In the past, important documents that were used for M&A transactions, the distribution of loans, and various other reasons were stored and kept in physical data rooms where the files would be collated, searched through, and removed whenever they were needed. In modern times, however, this isn’t as efficient. With the rise in digital connectivity comes the opportunity to reduce cost by moving everything online. That’s where virtual data rooms come in. These repositories serve all the purposes of the original data rooms, but they don’t require a massive amount of physical space to do so. What’s more, it’s far easier to search through a virtual data room to find what you need as opposed to the sifting and searching you’d need to do in a physical data room. In this post, we’re going to take a look at some of the most popular virtual data rooms, examine the virtual data room cost, and see how they all stack up with each other.
The undisputed leader in the field is Firmex. This company opens upward of 10,000 virtual data rooms every year, and their customer base continues to grow in size. Their primary focus is on security. With all of the data breaches that have been going on in recent years, Firmex sets itself apart by prioritizing the safety and security of its customers’ data.
The way it does this is to secure a user’s data in the same virtual vaults as major financial institutions and banks throughout the entire world. DRM and access settings can be customized by the user, and the system has an intuitive interface that was built with easy access in mind. Pricing is low when you consider the features that are offered, leading Firmex to be the leader in virtual data rooms.
This virtual data room service has built its platform around control and speed. The setup process for SecureDocs is very quick, and it encompasses all of the information that you’ll need to secure your data. Instead of automating every part of the process, this service gives its users a high level of control and incorporates things such as user permission and watermarking. SecureDocs is known for being easy-to-use. It’s relatively quick to set yourself up as an admin, and from there you can coordinate your efforts and make sure your data is secure.
SecureDocs tries to focus on customer service, and one of the ways they do this is to offer a 24/7 support service. No matter what kind of problem a user might have or when they might have it, they’ll be able to speak to a professional who can help walk them through every step of the process. SecureDocs offers a high quality of service, but they’re not the leader in the field. Their pricing is a bit on the high end as well.
iDeals focuses on providing a service that will allow its users to focus more on their business and less on the software that they’re using. They claim that their software is so easy to use that a user won’t need any training at all to get started. This is another virtual data room service that emphasizes speed, as it only takes 15 minutes to get started here. Another key feature that iDeals offers is that you can access the virtual data room from any electronic device without needing to download any special software or install any kind of plugin.
Another feature of this virtual data room service is that you can simply drag and drop any file into the data room and it will transfer over seamlessly. iDeals supports all of the major file types, so users shouldn’t have any problems getting their files uploaded into the virtual data room. This service is priced at a cheaper price point than SecureDocs, but it doesn’t have the kind of user base and comprehensive features that Firmex does. While this service would be preferred among companies who are operating solely on cost, it’s a better investment to pay a little extra to get the top level of service in the industry.
Just as times have changed and we’ve gone from physical data rooms to virtual rooms, we’ve seen that the virtual data rooms themselves have advanced tremendously in a very short period of time. It might be tempting to go with the first virtual data room service that you find in your search, but this is a mistake. Not all of these services are created equal, and it’s important to see the pros and cons of each before making a decision. Overall, the best choicve on the market is Firmex. It offers an intuitive interface and comprehensive set of features. All of this is presented at a price point that’s affordable for just about any level of business.