With the rise in the number of people willing to work as entrepreneurs, who also sum up as managers, the challenge of data handling remains to be the greatest threat. Data handling refers to both the physical transfer of the data, which is mostly used in businesses as well as protection of the information from reaching unwanted persons. This high demand for security and convenience in data transfer has led to the development of online stores that aid in this information handling. They are known as virtual data room providers, commonly referred to as virtual data rooms. Here are top seven VDR providers that have established themselves in 2017.
Firmex was established in 2006 to provide data room for both large and small-scale enterprises. It has won the hearts of many businesses due to its military-like security levels, many products to its users, as well as the low cost it charges for the services. This has attracted big names such as Deloitte and Deutsche Bank. Its main clients are mining firms, pharmaceutical sector, legal firms, investment banks and the energy sector. Firmex is the most convenient for M&A since it supports fast and efficient communication systems due to its IT systems and several options in decision-making. It makes sure that information only reaches the right people, doing away the fear of possible hacking of business systems, which is fatal.
iDeals has been in the market since 2008, gaining a lot of popularity with a secure cloud based platform. It has been used by several fields such as real estate, fundraising among others. One of the pros with this provider is its convenience in handling large data levels, which are also complex in nature. This room is protected using several levels among them watermarks, firewalls and data encryption. iDeals is very helpful when it comes to storage since every part in it is systematic. The Q&A part helps its participants to keep in touch, which improves the communication as well as find solutions to any problem that may arise in the files. The only issue with this service provider is that it has not been allowing one to attach images and other graphics in the reports section, which minimizes the efficiency of communication.
This online company was established in 1996; therefore, it has gained enough experience to outdo its competitors. The company mainly operates with large enterprises, and its deals are mainly done in large scale. One notable thing with this service provider is that it enables one to gain experience in solving complicated problems such as agreeing on deals. Another unique thing with this provider is that its charges are higher compared to those of its competitors because diving into the market early ensured that it would instill confidence in its vendors. The high costs are its biggest undoing.
4. Merrill Datasite
This VDR mainly deals with large enterprises and financial institutions. It offers services mainly aimed at reducing the complexity and workload of solving some business related deals. Due to the high quality services offered by Merrill Datasite VDR, the client is usually confident whenever he delegates his problems to them, and this gives him the time to concentrate on other things. Merrill Datasite usually abides with all set standards of operations. This is the reason why their services are usually high. This acts as a disadvantage to small-scale vendors who see it as a scheme to siphon the little they have.
5. PR Donnelley
It is one of the oldest VDR providers having been established in 1864. It usually gets about 12 billion dollars a year as revenue. PR Donnelley offers such services as printing, digital and communication solutions. Financial institutions are its main clients. Its interface contains all tools that make M&A deals run smoothly. The disadvantage of this VDR is its limitation in the functionality, especially the types of deals it undertakes as well as the industries it supports. The main disadvantages with PR Donnelley is that it is restricted to the number of services it offers, and it also does not give much attention to Venue, a product highly advocated by its competitors, which reduces its popularity.
ShareFile offers almost similar services as Firmex regarding virtual data room comparison. It was created in 2005 and offers free software such as Google Drive, OneDrive and DropBox, making ideal provider for people who prefer free services. However, the con with ShareFile is that it does not guarantee security, and this makes many people aversive in using it.
Ansarada focuses on particular types of clients and not the quality of services it offers. As a result, it cannot be termed as an ideal platform for a long-term store. It is only ideal for individuals and not big businesses.
From the above virtual data room comparison, Firmex is the only data room provider that values quality, cost and diversification of products.