TOP Data Room Review

We create unbiased virtual data room reviews to help you choose the right solution

Top Virtual Data Room Providers 2020

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What is a data room?

A virtual data room is a service designed to securely store, edit, share, and discuss information. The most advanced data rooms are compatible with any file format and let you edit files in the most popular formats (Word, Excel, PowerPoint, etc.).

At their core, virtual data rooms are the descendants of physical spaces where various documents related to a business or intended for a specific deal were stored. Before the rise of technology,  to close a deal or work with sensitive documents, those people who participated in the transaction were granted limited access to the room.

Unlike their predecessors, virtual data rooms give their users flexibility and accessibility: users can work with documents 24/7/365 regardless of their location or the type of software they use. Restrictions can be defined and set only by the admin of the data room. The admin decides which documents and data are available for the use, as well as what the user can do with these documents and whether users have the right to download these documents.

A modern data room is an online directory with files, accessible by login and password. After accessing the directory, users can view, edit, and comment on the files or upload these files. The most popular data rooms also have additional options: a F.A.Q. section, work chat, integration with a calendar, and project management tools.

Peculiarities of data rooms and deals in Australia

about vdr

Despite a significant downturn in business activity associated with the COVID-19 lockdown, many Australian businesses have continued their activity linked to different types of mergers and acquisitions. According to a Deloitte study of 60 Australian companies, businesses have the following plans for their 2020 deals:

data rooms for deals in Australia

Here are Australian deals by their type:

  • Acquisitions — 66%;
  • Partnerships/Alliances — 46%;
  • Divestitures — 39%;
  • Opportunistic — 27%;
  • Disruptive M&A — 24%.

Due to the quarantine restrictions, all these deals will take place online. This means that special software will be used to hold them.

The optimal software to have such deals and related due diligence processes in Australia is virtual data room software. The popularity of this software is explained by the benefits that virtual data rooms offer:

Enterprise-level of security for a secure virtual data roomConfidential data protection with a limited viewing mode, remote shred following downloading of the data, watermarks, etc.
Speed and availability from any location and deviceA VDR’s transfer speed and the design of infrastructure ensures that files are uploaded safely, while the downtime of collaboration is low. For example, an Australian data room should not be dependent on a German data center.
Flexible document and file managementDragging and dropping of selected files or uploading files of any format in bulk, automated index numbering and full text search for simple navigation allow users to upload, delete, merge, move, view, download, restore, and rename files and folders easily.
Ease of useOnline rooms to store data offer a single sign-on, multilingual access with mobile user interface and native apps (iOS, Android) to work with files from any device. 
Granular access settingsSingle or bulk invitations for users (separately or in groups) with detailed user permissions and customizable user notifications makes VDRs simple for use for companies of any size. 
User activity and actions-with-files reportsEverything that users do in the data room is recorded for admins to easily generate a variety of reports and track all changes undergone by the data.
Distributed work with filesModern online rooms combine a set of built-in collaborative tools: frequently asked question segments, real-time discussion, the tools to allocate questions across experts with question status added, educational tools, etc. 
Appearance settings Logo, company branding, header and footer, theme colors along with watermarks and automatic translation make VDR an easy-to-navigate workspace for any team member. 
Compliance with international security policiesISO 27001:2013, SOC2, Microsoft Secure Development Lifecycle, OWASP: these standards make VDR a reliable space to store important data.

Main tips on how to choose a data room provider

This site was created to help Australian businesses to choose among dozens of data room providers. Luckily, with the development of technologies, a large number of players that meet the needs of various companies have emerged in the market in the recent years.

To outrun their competition, some providers use the terminology and segmentation of their own features rather frivolously. In order to make your choice of provider easier and help you make an informed decision, we decompose all of their features rather meticulously and compare all of them separately. By doing this, we get the most objective assessment of each data room available in the market.

To choose the most relevant provider for your business of any size from any industry, we recommend that you pay close attention to the following parameters as any investment should not be made in vain:

  1. The virtual data room providers should have experience in your industry or be suitable for the type of deals you intend to close.
  2. Online data room providers should have a clear and concise Service Level agreement (SLA) on data security and data room uptime.
  3. Data room features. You can use the above-mentioned list of features to assess the provider. Alternatively, you can check the comparison table of providers on our site.
  4. The cost of using the VDR (regardless of its type be it cloud-based or an on-premise solution) and ROI of using an online data room should be clear for your business.
  5. Virtual data rooms’ reviews are a significant part of the process of choosing the best virtual data room, especially when a review is written by a business from your or similar industry.
  6. The quality of the provider’s support service should be very high. Among the indicators of the support service’s quality are the responsiveness and speed of reaction of customer care teams.

VDR in Australia

The difference between data room software and cloud storage

Among the important decisions you have to make when selecting online data room software is the choice between a boxed and cloud-based solution.

In general, the selection of features behind both approaches is similar: they store documents securely while providing flexible access control and collaboration tools, etc. However, there are differences as well.

Saas virtual data room VS boxed data room

First difference: maintenance cost

With a software (server) solution, you will need to pay for the server, hire a support team and programmers to maintain it. With a cloud (software-as-a-service or SaaS) solution, there won’t be such a need.

Second difference: the drawbacks of human factor

A software solution works the same way as a SaaS solution in terms of user access, control of users’ rights to view, edit, copy or download documents in an electronic data room; it provides the same collaboration tools as SaaS.

Yet, the boxed solution has one significant drawback: the influence of the human factor. Most hacker attacks that occur in the corporate environment today are performed not by using programmers’ skills, but employing social engineering.

Therefore, if someone gains physical access to your server (s) storing sensitive data, these people will have full access to downloading any information, bypassing even the most advanced digital security protocols.

Why do You Need a Virtual Data Room Provider?

VDR usage

The amount of data a company has to deal with every day grows all the time. And today it’s impossible to handle all the documents if they’re printed out and stored in an old-fashioned way piled up in folders. Modern businesses try to digitalize their files to make them easier to manage, share, and work with.

That’s why data rooms are so necessary. This software allows you to store all your corporate files in a cloud repository. Both the storage and data transfer ways of virtual data rooms are protected with the military-grade encryption, so you don’t need to worry about the safety of your information. In addition to that, VDRs offer many other security tools that will help you safeguard your documents even better.

Using an electronic data room, you will have two-factor authentication that will keep unauthorized individuals away. This means that users will have to enter the unique code sent to their phone upon logging in or prove their identity in some other way. Also, providers give you full control over the actions of all users who can access your data room. You get to decide who can view, edit, print, and share which files, and you can extend or withdraw access rights as you like. Finally, many data rooms offer features like watermarks, fence view, remote shred, and other functions that will give you more control over the security of your information.

VDR usage

Choosing the Australian data room you will also cut costs as there will be no need for you to travel to your partners to bring the required documents. Simply invite them to your VDR and let them study the files at a comfortable pace. 

You also shouldn’t worry about the convenience of the third-parties – virtual data room software is very easy to use. Reputable vendors offer extremely simple interfaces that won’t cause any struggle even to the least tech-savvy person. The functions are straightforward, and none of your employees or partners will require any special training. And the implementation of a data room will take no more than several minutes.

Once you upload all your documents and set up the VDR, all the future deals will be accelerated significantly as you don’t have to assemble the files for every upcoming due diligence. Simply give reviewers access to your storage and let them study the files. Of course, you can hide certain documents from third-parties – that’s quite easy to do. But in general, it will be effortless for you to get ready for a new deal and make sure it is successful. Also, te collaboration tools this software offers will streamline the communication between you and third-parties.

Finally, data rooms allow businesses to see the statistics on the activity of users. This information can offer many useful insights and help companies improve their deal strategies. Moreover, stats can help you spot unusual behavior and quickly determine if there is a risk of a data leak.

It’s impossible to underestimate the importance of data rooms in the modern swift world. This technology helps companies move forward through deals quickly and successfully to win the competition. And if you are not using this tool yet, you should give it a try.

Features a data room should have for a successful deal

A virtual data room is a vital instrument during any business deal, especially M&A deals. It helps parties to communicate, eliminates the need to travel, and accelerates processes. Most providers will pack their data rooms with numerous functions. However, several are crucial, and you need to seek for them choosing the solution.

  • Advanced search

The data room’s search tool should be able to find the required document both by the name and content. Also, it should understand PDF files and fetch them as well. This will guarantee that participants of the deals can find the documents they need quickly and without hassle. Thus, the deal gets closed faster. While such a feature seems rather basic, not all data rooms are capable of this.

  • Notifications

If participants get notified every time something happens to documents – new ones are uploaded, existing files are changed, someone left a comment, etc. – they can react right away and take the required action quickly. Consequently, you will be able to close the deal much faster since everyone will be active and focused.

  • Collaboration tools

A data room should offer users an opportunity to discuss documents, highlight certain parts, and refer them to others. Also, a Q&A section is vital – it can accelerate processes greatly as everyone will get answers quickly. This feature should allow users to upload questions in bulk and Excel format so that they don’t waste time on entering each question one by one. 

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Data rooms mainly used for

Due Diligence

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Real Estate Management

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Life Sciences

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