Virtual Data Room is a set of proprietary tools connected via the extranet, which provide a repository of all the data for a business. Many businesses across the globe use VDRs for sharing their information with external customers and partners on an online, secure platform. It allows authorised partners to view relevant information, transactions, documents etc related to that particular business. All the documents are stored on a centralised server which then can be accessed via the internet across the globe. Virtual Data Room can also be called Virtual Deal Room.
Why use a Virtual DataRoom?
VDR is a secure and confidential virtual meeting room solution where authorised buyers, accountants and other professionals can review sensitive documents. Originally, lawyers used VDRs to communicate with clients. But nowadays, a wide array of businesses use VDRs as a cost-effective method to communicate with clients and eliminate the need for a counselling room.
Here is the list of 4 most popular VDR Providers.
iDeals Virtual Data Room
One of the most popular cloud-based virtual data rooms solutions is iDeals Virtual Data Room. One of the most effective features of iDeals VDR is it being an on-premise system. Many investment banks, legal firms, real estate agents, corporations, science departments etc use this VDR platform. It has many features such as spreadsheet viewer, text search, data hosting, document security, management, 2-factor authentication etc.
IntraLinks Holdings offer a VDR solution called IntraLinks VIA. Released in April 2013, IntraLinks VIA features encrypted file sharing platform outside of a business’ firewall. It also allows users to designate permissions on the files. VIA also has a feature called UNshare, which allows admins to withdraw any shared information at any point of time.
Blackberry created the Watchdox VDR Platform. It primarily focuses on external collaboration for privately sharing sensitive data online. It offers great security options just like all the other VDR solutions but one of the main highlights of this VDR is its mobile-friendly content. it also features compatibility with Windows File Shares and Microsoft SharePoint.
BOX Virtual Data Rooms
We all know about BOX.com, a famous online cloud platform. But most of us don’t know about its virtual data room capabilities. Technically speaking, it features all the functionalities as mentioned in the above VDRs. One of the main features of BOX VDR is task automation. It also features 14 days free trial and online training.