What Is Data Room and How to Find the Best One for Corporate Needs?

A virtual data room is a kind of extranet.  It is not public and does not only work within your company as it does on an intranet. The use of virtual data rooms is primarily for management and compliance purposes, not to improve the user experience.

What Does Online Deal Room Mean?

A Virtual Data Room constitutes a place on the Internet where users can store and share sensitive documents. A distinctive feature is the principle of a fireproof safe: an increased level of protection for access and transmission of data to external users and their physical safety.

It is common to meet individuals and legal entities involved in e-discovery, M&A, and venture capital with the help of virtual data rooms to collect all their data and files in one place for viewing, archiving, and other legal purposes. Some people also call it a “meeting room”. In addition, virtual data rooms are also often used by board members of large enterprises to collaborate in a secure environment.

Online Deal Room Benefits

Virtual data rooms use several very simple things to help your business become faster, safer, and more competitive:

  1. Security. Online data room solutions utilize state-of-the-art security technologies. Platform users can be sure of the privacy of their information if it is stored in a reliable data room.

  2. Simplicity. The software interface is one of our key strengths. Users and their partners do not need special training. Just go to data-rooms.org and start working with the virtual data room in 5 minutes after familiarization.

  3. Meeting user needs. A virtual data room is a flexible and customizable solution that can be integrated with other business applications.

The unique Spreadsheet Viewer allows you to securely view and analyze Excel documents online. This tool downloads, decrypts, watermarks, and converts documents for viewing in any web browser, not in PDF format, but in the original protected Excel format.

How to Choose the Best VDR for Corporate Needs?

If you still need a virtual data room, it remains to determine how to choose a provider. At first glance, this is similar to choosing an ISP, and therefore one can approach the procedure with the following criteria:

  • availability of round-the-clock technical support that speaks a language understandable to your employees and potential buyers;

  • simplicity, usability, and intuitiveness of the virtual data room interface: it will reduce the loss of time for studying and the number of possible errors from incorrectly performed actions;

  • degree of information protection: the methods of protecting information are approximately the same for all providers, so this item is more related to the degree of development of paranoia among the seller and potential buyers;

  • experience in implementing projects similar to yours;

  • possibility to get both a ready-made “boxed” product and a flexible “constructor” for your corporate needs;

  • pricing: it is worth getting an offer from several companies in the market that provide a similar range of services, and choose one according to your needs;

  • availability and method of transferring information from paper to electronic form by the provider;

  • data placement: you need to decide where you prefer to store your confidential data: on the provider’s equipment or your servers. Not all developers can provide data storage on your equipment.