3 Best Virtual spaces for collaboration on financial records

Virtual data rooms have been around since the early 2000s but didn’t become popular until about ten years ago. Entrepreneurs saw it as a profitable and reliable way to store and exchange confidential data during transactions. Now VDR products continue to populate the market and their popularity is still growing, but not all offerings are of high quality. In this article, we’ll review the top three data rooms for 2021 and talk about their features. 

DealRoom Review 

DealRoom is one of the most popular VDRs that focus most on providing quality services during M&A and due diligence. The program has one of the best ratings from customers among its competitors and thus has proven to be able to provide fast and efficient cooperation during the transaction. 

Below we outline the main benefits of DealRoom that will help you better understand how exactly the online space simplifies your transaction process:

  • Optimization of mergers and acquisitions

DealRoom provides a number of useful tools that help improve communication between the two parties and collaboration on projects and allows you to create projects right inside the program to keep track of everyone in the data room

  • Decrease costs

With digital space, you can upload and share a document with a third party without having to meet in person or print and copy the document, saving you time and significantly reducing costs 

  • Comprehensive analytics

This data room provides automatic reporting of activities performed by users, as well as supports analytics due diligence, which allows you to detect and correct errors in time 

iDeals Review 

iDeals is also one of the popular VDRs that provides its services to large companies. It is handy and applicable to any business sector, ready to help in any process as it has excellent security and useful features for making a deal. With its great features, it is quite easy to use and you don’t have to spend time and money to learn how to use it.

The main advantages of VDR include: 

  • Doesn’t require the use of plugins to work fully
  • Supports over 20 file types so you don’t waste time formatting them
  • Support is responsive and multi-lingual
  • Builds and adapts in m&a virtual data room in about 20 minutes
  • Despite the quality and variety of services the price is cheaper than the same popular quality providers
  • It is possible to provide access to several dozens of unauthorized users at a time
  • Excellent security features 

Merrill Datasite Review 

Merrill Datasite is an experienced company that is ready to meet the needs of a wide variety of businesses. Previously, the provider was known for providing services for large-scale mergers and acquisitions, but beyond that, VDR has other useful services: 

  • Easy search – usually VDRs (especially large companies) have thousands of documents, so it becomes a challenge to find anything, but with the easy search function you don’t have to waste time looking through piles of files before you find the right one
  • User activity reports – Not only is this an additional security feature, but it also helps the owner predict the possible outcome of a deal
  • Permissions – the administrator manually controls access to any document, interaction functions (print, copy, screenshot, or send) are also controlled
  • Security features – Merrill cares more than anyone else about the security of your data, it uses all modern security methods to protect against leaks and cyberattacks, such as encryption and sophisticated login
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