A data room service is an online repository of data. It is used primarily as a means to securely store and share critical information between a particular group of persons or an organization. As a centralized space, it allows simultaneous requests to view and access site files and documents in the app. It majorly serves as a means to support and reduces the risk of errors while enhancing diligence in activities in the workspace.

It is efficient for persons in the banking industry while store and share trade secrets, intellectual property, medical data, or any other confidential information with persons considered as partners, stakeholders, or authorized personnel. You even get to monitor and track the individuals who have viewed the documents. Seeing the way access to this data is delicate, only the best VDR software should be used.

Top 7 Best Data Room Software

  1. iDeals Data Room Software – Best Data Room Software for Strong Security
  2. ContactZen – Best Data Room Software for Added Flexibility
  3. Digify – Best Data Room Software for File Track
  4. IntraLinks – Best Data Room Software for App Integration
  5. Firmix – Best Data Room Software for Compliance Management
  6. eFile Cabinet – Best Data Room Software for Low-cost Data Management
  7. Docully – Best Data Room Software for Documents Review

1. iDeals Data Room Software – Best Data Room Software for Strong Security

Pricing: Custom Pricing.

The salient importance of iDeals rests in how it is able to assure users of the security of their documents and files, without interference from parties that are not authorized. With its Fence view

Key Features:

  • Access Controls/Permissions
  • Audit Trail
  • Bankruptcy Case Management
  • Collaboration Tools
  • Data Security
  • Advanced Branding Options
  • Data Storage Management
  • Document Classification
  • Document Management
  • Legal Forms Library
  • Secure File Viewer

Reasons to Buy:

  • The budget is placed at affordable rates
  • It is rated top for being user-friendly. Does not require much stress to navigate through.
  • Get to deploy your data in all but 15 minutes.
  • Great customer service assistance.

Reasons to Avoid:

  • Does not accept long name files.

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2. ContactZen – Best Data Room Software for Added Flexibility

Pricing: Standard plan is $9.50 per user for a month. It is billed annually.

With ContactZen, users get the chance to effectively manage important documents with lots of flexibility with a Microsoft AI-powered search.

Key Features:

  • Contract Management
  • Board Portal
  • Entity Management
  • Virtual Data Rooms
  • E-signatures by leading providers
  • Full-text search with OCR powered by Microsoft AI
  • Automated & recurring email reminders
  • Email forwarding into ContractZen
  • API
  • Custom Domain
  • Account data exports
  • Integration services
  • Migration and onboarding assistance
  • Unlimited number of documents
  • Up to 50 GB of storage space
  • Multifactor authentication
  • iOS and Android mobile apps

Reasons to Buy:

  • It is easy to set up and use.
  • Does not cost additional for Setup procedures.
  • It offers a 30-day free trial without having to input card details.
  • The system supports typical alerts and Reminders

Reasons to Avoid:

  • No free version

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3. Digify – Best Data Room Software for File Track

Pricing: Individual plan is charged at $150 per month while the Team and Business plans are billed at $400 and $1500 respectively.

Digify data room service comes in handy not just in documents and files storage, but it also comes handy in controlling and keeping awesome tracks of your documents

Key Features:

  • Document Security
  • One-click NDA/Terms of Access
  • Data Room Groups
  • Data Room Banner
  • Folder Level & File-Level Granular Permissions
  • Dynamic Watermark
  • Screen Shield
  • Permissions
  • Data Room About Page
  • Phone Support
  • Single Sign-On (SSO)
  • Domain Invite Enforcement
  • Advanced Branding
  • White-labeled URL

Reasons to Buy:

  • Users get to maximize their Security with 2 step verification.
  • Revoke access from persons no longer authorized.
  • It uses AES-256 File Encryption

Reasons to Avoid:

  • Pricing is unnecessarily high.

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4. IntraLinks – Best Data Room Software for App Integration.

Pricing: Pricing begins at a fair price of $25 for one user per month.

Reduce the risks of possible errors in deals like mergers and trading insights within an organization. It offers high-class safety of your saved files.

Key Features:

  • Collaboration Tools
  • Access Controls/Permissions
  • Document Management
  • Alerts/Notifications
  • Third-Party Integrations
  • Search/Filter
  • File Sharing
  • Document Storage

Reasons to Buy:

  • Easy integration with GRC systems
  • It accommodates large files compared to other data room software.

Reasons to Avoid:

  • Sharing Files! That’s all there is to it.
  • The search feature does not always work.

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5. Firmix – Best Data Room Software for Compliance Management

Pricing: Custom Quote

Integrated with an adaptive user interface that makes drives its functionality across various kinds of workflows. Get ahead of your document filing with customizable branding of the interface.

Key Features:

  • Access Controls/Permissions
  • Audit Trail
  • Authentication
  • Compliance Management
  • Bulk Uploading
  • Collaboration Tools
  • Customizable Branding
  • Data Storage Management
  • Document Classification & Review
  • Drag & Drop
  • Email Management
  • File Upload by Email
  • Full-Text Search
  • HIPAA Compliant
  • Mobile Access
  • Multi-Factor Authentication
  • Projections
  • Reporting/Analytics
  • Role-Based Permissions
  • Secure File Viewer
  • Single Sign-On
  • Two-Factor Authentication
  • Watermarking

Reasons to Buy:

  • Ease of integration with peculiar workflows
  • The user interface makes it easy to navigate through.

Reasons to Avoid:

  • No trial period before purchasing of custom quota.

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6. eFile Cabinet – Best Data Room Software for Low-cost Data Management

Pricing: Paid packages after the trial begins at $1200 per year.

Worry less about workflow management of files, documents, and data amongst different departments by simply automating these actions with eFile Cabinet.

Key Features:

  • API
  • Access Controls/Permissions
  • Alerts/Notifications
  • Archiving & Retention
  • Audit Management
  • Automatic Backup
  • Compliance Management & Tracking
  • Compliance Tracking
  • Content Management
  • Data Security
  • Data Synchronisation
  • Document Analytics
  • Document Management
  • Drag & Drop
  • Encryption
  • File Conversion & Recovery
  • HIPAA Compliant
  • Offline Access
  • Role-Based Permissions
  • SSL Security
  • Third-Party Integrations
  • Two-Factor Authentication

Reasons to Buy:

  • Offers reduced cost for the features it offers.
  • Helpful customer service assistant.
  • Drag and Drop Upload makes it easy to use.

Reasons to Avoid:

  • The desktop version is not reliable.

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7. Docully – Best Data Room Software for Documents Review

Pricing: Pricing begins at dey fee of $100 for a month.

With prospective clients in view, order and data management should be a top priority in order to get them to do what works in the best interest of your company. You’d get this effect from having an ordered filing method.

Key Features:

  • Bank-grade secured platform
  • Hosted on SOC-2 Certified Microsoft Azure Datacenter
  • 256 Bit AES Encryption for data in transit and at rest
  • Connected via secure SSL
  • Secure Password Protocol
  • Bulk-upload document via browser & windows desktop application
  • Bulk document download
  • Dynamic Watermarking
  • Custom disclaimers/NDA
  • Optional two-factor authentication
  • Data room access control
  • Custom folder & document level permission & control
  • Data Indexing
  • Document Versioning
  • Real-time platform updates
  • Real-time email notifications
  • Document Search
  • Data Export
  • Real-time activity feed & Tracking
  • Intuitive reports

Reasons to Buy:

  • It offers a free trial without having to input card details for the application test run.
  • Allows users to place a dynamic watermark on all of their files and documents to avoid mixing up with other person’s documents.
  • It makes use of 256-Bit AES data encryption which assures users of data safety while in transit.
  • The clock Customer service support
  • After purchase, users get to index their files in ways that best suit them.

Reasons to Avoid:

  • Does not offer a free version
  • It can only be deployed through the web.
  • Does not offer third-party integration
  • The remote access and control feature is absent in Docully.

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