities.

In the list of the top tools, we have mentioned the top 30 Data Rooms tools along with their features and pricing for you to choose from.

1. iDeals Virtual Data Room

iDeals Virtual Data Room is a reliable virtual data room (VDR) product to take into consideration if you're seeking a safe tool for sharing and working on business-critical information.

Key Features:

• It is a platform for document sharing that enables you to share files with confidence in their security.

• To maximize your document protection, it provides capabilities like single sign-on, data encryption, two-step verification, and the fence view function, among others.

• It also contains a range of business tools, such as secure Excel viewers, smart filters, keyword searches, and Q&A tools, to give you a comprehensive answer to your demands.

• Additionally, secure reading for more than 25 file formats is included.

Cost:

Offers a free trial.

2. Firmex

Enterprise virtual data rooms like Firmex are frequently used for compliance, litigation, and diligence, among other tasks. It is quite safe since it makes use of document management and DRM features including lock-down files, dynamic watermarks, and document expiry.

Key Features:

• This makes it the perfect platform for sharing, sending, and working together on sensitive materials.

• The investment banking, biotech, government, and legal sectors can all benefit from the system's tailored solutions.

• Its drag-and-drop functionality makes it simple for non-technical users to swiftly build up projects or move large quantities of data.

• A crucial component, it makes file organization simple with a directory listing and data room index.

• You can export the index to Excel or PDF. This capability will be most useful to huge organizations with plenty of documents.

Cost:

You need to ask the sales team to give a quote.

3. Vitrium Protection

Vitrium Protection is a DRM and content security solution for digital photos, movies, documents, and other assets.

Key Features:

• It's perfect for distributors, publishers, and content producers that wish to secure their assets from unauthorized sharing and dissemination in order to boost their business line.

• The platform uses a number of layers of strict security controls, including military-grade encryption and protection against man-in-the-middle (MITM) attacks, to ensure the security of its data.

• Users have excellent control over their digital assets with Vitrium. For instance, you can limit document copies and add watermarks using the content security options tool.

Cost:

Starts at $ 375 /month.

4. eFileCabinet

eFileCabinet is a VDR that enables businesses to get rid of paper and transition to a more productive paperless workplace.

Key Features:

• Despite being targeted at small and emerging organizations, this tool can be utilized by larger businesses by selecting its higher storage capacity.

• The platform provides a number of delivery modules that can be used to speed up and simplify the uploading of data for a full document management software solution.

• Additionally, it provides a number of integrations to simplify data movement. By automating these operations, you reduce the chance that vital corporate data may be lost due to human error in manual processes.

Cost:

You have to request a quote from the sales team.

5. Encryo

Encryo is a versatile program with features for email encryption, file sharing, and e-signature gathering. Businesses can securely share sensitive and confidential data with this app without worrying about security risks or customer data protection.

Key Features:

• The software enables companies to store information, send and receive emails, and gather electronic signatures.

• It has 16 layers of protection and automated encryption technologies. You can store and find files more easily with Encyro's auto-organization feature.

• According to cost and performance, it generates intelligent and automatic utilization optimizations and file organization.

Cost:

You can start for free.

6. Datasite

Datasite is a virtual data storage platform created for companies who want a way to conduct secure, legal due diligence.

Key Features:

• This solution is dependable in assisting experts to handle deal execution quickly, making it ideal for accelerating mergers and acquisitions and related commercial operations.

• Customers provided important direct feedback that was used to create and build this tool's user interface, user experience, and functionality.

• It includes flexible user access controls and both basic and advanced search features. Additionally, it offers real-time reporting tools and dashboards that are extremely customizable so you can adjust it to your needs.

Cost:

The sales team needs to be contacted for the quote.

7. ContractZen

ContractZen is a sophisticated package that combines a VDR, contract administration, and electronic signature.

Key Features:

• Operating on the tenets of sound governance, the platform raises trust and accountability so that businesses can rest easy knowing that their private information and business procedures are protected by the finest security measures available.

• ContractZen is the solution for businesses aiming to drive their operations toward becoming entirely digital and mobile.

• The program can expertly manage contract lifecycle management and ensure maximum confidentiality during board meetings.

• The software provides quick full-text search functionality to manage storage documents and files for an easy access experience.

Cost:

Starts at 9€.

8. Google Drive

Google Drive is one of the most popular cloud storage platforms with powerful office-suite collaboration capabilities.

Key Features:

• It comes with a spreadsheet, presentation, and word processing software. It is fundamentally an online storage service with plenty of usable storage space, especially if you utilize Google productivity tools and files like pictures, movies, and documents, among other things.

• Individual users automatically receive 15GB of free storage and basic sharing, which they can use for everyday files or business papers.

• With its products called Docs (word documents), Slides (PowerPoint presentations), Sheets (spreadsheets), Forms, and Drawings, its collaborative office suite is also an excellent cloud-based solution.

Cost:

You can start for free.

9. Box Virtual Dataroom

A secure platform called Box Virtual Dataroom was created for deal management in mergers and acquisitions.

Key Features:

• It specializes in ensuring that you concentrate on concluding agreements rather than documentation due to how difficult it is to manage a merger and negotiate a contract.

• It offers a method for transferring papers and agreements from emails to a safe virtual data room.

• Contracts, plans, meeting minutes, bids, and schedules are all kept in one location.

• You have access to a platform through the secure workspace where you may upload, create, view, and search for any file you require on any device.

Cost:

The sales department has to be contacted for a quote.

10. ShareFile

File-sharing service ShareFile was created for professional, real-time collaboration. To increase efficiency, it automates the operations for offering comments, asking for approvals, co-editing, and obtaining legally-binding electronic signatures.

Key Features:

• This tool was created for both personal and professional use, and it is packed into a platform that is simple to use for all users, including those who are not tech-savvy.

• The tool's excellent third-party integrations are one of its finest features.

• It offers the safest and most flexible file-sharing facilities.

Cost:

Starts at $50/month.

11. Egnyte

Egnyte is a virtual data room (VDR) built for content collaboration, data security, and infrastructure upgrading.

Key Features:

• By allowing you to access the system on any device using any device in any app of your choice, it goes beyond merely a file-sharing solution and enables seamless communication between your business.

• It gives you the ability to keep an eye on usage trends and access restrictions, ensuring compliant data governance across the program.

• It makes sure that you are aware of important facts about your company.

Cost:

Starts at $20/user/month.

12. Intralinks Virtual Data Room

Intralinks Virtual Data Room automates M&A processes to improve dealmaking, worldwide banking, and capital market activities.

Key Features:

• Sensitive and high-stakes information and transactions are certain to be in safe hands thanks to the use of a secure digital platform.

• It provides extensive IRM (Information Rights Management), highly-managed custom permissions, and lifetime data protection for a safe VDR.

• It made a few platform-related upgrades throughout time as well. One of them is the improved user interface, which is quicker and friendlier.

Cost:

Ask for a quote from the sales team.

13. Onehub

Onehub provides a cloud-based file-sharing system and a VDR to help you handle your deals more efficiently.

Key Features:

• It offers a safe environment where you may discreetly exchange important information while permitting team members to maintain their anonymity.

• This system is simple to set up and is designed to make a number of operations simpler. For instance, you can upload numerous files simultaneously from your browser using a straightforward drag-and-drop technique.

• You can see who has accessed your files and what interactions have taken place thanks to its Activity Tracker function. This enables you to track all of the activities that took place across all of the files.

Cost:

Starts at $12.50/month/user.

14. Syncplicity

Syncplicity is a VDR platform that specializes in solutions for business users and IT experts.

Key Features:

• It has a hybrid solution that gives you access to material on any device, aggregates storage infrastructure, replaces file shares, and offers real-time document security and backup, data migration, system connectivity, and mobile collaboration, sharing, and editing.

• As a user, you get automated version control, online file browsers, and folder syncing without the need to add extra steps or modify your workflow.

• It provides sharing and collaboration along with mobile access.

Cost:

Starts at $5/month/user.

15. RR Donnelley Venue Data Room

RR Donnelley Venue Data Room is basically a VDR program for managing large files, producing real-time visual reports, and keeping track of user activities.

Key Features:

• This product, often known as "Venue," is a virtual platform created by the corporation to help financial institutions manage their challenging local and international initiatives.

• It was designed for M&A and comes with tools and features to make deals go more smoothly.

• Venue nevertheless offers you the usual VDR capabilities with a trustworthy data protection security, even though it is not the company's primary offering and is instead seen as a supplemental service to its other tools, especially if your organization is in the financial industry.

Cost:

The sales team can provide a quote.

16. Ipreo Prism Virtual Data Room

You have a secure platform to share information with your important partners, stakeholders, and investors thanks to Ipreo Prism Virtual Data Room.

Key Features:

• This platform streamlines a number of procedures beginning with deployment, which takes less than 5 minutes.

• Implementation is quick thanks to cloud technology because there are no downloads, installations, or plug-ins needed.

• Additionally, it simplifies the way you manage deals by giving you access to a single dashboard with a comprehensive overview of all the information you need at a glance.

• Rapid document upload also allows for seamless single-file and bulk uploads.

Cost:

For the quote, the sales have to be contacted.

17. Ansarada

Ansarada is a VDR solution with AI capabilities that excels as a platform for material event information.

Key Features:

• You also get tools like its own deal assistant app, AiQ bidder engagement, and due diligence Q&A in addition to its AI-powered data rooms.

• Its interactive assistant is designed to give you prompt answers to your inquiries whenever and wherever you need them.

• AI may be used in projections to assist you to learn more about the possibility that bidders will enter into contract negotiations.

• You can then prepare the best techniques and strategies for completing deals and increasing the worth of your clients.

Cost:

Starts at $1,104 unlimited users every 3 months.

18. SecureDocs Virtual Data Room

A straightforward and user-friendly VDR platform for completing transactions fast and effectively is SecureDocs Virtual Data Room.

Key Features:

• The ability to drag and drop documents and folders simplifies manual chores.

• Additionally, the software offers a flat-fee pricing structure with limitless users and data to maximize your return on investment. In the fields of technology, life sciences, law firms, investment banking, private equity, and venture capital, this instrument is frequently employed.

• For your needs, VDR offers a variety of solutions. You receive a virtual deal room where you may manage negotiations effectively in addition to a secure data room.

Cost:

Starts at $250/month.

19. RCM Virtual Deal Rooms

RCM Virtual Deal Rooms is a virtual deal room (VDR) application designed for storing and distributing private commercial real estate documents.

Key Features:

• Professionals conducting industry acquisitions, asset portfolios, fundraising campaigns, and dispositions use this application.

• With any device, at any time, from anywhere, it provides a secure, compliant, and completely auditable solution for sharing critical files inside your business and professional networks.

• In order to manage transactions effectively, commercial real estate owners, brokers, servicers, asset managers, title companies, attorneys, equity partners, and lenders have used this technology for many years.

Cost:

The sales can provide a quote on request.

20. SunGard DX

A VDR platform for data interchange, SunGard DX automates data collection and report distribution.

Key Features:

• Financial institutions mostly employ it to run their delicate, urgent, and mission-critical processes.

• One of its important features ensures that your data is always protected during the transfer by using encrypted data transfers between the end user's PC and the web servers.

• Businesses whose operations depend on information also use it. The user-friendly layout and interface of the system make it simple for users to navigate.

Cost:

The sales department needs to be contacted for a quote.

21. BrainLoop

BrainLoop is a SaaS solution for protecting sensitive data within a company. In the same service, it provides a solution for Secure Collaboration, M&A and Due Diligence, and Board and committee communications.

Key Features:

• Both an online and offline version of it are offered as options for use.

• It works with every mobile device.

• It is integrated with MS Office to give you a native working experience.

Cost:

You need to request a quote from their sales department.

22. Watchdox

Watchdox is a workplace solution offered by Blackberry. This tool for sharing and syncing files is secure and designed for businesses.

Key Features:

• It offers a defense against ransomware. You may work together both inside and outside of your firewall using Watchdog.

• It offers 256-bit encryption that is AES-certified.

• There is no requirement for data migration because it supports all of your current data repositories.

• This will offer a comprehensive activity log.

Cost:

You can start for free.

23. Digify

Digify offers features and capabilities for file tracking, statistics, virtual data rooms, and document security.

Key Features:

• One account can offer an unlimited number of data rooms. It is compatible with Google Drive, Dropbox, and Box. You can track email attachments with the use of the Gmail extension.

• Digify provides functionality for access control, forwarding restrictions, access revocation, print and download rights, watermarking, expiration, admin control, security presets, etc. for document security.

• Multiple files can be uploaded from a computer, Google Drive, Dropbox, or Box.

• For the entire team, Digify offers File statistics.

Cost:

Starts from $99/month.

24. Citrix

Citrix ShareFile's virtual data room is appropriate for small, medium, and large businesses conducting or completing due diligence during mergers and acquisitions and IPO filings. Healthcare, finance, accounting, and legal are the industries that gain the most from ShareFile's data room features.

Key Features:

• The virtual data room from Citrix ShareFile uses a combination of industry-standard and cutting-edge technologies to handle secret data.

• Citrix virtual data rooms give deal processors the ability to streamline decision-making through adaptable procedures.

• Unlimited client users can simultaneously work on files in the data room without significantly compromising the tool's efficiency.

Cost:

Starts at $2/user/month.

25. Confiex

Confiex offers all the necessary tools for enterprises. When necessary, businesses can share papers they have uploaded to the virtual repository with other parties.

Key Features:

• The degree of access that other users have to the data room can be managed by the administrator.

• You have control over the situation and an additional security measure thanks to this feature.

• The knowledgeable project management staff at Confiex is there to assist you if you run into any problems during the transaction.

• On your behalf, experts will try to finalize the deal as swiftly and smoothly as feasible.

Cost:

You can request the sales department to provide a quote.

26. SmartRoom VDR

With regard to maintaining a high degree of security in your data rooms, the SmartRoom VDR makes use of cutting-edge encryption methods and algorithms.

Key Features:

• It includes a number of cutting-edge, multi-layered security safeguards that protect your papers.

• You can revoke access to certain documents using SmartLock, even if a user has already downloaded them and left the virtual data room platform.

• Document redaction, which enables you to automatically identify keywords and data patterns for redaction applications, is another useful function.

Cost:

The quote needs to be requested from the sales team.

27. DocullyVDR

DocullyVDR is a next-generation Virtual Data Room (VDR) and Secure File Sharing Platform designed for safely sharing transaction documents with prospective purchasers or investors for the purpose of the deal due diligence.

Key Features:

• DocullyVDR offers a bank-grade protected platform with any time, everywhere access to the deal papers and is safely hosted on Microsoft Azure Data Center.

• To fully understand the papers that investors and purchasers are viewing or not viewing, Deal Data Room administrators can monitor every click and user activity on the data room and retrieve the access records of each user.

• Offers detailed activity tracking.

Cost:

Starts at $100/month.

28. Sherpany

A meeting solution called Sherpany was created to assist medium-sized and large enterprises in managing all facets of leadership meetings, including scheduling and document sharing.

Key Features:

• Executives using the platform can trace the history of numerous discussion topics and use the global search functionality to uncover pertinent information.

• Sherpany gives users a pre-filled minutes template based on the agenda of the meeting, making it simple and quick to keep track of and record discussions.

• You can continue as usual with Sherpany's annotation tool, but we're using the tablet screen instead of paper.

Cost:

The sales team can be contacted for the quote.

29. Kamzan

Kamzan is a piece of cloud-based software made to facilitate document sharing, data interchange, and project collaboration for sports organizations, accountants, and companies of all sizes.

Key Features:

• Customize every aspect of your Kamzan, including the icons and folders, based on the colors of your company.

• Additionally, you have the option to put your logo as a favicon and a header.

• Using pop-up marketing and adding photos and videos to each sharing page, you can transform your shares into effective communication tools.

Cost:

Request the Sales for a quote.

30. netfiles Deal Room

A cloud-based virtual data room called netfiles Deal Room assists companies in streamlining procedures for due diligence audits, company or real estate sales, and providing secure access to private documents.

Key Features:

• A watermark can be used to further protect highly sensitive data.

• Using the integrated Q&A feature, experts and Q&A administrators may efficiently respond to queries and make their responses accessible to all bidders.

• A thorough activity log and reports provide you control during the due diligence phase while also assisting you in gauging buying interest.

Cost:

The sales department will provide a quote on request.

Things To Consider While Choosing Data Rooms Tools

Controlling Documents in Your Virtual Data Room

Different virtual data rooms provide varying degrees of document control. Prior to selecting a VDR, it's crucial to make sure that authorized individuals can only access the files they need for their particular jobs and responsibilities. You might want to consider using a different service provider for your company's needs if a possible service provider cannot ensure document control.

Kind of Watermarking

Check whether dynamic watermarking is supported when selecting a virtual data room for your company. Dynamic watermarking enables you to apply time-stamped, individual identifiers to documents, making it difficult to remove or modify them in any manner without retaining the particular identification. This makes sure that every change made to a file is tracked and identifiable to the person who made it.

Type of file it supports

The kind of files that a virtual data room supports should be taken into account when selecting one for your company. You can upload documents up to 300 megabytes in size with the majority of services, but make sure the maximum file size is supported before choosing a provider.

Conclusion

In this article, we discussed the different Data Rooms Tools. Hope this has given you a clear idea and how you can choose your desired Data Rooms Tool.

FAQs

How can we define virtual data rooms?

You can safely communicate critical information with your team or clients using VDRs. This means you won't need to be concerned about email attachments, back-and-forth faxing of documents, etc. exposing sensitive information. They enable collaboration between members of several teams or in various locations while yet offering total protection for your files!

Why would you ever utilize a data room?

Document storage and file exchange take place in data rooms. Additionally, it is utilized to secure private documents and carry out financial transactions.

What does due diligence in a data room mean?

A virtual data room, often known as an electronic due diligence data room, is simply a form of online cloud storage. They provide a secure location for uploading, sharing, and storing crucial data like files and documents. Paper files were once physically stored in rooms called data rooms.

What is the definition of a data room index?

A document index or table of contents for a data room is referred to as a data room index. It is a list of every document that the parties concerned have made available in the VDR.

What is software for a data room?

Businesses can safely share sensitive client information as well as essential financial and legal documents with the aid of virtual data room software. Law firms, accounting firms, commercial real estate brokers, and any other business that needs to assure due diligence employ this kind of software.