The Best Virtual Data Room Software of 2020

Our virtual data room software reviews are the result of over 40 hours of research on 45+ virtual data room software companies from across the web. These reviews and our virtual data room software guide help small businesses and startups find the best virtual data room software for their business.

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How We Chose the Best Virtual Data Room Software

There are multiple virtual data room (VDR) software services out there, and which one you choose will depend on your specific business needs and budget. However, there are certain criteria you need to observe when making your choice. Here we’ve used the top three criteria for assessing VDRs to help you make the right choice for your business — they are data management tools, due diligence features, and data security requirements.

Data Management Tools

VDRs are primarily used for storing and sharing digital data, and as such, they need to make data management as easy and intuitive as possible. We evaluated software services based on features such as document indexing, document and user tracking, and available collaboration functionality.

Due Diligence Features

Firms in the legal, financial, and commercial real estate sectors rely heavily on VDRs to perform due diligence in a safe and secure manner. In our selection process, we looked at VDR software that helps businesses share sensitive data with view-only restrictions, version tracking, and custom checklists that allow for thorough yet efficient due diligence.

Data Security Requirements

Oftentimes, the data shared through the VDR can be highly sensitive and personal, and therefore security measures such as encryption and multifactor authentication are a must. We looked at VDR software that observed industry compliance standards and supported secure data sharing.

The 15 Best Virtual Data Room Software of 2020

CompanyPriceFree Trial / DemoMore
Ansarada$39 per user per month for 90° plan
$119 per user per month for 180° plan (minimum 3 users)
14-day free trialVisit Ansarada
Box$5 per user per month for Starter
$15 per user per month for Business
$25 per user per month for Business Plus
$35 per user per month for Enterprise
30-day free trialVisit Box
CapLinked$99 per month for Professional14-day free trialVisit CapLinked
Datasite DiligenceCustom quoteFree demoVisit Datasite Diligence
Digify$99 per month for Pro
$250 per month for Team
$1,000 per month for Business
7-day free trialVisit Digify
DocSend$10 per user per month for Personal
$45 per user per month for Standard
$150 per month for Advanced (+$60 per additional user)
14-day free trialVisit DocSend
EthosData$180 per month30-day free trial, free demoVisit EthosData
Firmex Virtual Data RoomCustom quote2-week free trial, free demoVisit Firmex Virtual Data Room
FirmRoom Virtual Data Room$500 per month for Standard
$1,500 per month for Business
$3,000 per month for Enterprise
14-day free trialVisit FirmRoom Virtual Data Room
Intralinks Virtual Data RoomCustom quoteFree demoVisit Intralinks Virtual Data Room
Onehub$300 per month for data room edition
$500 per month for unlimited data room
14-day free trialVisit Onehub
Projectfusion£80 per month for Pay as you go
£499 per month for Deal
£2,000 per month for Business
£3,600 per month for Enterprise
14-day free trialVisit Projectfusion
SecureDocs Virtual Data Room$250 per data room per month14-day free trialVisit SecureDocs Virtual Data Room
ShareFile Virtual Data Room$338 per month7-day free trialVisit ShareFile Virtual Data Room
ShareVaultCustom quote10-day free trialVisit ShareVault

Ansarada

Ansarada
Ansarada is an information governance platform aiming to simplify transactions by offering proven, templated checklists for deals of any size. The business operates across multiple locations including Sydney, London, and Chicago and takes pride in its use of AI to help businesses achieve the best results.

Ansarada comes at a price of $999 per year, for which customers get a cloud-based virtual data room with pathways for capital and debt review and management, tender management, and Q&A and collaboration tools, as well as a comprehensive API infrastructure for additional integrations. Additional features include reporting, audit trailing, watermarking, and SSO. Ansarada is GDPR compliant and comes with a 256-bit encryption.

You can sign up for a 14-day trial and give Ansarada a go. One of the great things about this VDR is that customers can have unlimited number of users and unlimited data to fit with projects of any size. Customers also have access to various types of training, including in person, live online, and webinars and through its public documentation.

PriceFree Trial / DemoFeatures
$39 per user per month for 90° plan
$119 per user per month for 180° plan (minimum 3 users)
14-day free trial>Security controls
>Multifactor authentication
>Audit trail
>More features at Ansarada

Pros & Cons of Ansarada
Ansarada stands out for its simple design and its Ansarada Intelligent Data Assistant (AiDA), which gives quick, data-driven and intelligent insights. It also offers an unlimited number of users, which can suit large organizations with multiple large teams accessing the software. However, customers can’t assign individual security protocols to users belonging to the same group, which could be a limiting factor for some businesses.

ProsCons
>Google Drive/Dropbox integrations
>Unlimited number of users
>No e-signature functionality
>More expensive than competitors

What Customers Are Saying
Customers love Ansarada for the balance between security and usability in the platform, with some users saying that “the developers really have the end user in mind.” Other customers praised its exceptional customer service and shared that “the customer support is excellent and always highly responsive.”

Box

Box
Box is a secure virtual data room and content management software that focuses on frictionless security and intuitive collaboration tools to keep all relevant stakeholders informed and up-to-date. The software is available both as a web-based and as an installed application, both for MacOS and Windows operating systems.

Box offers customers four different subscription plans: Starter, Business, Business Plus, and Enterprise. The Starter plan starts at $5 per user (and can go up to 10 users) and at $35 per user on the Enterprise plan. All plans come with user-enabled 2-factor authentication and Office 365 and G Suite integrations, as well as version tracking and granular access and collaboration controls.

Box can be great if you want to keep your tech stack localized by using an installed version or if you have high volumes of users who would be going through the system. The service comes with a mobile app that is available for both iPhone/iPad and Android devices, which makes it an attractive option if you want to access your files on the go.

PriceFree Trial / DemoFeatures
$5 per user per month for Starter
$15 per user per month for Business
$25 per user per month for Business Plus
$35 per user per month for Enterprise
30-day free trial>Customizable permission scopes
>Watermarks
>E-signature
>More features at Box

Pros & Cons of Box
Box comes with a whole host of great functionalities, like unlimited user numbers and added security certifications such as FINRA and GxP. However, the platform limits files upload size to 5GB, which could be limiting for some businesses. The Starter and Business plans also have some limitations in the numbers of file versions they track as well as the number of enterprise app integrations they can have, which can reduce the value businesses get out of the platform.

ProsCons
>Unlimited users for plans above Starter
>Over 1,500 app integrations
>Lack of reporting functionality
>No single sign-on

What Customers Are Saying
Customers praise Box for its accessibility on the go, with one customer saying that “being able to access from any machine, particularly on a phone where other services often fail, enhances my ability to address customers’ needs.” Others enjoy its “very clean interface that even allows relative newcomers to easily start storing, sharing, and pulling files from other users.”

CapLinked

CapLinked
CapLinked is cloud-based SSAE16 Type II and ISO 27001 certified virtual data room software used by investment banks, venture capital firms, and other businesses working in mining, life sciences, and legal services.

CapLinked comes with two plans: Professional at $99 per month and Enterprise with custom pricing and unlimited storage capacity. The Professional plan has a storage capacity of up to 5GB and is limited to 10 users and one workspace, so this plan is suitable for smaller teams and projects. The Enterprise subscription comes with a custom number of workspaces and users, allowing more flexibility for larger projects. Both plans offer an unlimited number of guest users.

The platform comes with a number of great features, such as report building, SSO, audit trail, custom dynamic watermarks, and access whitelisting by IP. Depending on the plan, customers also have access to different support levels via email or 24/7 priority phone calls.

PriceFree Trial / DemoFeatures
$99 per month for Professional

14-day free trial>Access expiration by time
>Enforceable 2-factor authentication
>Customizable permissions
>More features at CapLInked

Pros & Cons of CapLinked
CapLinked offers a great and easy-to-use service for secure file sharing and activity tracking. Customers can personalize their invitations and login page to suit their needs and create their own custom NDA, disclaimers, and terms of access. However, all API integrations and custom workflows are limited to the Enterprise plan, which could make the platform inaccessible for anyone on the Professional plan.

ProsCons
>Custom dynamic watermarks
>Full text search (OCR)
>Professional plan limited to a maximum of 10 users
>No e-signature functionality

What Customers Are Saying
Customers love CapLInked for its flexibility in moving and ordering files and folders, as well as for how easy it is to start using the platform. One customer shared that “Caplinked made [it] possible to get up and running with a professional customized interface in record time, allowing me to keep track of all the operations.” Another customer said that it’s “very easy to keep [the] data room organized.”

Datasite Diligence

Datasite-Diligence
Datasite Diligence is a virtual data room service with a number of security certifications, including ISO 27001, SSAE 16 SOC 2 Type II, and FedRAMP. The software is also GDPR compliant for added data protection.

Datasite Diligence specializes in custom solutions for companies in the mergers & acquisitions industry. The company also offers a competitive support service, with agents available 24/7 via phone, email, or chat in 18 languages. The software comes with AES 256-bit encryption for customer-supplied files and 256-bit SSL encryption for in-transit data.

The platform boasts a number of great features, such as retaining file structure when uploading folders and documents and custom permission levels on a project, folder, or document level, as well as password encryption and file purging 30 days after close. Potential customers are welcome to schedule a free demo to see the product in action.

PriceFree Trial / DemoFeatures
Custom quoteFree demo>In-transit data encryption
>Custom permissions
>Collaboration tools
>More features at Datasite Diligence

Pros & Cons of Datasite Diligence
Datasite Diligence takes extra care in making sure its service is secure and all data is encrypted. The company also offers customers support every step of the way, from setting up a data room to any additional customizations made down the line. The VDR provider doesn’t have a public pricing available or a free trial version, which make Datasite Diligence difficult for potential clients to assess.

ProsCons
>Upload files up to 50GB
>24/7 support service in multiple languages
>No public pricing
>No free trial

What Customers Are Saying
Customers find Datasite Diligence to be “easy to use, intuitive, and customizable.” One customer particularly loved its optical character recognition, which “has been incredibly useful for making documents searchable.” Other customers praised their support team for being “always available for live 24/7 support with product experts.”

Digify

Digify
Digify offers a safe and secure document management and tracking virtual data room that allows users to retain full control over who’s accessed their files and for how long. The platform comes with attractive features such as patented, customizable watermarks that discourage screenshots, passkey encryption, and print and download permissions.

Digify comes with three standard plans: Pro, Team, and Business. It also offers custom Enterprise plans for larger organizations. All plans give access to a great number of features like terms of access/NDA, self-destruct functionality, team-wide file statistics, and 2-step verification.

Digify also comes with a digital rights management functionality that allows you to set and impose copyright protection for your intellectual property. Along with its main web-based version, customers can opt for an installed version as well, depending on their preferences. If you’re considering Digify for your business, you can sign up for a 7-day trial to test its features.

PriceFree Trial / DemoFeatures
$99 per month for Pro
$250 per month for Team
$1,000 per month for Business
Custom for Enterprise
7-day free trial>Customizable watermarks
>Granular permissions & expiry
>Passkey encryption
>More features at Digify

Pros & Cons of Digify
Digify is a great, simple-to-use virtual data room with all the must-have functionality to ensure secure data sharing. However, its plans are rather confining for larger teams, with the Pro plan limited to one user and three data rooms and a maximum of 50 guests. The service also lacks e-signature capability, which can come in handy when handling high volumes of contracts.

ProsCons
>Available as installed and web-based service
>Better for smaller teams
>Limited number of users
>No e-signature capability

What Customers Are Saying
Customers praise Digify for how simple and easy it is to start using its virtual data rooms. One customer shared that “Digify proved to be the most straightforward and intuitive solution for our staff to use and maintain. Very easy to administer and easy to manage users.” Another customer liked the fact that it’s “easy to send one-off files securely vs having to create new data rooms every time.”

DocSend

DocSend
DocSend is built with the end user in mind by making it easy to share and update files even after they’ve been sent. The platform is ISO 27001 SOC 1 and SOC 2 certified and relies on AWS and HTTPS/SSL technology to deliver intuitive and easy-to-access virtual data rooms.

DocSend comes with all the features that make a virtual data room great: smart permissions, passcode protection, audit trailing, and watermarking. It also offers document-level analytics to gain visibility over your top-performing pages and versions, as well as forwarding visibility to uncover new stakeholders who have interest in your data.

DocSend is very accessible with its starting price at $10 per user per month on its Personal plan. All plans come with the core functionality of document tracking and access control. Customers who want advanced security and larger storage space should consider the Standard and Advanced plans. All plans come with a 14-day free trial offer.

PriceFree Trial / DemoFeatures
$10 per user per month for Personal
$45 per user per month for Standard
$150 per month for Advanced (+$60 per additional user)
14-day free trial>Audit trail
>E-signatures
>Document analytics
>More features at DocSend

Pros & Cons of DocSend
DocSend is a great tool for anyone who wants to easily share and track their due diligence documentation. The platform comes with a number of security certifications, making it really attractive for anyone concerned about their data. However, customers on the Personal and Standard plan are limited to 500MB file sizes, and purchasing additional users on the Advanced plan costs $60 per user.

ProsCons
>Affordable and easy access
>Additional layers of security with its Space functionality
>Maximum file size of 1GB

What Customers Are Saying
Customers enjoy the fact that DocSend allows startups to deal with investors in a professional manner, with one customer saying that DocSend “makes every start-up look good and gives every investor a sense of confidence.” Other customers love its integration with Gmail, saying that the software allows them “to share large files easily, while keeping track of who opens it.”

EthosData

EthosData
EthosData is a virtual data room service that promises to get your virtual data room up and running in less than five minutes and take care of all your content upload and user setup admin. The platform comes with an “intelligent insights” functionality that allows you to track bidder interest and always have full visibility over how users engage with your content.

EthosData boasts all the functionality of a great virtual data room, such as a custom access permission per file, reporting, multifactor authentication, and watermarking. The platform is ISO 27001, SSAE 16, and ISAE 3402 certified and uses 256-bit SSL data encryption for ironclad security.

Customers have access to 24/7/365 support service via email, phone, or online chat, making EthosData a very customer-focused and attractive option for businesses with global operations. If you’re considering EthosData for your business, you can make use of its generous 30-day free trial upon request.

PriceFree Trial / DemoFeatures
$180 per month30-day free trial, free demo>Q&A
>Bulk upload/download
>Branded data room
>More features at EthosData

Pros & Cons of EthosData
EthosData caters to businesses of all sizes, with its Basic and Professional plan offering one data room and an Enterprise version with unlimited data rooms and unlimited number of administrators and third-party users. However, its starting price of $180 per month makes it slightly more expensive than its competitors. The software also lacks e-signature and SSO functionality.

ProsCons
>Available in 11 languages
>24/7 support service
>More expensive than other providers
>No SSO

What Customers Are Saying
Customers certainly acknowledge the value EthosData’s support team brings to the table by saying that “the dedicated support team is incredibly fast and reliable, with a 24/7 service available!” Other customers really like how easy it is to use the software and say that “the software is good value for money, simple and quick to implement and use.”

Firmex Virtual Data Room

Firmex-Virtual-Data-Room
Firmex offers virtual data service for businesses across a range of industries, including investment banking, biotech & pharma, mining, renewable energy, and oil & gas. The platform allows customers to limit document access to specific IP addresses and offers advanced digital management rights that help avoid any offline leaks and unauthorized document access.

Firmex Virtual Data Room comes with a 128-bit SSL security certificate for data encryption, as well as antivirus and anti-intrusion applications that offer extra peace of mind. Users can easily upload documents in bulk with its drag-and-drop option that automatically indexes all documents for easy access. Permissions are set at a group level, and users can use the “view as” option to see exactly what others see when they join the data room.

Firmex comes with powerful dashboards and reports that give users additional insights into their data and user engagement. While the pricing isn’t revealed on the website, you can either book a 14-day trial or request a demo.

PriceFree Trial / DemoFeatures
Not available14-day free trial, free demo>IP-restricted access
>Reporting
>Collaboration tools
>More features at Firmex Virtual Data Room

Pros & Cons of Firmex Virtual Data Room
Firmex Virtual Data Room is a great option for large enterprises that have big teams and multiple projects or tenders running simultaneously. Virtual rooms are easy to set up, and customers have a 24/7/365 support service at hand. Firmex also comes with an iPhone/iPad app for easy document access on the go. However, without a transparent pricing, it can be difficult for businesses to know if this is an affordable option for them.

ProsCons
>24/7/365 support service
>iPhone/iPad mobile app to access docs on the go
>No public pricing
>No Android app

What Customers Are Saying
Customers are happy with Firmex’s ease of use and its great support team, calling it “by far the best VDR platform” they’ve used. Other customers praise their reports and the ease with which they can share documents: “The functionality is perfect for running a VDR to share documents and files with many parties while controlling the document flow and accessibility of any party on any document.”

FirmRoom Virtual Data Room

FirmRoom-Virtual-Data-Room
FirmRoom takes pride that it’s built for dealmakers, by dealmakers. The platform is HIPPA/ITAR, ISO 9001/ISO 27001, and FIRMA-compliant and offers data protection for both files in transit and at rest. All data is 256-bit SSL encrypted, and the service uses 2-step authorization for access.

FirmRoom Virtual Data Room is a cloud-based solution that caters to a range of businesses from legal to life sciences and private equity. Customers can benefit from customizable permissions such as a “view-only” access and partial watermarking (dynamic and static), bulk file upload, bulk download restrictions, and detailed audit trail.

FirmRoom comes with three different plans, with its basic Standard plan starting at $500 per month with one data room and unlimited number of administrators and third-party users. Customers also have the option to pay for additional storage at $100 per GB above their allocated amount. You can sign up for a 14-day trial to test all advanced features of the platform.

PriceFree Trial / DemoFeatures
$500 per month for Standard
$1,500 per month for Business
$3,000 per month for Enterprise
14-day free trial>Group permission settings
>Dynamic and static watermarking
>Excel export compatibility
>More features at FirmRoom Virtual Data Room

Pros & Cons of FirmRoom Virtual Data Room
FirmRoom Virtual Data Room is a great option for businesses that want freedom with the number of users they can have and the storage capacity they can use. The service comes with a flat-rate pricing, making all its core features available to all customers. The downside to this provider is that it doesn’t come with SSO or e-signature capability, which can make it less attractive than other competitors in a similar price bracket.

ProsCons
>Unlimited number of admin and third-party users
>24/7 support service
>Limited training options — live online only
>No SSO

What Customers Are Saying
Customers appreciate the care FirmRoom shows in trying to understand its customers’ businesses, with one customer saying that “they took the time to learn how I wanted to use their product — suggested the right one and I have had no issues.” Other customers love the analytics that come with FirmRoom: “The analytics capabilities are valuable and easy to use. It is so easy to see who has looked at, downloaded, uploaded etc. documents.”

Intralinks-Virtual-Data-Room
Intralinks Virtual Data Room is a product of SS&C Technologies, which positions itself as a pioneer in virtual data room services and an innovative leader in financial technology. It works with customers in global banking, dealmaking and capital markets. Intralinks is a cloud-based, GDPR-compliant data room with 256-bit encryption for increased data protection.

Intralinks Virtual Data Room comes with integrated AI insights that help you analyze and manage your due diligence file more efficiently. The platform has a number of great features, such as “UNshare” functionality to retract access to a shared document, granular permission levels, audit trail, and reporting. Other features include watermarking, SSO, and multifactor authentication.

Customers can access their files on the go via Intralinks’ proprietary iPhone/iPad and Android apps. They can also ask for in-person or live online training. You can request a free demo of the service, though pricing is not publicly available.

PriceFree Trial / DemoFeatures
Custom quoteFree demo>Integrated redaction
>AI-based insights
>M&A workflow (trademarked)
>More features at Intralinks Virtual Data Room

Pros & Cons of Intralinks Virtual Data Room
Intralinks Virtual Data Room has global presence with offices in North America, EMEA, Asia Pacific, and Latin America, making it a great option for any business that has operations outside the United States. It specializes in dealmaking and has been around for over 20 years, so you can rest assured you are using tried and tested services. However, the downside to this platform is the lack of secure file viewer functionality, which can be an essential part of any VDR. Also, pricing and data storage capacity isn’t disclosed, so you’d have to engage with the Intralinks team to find out if it’s an affordable option or not.

ProsCons
>Easily accessible on any device
>Streamlined Q&A
>No available information on data storage capacity
>No secure file viewer

What Customers Are Saying
There are many things customers like about Intralinks, with one customer emphasizing the benefits from their reporting functionality: “The reports that we are able to download with the documents ID, upload date, and time are very practical and really help us to maintain a good control of new items.” Another customer said that “Intralinks Data Room has allowed world-class communication with partners and investors” for their projects.

Onehub

Onehub
Onehub is a Seattle-based virtual data room service with a mission to build business software that is enjoyable to use and makes its users more productive. Onehub, besides being 256-bit encrypted, is also SSAE 16 certified and holds a PCI DSS Level 1 certification.

The platform offers a reliable virtual data room that comes with features such as automatic file deletion, audit trail, stealth mode collaboration, and multifactor authentication. Customers can choose between an installed and a web-based version and can access the data room on the go via their iPhoneiPad and Android mobile apps.

The virtual data room edition starts at $300 per month with five users, unlimited workspaces, and cloud storage and goes up to $500 per month with its Enterprise version, which gives you an unlimited number of paid and unpaid users. Both plans come with options for custom branding, full text search, and automatic indexing, which is a great quick and easy way to organize and find content.

PriceFree Trial / DemoFeatures
$300 per month for data room edition
$500 per month for Unlimited data room
14-day free trial>Customizable client portals
>Workspace exports
>Stealth mode
>More features at Onehub

Pros & Cons of Onehub
Onehub offers a reliable virtual data room for businesses that need service without restrictions on user and storage capacity. The service comes with 24/7 support and is accessible on all devices, making it user-friendly and intuitive. However, Onehub’s starting price can be a bit high for smaller businesses.

ProsCons
>White-labeled rooms for better client experience
>Detailed API documentation with a developer portal
>Price may be cost-prohibitive

What Customers Are Saying
Customers point out the ease of use of the software, with one user saying that “Onehub makes it very easy to authenticate new users and get them set up in your ecosystem” and another saying that there’s “no need for tutorial or instructions.” Clients also appreciate the daily emails they get when someone accesses their data room, giving them an extra sense of control and visibility.

Projectfusion

Projectfusion
Projectfusion is a UK-based virtual data room provider that promises to respond to in-app requests within two minutes. The software is GDPR compliant and ISO 27001 accredited, though it has only 128-bit encryption.

Projectfusion comes with all the standard features a data room needs, such as reporting, audit trails, watermarks, and SSO. Customers can make use of customized data rooms and use their SecureView previewer to limit document viewing only on screen.

The platform has four tiers, starting at £80 per month on its Pay As You Go plan and increasing all the way to £3,600 per month for its Enterprise customers. Depending on the plan, customers can have anywhere between 2GB and 2TB of storage capacity and one to an unlimited number of data rooms. Projectfusion is available both as a web-based service and an iPhone/Pad app.

PriceFree Trial / DemoFeatures
£80 per month for Pay As You Go
£499 per month for Deal
£2,000 per month for Business
£3,600 per month for Enterprise
14-day free trial>Q&A management
>White-labeled data rooms
>Reporting
>More features at Projectfusion

Pros & Cons of Projectfusion
Projectfusion’s offers can fit anyone’s budget. Likewise, customers can really stand out from the competition with white-labeled data rooms and detailed reports that can inform them how they store and share their content. However, setup can take a bit longer than its competitors, and customers outside the UK and US on the Pay As You Go plan might find delays with their support queries.

ProsCons
>Large storage capacity
>Unlimited admin licenses
>No e-signatures
>No 256-bit encryption

What Customers Are Saying
Customers find that Projectfusion is easy to use and “very intuitive.” They also praise the support team, which is “super active, helpful and engaged in solving every issue.” Others appreciate the transparent pricing because it allows them “to focus on your job” without having to worry about billing.

SecureDocs Virtual Data Room

SecureDocs-Virtual-Data-Room
SecureDocs has a straightforward approach to business by offering a flat rate of $250 per month per data room with unlimited users and data, making it a very attractive option for businesses that want to avoid surprise costs down the line. The unlimited users and data storage offer peace of mind when using the software without having to worry about reaching capacity or incurring any additional costs at the end of the month.

SecureDocs comes with five complimentary, built-in electronic signature licenses, which are valued at $1,200 on their own. In addition, customers can benefit from an audit trail, IP tracking, and a custom alert system. Customers can have their audit logs emailed for easier access and can use watermarking for extra protection of any sensitive data.

The system is HIPAA and PCI DSS compliant and comes with a 256-bit encryption. Other than the $250 plan, customers going through short-term or multiple projects such as M&A or divestments can opt for a quarterly plan of $400 per month or a discounted custom offer.

PriceFree Trial / DemoFeatures
$250 per data room per month14-day free trial>Granular permissions
>Date and time-stamped audit log
>5 e-signature licenses
>More features at SecureDocs Virtual Data Room

Pros & Cons of SecureDocs Virtual Data Room
SecureDocs goes above and beyond to deliver more than the standard virtual data room features by offering five e-signature licenses free of charge. All plans offer a rich selection of functions that competitors would charge a premium fee for, if they offer it at all. However, the system doesn’t come with a mobile app, which can restrict access for some users.

ProsCons
>Unlimited users and storage capacity
>Five complimentary e-signatures
>No mobile app

What Customers Are Saying
Customers love the fact that they can easily upload large numbers of files and make them instantly accessible to investors, with one customer saying “We have over 10,000 files to upload, store, and have client access folder structure simply and easy to maintain.” Others say it’s “very easy to use without any training or tutorials.”

ShareFile Virtual Data Room

share-file-Virtual-Data-Room
ShareFile Virtual Data Room is a cloud-based content collaboration platform created by Citrix and focused on compliance for both you and the partners you work with. ShareFile offers support in ensuring you’re in compliance with different regulations such as HIPAA, HITECH, FINRA, CFPB, etc.

The product comes with a 256-bit SSL Advanced Encryption Standard (AES) and SOC 2 certification. All data has bank-level encryption both in transit and at rest, making sure your files are always shared and accessed only by approved users. Its virtual room comes with reporting, audit trail, and data storage capability, as well as multifactor authentication and SSO for an easier and more secure sign-in. The product is integrated with multiple global tech players such as Microsoft, Google, and Fujitsu ScanSnap as well as Zapier, which makes any other integrations easy to implement.

With presence in the US and Australia, ShareFile makes a good option for businesses based on either side of the globe. You have the option to sign up for a 7-day trial to try out its features.

PriceFree Trial / DemoFeatures
$338 per month7-day free trial>E-signatures
>Full text search
>Q&A section
>More features at ShareFile Virtual Data Room

Pros & Cons of ShareFile Virtual Data Room
ShareFile is built on Citrix technologies and, as such, comes with powerful integrations that can easily fit in with the rest of your technical infrastructure. Ability to use Zapier to connect to other software is a big plus as it can help you easily integrate ShareFile with any other software your business uses. Its starting price of $338 for a virtual data room is limited to only five users and 5GB of storage, which might not fit the bill for every business.

ProsCons
>Powerful third-party integrations
>Reduced admin time with its e-signature feature
>No document indexing and tagging
>Limited to five users

What Customers Are Saying
Customers relying on large file sharing appreciate the ease with which they can send and receive large files and say that they were able to “save time and money by eliminating the need for USB drives, CD-Rs, and couriers.” Another customer went so far as to say that “ShareFile is the antithesis of bad” and that “it’s simple, powerful, and stable.”

ShareVault

ShareVault
ShareVault brands itself as an enterprise virtual data room provider with unparalleled security. Its mission, “to revolutionize the way the world’s businesses protect and share sensitive information,” is not just a tagline. The platform is ISO 90001/27001/27017 and 27018 certified alongside SOC 1/2/3, giving the maximum guarantee that your data is secure.

The platform comes with a connector to Box, Dropbox, Docusign, SharePoint, and Office 365, making it easy to keep your content up-to-date across multiple systems. Other features include SSO, embeddable widgets, secure printing, dynamic watermarking, and granular access controls.

ShareVault launched a brand-new interface in 2018, bringing the platform more up-to-date with new technologies and UIs. Customers can see interactive reports with built-in queries, filters, and drilldowns. You have the option to choose a 10-day trial or request a free demo.

PriceFree Trial / DemoFeatures
Custom quote10-day free trial, free demo>Web services API
>Remote shredder
>Heat map
>More features at ShareVault

Pros & Cons of ShareVault
ShareVault aims high with its mission, but it also delivers on so many levels. Customers that use its virtual data room can easily integrate with other pieces of software they use and create seamless workflows for their employees, clients ,and investors. However, without public pricing, it’s difficult to say if it’s within the planned budget or not.

ProsCons
>Easy to connect to the rest of your technical infrastructure
>Embeddable widgets
>No public pricing

What Customers Are Saying
Customers love the fact that they can add many users and organize them in different groups, calling ShareFile the “best place to access confidential shareholder information.” Another customer likes how the software supported its growth and said that it “met our needs with IT capabilities of a fast-growing organization with limited infrastructure.”

What Is Virtual Data Room Software

Virtual data room software is a tool that allows businesses to store, share, and monitor their data in a secure, cloud-based digital space. Virtual data rooms are often used during mergers and acquisitions, when investors and other stakeholders need to share documents and collaborate on complex due diligence.

Virtual data rooms are most commonly used in the financial and investment sector, but other industries such as mining, life sciences, real estate, etc., also rely on VDRs to enforce nondisclosure agreements (NDAs) and ensure their data is safe and secure at all times.

Virtual data rooms are often cloud-based, but some providers also have installed versions as certain businesses might have firewalls that prevent access to the web application. Many come with a mobile app as well, making VDRs not only safe but also a convenient way to store and share sensitive information.

Companies can have one virtual data room per project or can decide to create multiple data rooms for a multitude of projects and workflows and invite specific collaborators and users to join rooms. Most VDR software offers space for collaboration between users so everyone can stay up-to-date on all relevant matters.

Benefits of Virtual Data Room Software

In today’s age of ever more sophisticated cybersecurity threats, virtual data rooms are essential for conducting business in a safe and secure way. Two-step authenticated email log-ins are no longer sufficient to ensure that what is shared between two email addresses is private and safe.

Aside from external threats, virtual data rooms help businesses protect sensitive data from being misused by authorized stakeholders, as well by tracking every interaction users have with a document. This gives businesses peace of mind that their data, whether it’s intellectual property, financial figures, or personal user data, is always accessed and used in the way it was intended.

While data security is one of the main benefits of a VDR, there are many added perks that can help businesses work smarter and more efficiently. For instance, VDRs often come with an e-signature license that makes processing contracts much easier within the software itself. Companies can also gain insights into how users engage with their data and can make any necessary changes accordingly.

The pre-generated workflows and easy access to data by any approved user make life easier not only for the employees of the company but for any external third parties the business is dealing with. This can create a feeling of professionalism that can improve the business’ brand in the eyes of its investors and business partners.

Must-Have Features for Virtual Data Room Software

Virtual data rooms come with a variety of features to fit businesses of any size. However, there are some must-have features that any virtual data room needs in order to make data sharing safe, secure, and accessible.

The number one consideration is its security certifications. This is not a feature per se, but it’s very important when choosing which VDR to use. Seek out software that is ISO 27001 and SOC certified as these standards guarantee that your data is stored and shared safely.

Another important feature is custom permission levels. Not every user would need to have the same access and, in fact, access is often limited per team or individual depending on their role on the project. Look for virtual data room software that allows custom permissions both per folder and per individual documents.

Let’s not forget watermarking. Watermarks on documents ensure that users cannot misuse or misappropriate your data without permission. Static watermarks can be a fixed image or text over the content of your document, while dynamic watermarks can change depending on multiple factors. For instance, a word or a phrase can be displayed in a different language depending on the country where the content is viewed, or the viewer’s name can be added to the document.

Another must-have is audit trailing. Regardless of whether you’re working on a small or a large project, chances are there will be multiple people involved who will be accessing and interacting with your content. Being able to keep track of all those interactions and keep a log of who’s viewed what part of your content and when can offer added sense of security and much-needed data in cases of breach or data misuse.

The Cost of Virtual Data Room Software

Like any software service, virtual data rooms come with a wide price range. Some software providers start their subscription at $5 per user per month, while others charge hundreds of dollars for access to a single virtual data room.

Cheaper doesn’t always mean worse, but it does mean limited functionality. Which option you go for will depend on your needs and budget. Virtual data rooms that come at a lower price usually have limitations on storage and user capacity, which can be a no-go for large organizations. These options can be more attractive for small businesses or businesses working on smaller projects that don’t require the involvement of multiple stakeholders.

However, the advanced and enterprise subscription options usually offer multiple user access and larger storage space, alongside other features and services such as increased service-level agreements (SLAs), white-labeled portals, and IP tracking. Most virtual data room software providers offer either a free trial or a demo for potential customers to test out their functionality.

It goes without saying that finding the perfect virtual data room for your business will take some time on your end to research and test different options and choose one that best fits your business needs.