Like the name suggests, the software designed for data rooms is intended to protect confidential documents that are that are required in business transactions. The data is usually of great value and requires secure access to prevent competitors from gaining access to it. The top vendors in this field offer features like multi-factor authentication, granular authorizations for users and advanced IRM to guard against unauthorized access. They also offer features like virtual data room for startups mobile device management, user security impersonation and activity tracking that track users’ activities.

The best virtual data rooms are designed for the business-critical process and are optimized for multiple devices and platforms, including tablets, desktops, and smartphones. They also allow seamless integration with other applications such as email and chat. They are available as hybrid, cloud, or on-premise deployment models to meet the needs of different workflows. The software is simple to set up and built to streamline various processes, which may make it ideal for small to mid-sized businesses who want ease of use and flexibility.

Some of the best-rated data room providers include Intralinks Virtual Data Room (VDR), iDeals Solutions, and Datasite. They offer a range of business-critical features that are suitable for M&A transactions, capital market transactions and due diligence, as well as other strategic transaction processes. Intralinks makes dealmaking efficient through an online platform that offers high-risk data storage, file level encryption with centralized administration control, and simplified access through a robust IRM. It also comes with a 24-hour multilingual support line with pre-configured templates for solution creation and an intralinks designer that assist in accelerating the start of projects and the implementation of best practices.