Imagine completing your due diligence process in an M&A deal in two weeks instead of a month! Does that sound like music to your ears? Well things do speed up with a virtual data room compared to the physical data room.
So what is virtual data room software? A virtual data room is similar to the concept of physical data room, except that your confidential documents are located on a server, which allows you to collaborate with bidders during an M&A deal. In other words, it’s sort of a content management system for confidential documents.
Financial or business secrets are not always safe in a physical data room. If you are an investment banker, lawyer, or financial manager engaged in the due diligence process of an M&A deal, joint venture, and intellectual property rights you might know how difficult it is to ensure the security of all your confidential documents. Besides, few users can enter the data room, which limits collaboration with your colleagues. However, with a virtual data room like iDeals Virtual Data Room you can ensure that all your documents kept safe with hard-coded encryption.
But iDeals Virtual Data Room isn’t the only option out there. Based on your business requirements, one of the following five iDeals Virtual Data Room alternatives may work for you.
SecureDocs Virtual Data Room (SecureDocs) shares confidential documents with restricted access control (rights management) through its encryption technology. If you are planning to transact an M&A or any other financial deal, you can use SecureDocs as your corporate repository to store important documents for negotiations or deal making.
- Authentication – The software’s two-factor authentication protects you from cyber-attacks and data theft as it validates users through five-digit SMS text code and remembers the authenticated computer for 30 days
- Document security – SecureDocs’ view-only functionality for documents restricts editing or downloading by an unauthorized person. To ensure that all your documents have your branding, the software offers dynamic watermarking. Since you are dealing with ultra-confidential data, the software’s data encryption functionality enables you to store your documents in encrypted formats.
- Alerts – You can track document activity through the software’s email notifications sent to the administrator each time a new document uploads. The software also provides you with a comprehensive audit log of the changes made to a document through email notifications
- User-defined access rights – Through the software’s “granular access control” feature you can set specific access to documents based on individual or group roles .i.e. provide more access rights to senior managers versus junior employees.
The software is available free for trial with an annual price of $200/month. For more information on other plans click here.
- According to Capterra user reviews the software provides an intuitive user interface in terms of saving and making changes in a document
- Two-factor authentication ensures that the right user is accessing the password protected document
- Document storage is based on tags, which can limit search options for documents while searching as some documents can be catalogued with the wrong tags
Compared to SecureDocs, CapLinked focuses on project management capabilities to track where your M&A deals are currently positioned. CapLinked allows you to create your own ‘workspace’ on the software in a short span of time (approximately 10 minutes). You can also edit and share confidential documents through CapLinked’s intuitive interface instead of emailing confidential documents to your client or risking losing confidential information.
- DealTracker – Through this feature, you can view a dashboard of all deals and view each deal’s webpage for specific details. In other words, this feature acts like a spreadsheet to manage your pending deal effectively. You can also add new deals to your existing pipeline and organize them according to their stage in the pipeline. To locate financial, market data, and personnel information intuitively, DealTracker lets you create custom stages as your deals progress in the pipeline. In addition, you and your colleagues receive custom updates and alerts on the progress of the deal in the pipeline.
- Digital rights management (DRM) – CapLinked enables you to protect your confidential PDF and Microsoft Office files through its FileProtect DRM feature, which provides access rights to the authenticated personnel. With this feature, you can also control access permissions for viewing and printing confidential documents.
- Integration – The software caters to numerous industries such as energy, pharmaceuticals, banking, real estate, etc. where the work flow differs throughout these industries. As a result, it becomes important for a virtual data room software like CapLinked to offer flexibility in its ability to integrate with other cloud-based platforms such as Box and Salesforce. Through this integration feature, you can build your own file sharing platform for DropBox, Box, etc. and integrate it with CapLinked.
CapLinked is available free for trial with pricing information available on request. For more information on pricing, click here.
- According to Capterra user reviews the software is intuitive and seamlessly integrates with other platforms such as SaaS, in comparison to other VDR software
- Provides enhanced project management features through its DealTracker technology
- According to Capterra user reviews there are no notable flaws with the software, however, they would like to see a much more enhanced data management for storing confidential documents
If you are looking for a VDR software with a specific focus on mergers and acquisitions (M&A), debt, and investing, then Intralinks Virtual Data Room Edition might be what you are searching for. The software is available in three versions:
- IntralinksDealspace® M&A Due Diligence
- IntralinksDebtspace™ Debt Capital Markets
- IntralinksFundspace™ Investor Reporting
- Security without plugins — Intralinks protects all your documents without plugins, which ensures that no other software can access confidential information.
- Self-launch data rooms — Intralinks Designer allows you to reorganize index templates, add users and documents, and set up a data room before you collaborate on a project
- Artificial intelligence – Through machine learning and artificial intelligence you can conduct your due diligence much more efficiently as it reduces manual data entry
- Smartphone access — You can manage all the sell-side aspects of your financial transaction by adding new documents and users on your smartphone, which are secured on your device through digital encryption and user rights management
Pricing information is available on request. For more information on pricing click here.
- Provides extensive support for M&A, debt, and investments as the software is available is three editions, which allows you to select a software according to your business requirements
- As per Capterra user reviews there are no specific complaints regarding the software
This virtual room enables you to track documents in terms of the changes made by each user editing the document, which reduces any risk of leaking your confidential reports. You do not lose any confidential information as the software provides enhanced security through self-destructing documents. In other words, each document has a lifecycle for self-destruction to safeguard against document leaks. Similar to some of the software mentioned above you can access your data room from various devices without installing any plugins.
- Administration – Virtual Data Room by Ansarada provide simple security features, which enables you to control what bidders can save, view, and print. Through the software’s search and bulk download feature, M&A bidders work efficiently by searching multiple documents at the same time. The software keeps a version history of changes made in a document.
- Reporting – The software allows you to enable or disable the ‘Smart Decisions Bidder,’ which generates interactive reports. Moreover, reporting is simple with Ansarada as it lets you track user document usage outside the data room, so that no information is lost while users download and save documents in bulk.
- Security – You can chose your own settings to print, save, and watermark documents, which is automatically applied all other documents. The software lets bidders save documents and retrieve them whenever they want without affecting the security of documents as they are cross-checked in real-time from any device. If you are a hard-core fan of MS-Office and PDF files than you can rest assured that the software also protects these documents.
Ansarada offers a minimum fee for four months, which you can pay per page or data storage in terms of MB. For more information on pricing click here.
You can customize your company’s logo and colors on the software interface and allow your employees or clients to use the tool
Capterra users have no specific complaints regarding this software.
Citrix has developed ShareFile to help you to collaborate with your peers and colleagues for sharing confidential information during an M&A deal or creating intellectual property (IP). With ShareFile VDR, you can securely share confidential files as it has more data centric controls that ensure encryption.
- Security: The software provides data center controls validated by third party applications for SOC 2 and SSAE 16 audits. This means that you get enhanced financial encryption based on the banking industries regulations to ensure a smooth transit of confidential data.
- User interface: The software has an intuitive interface as it allows you to share confidential files with customers or colleagues without any downloads or plugins.
- Customer care support: You can get all the help you need while initially setting the software for your business through live customer care training. You can also view the ShareFile webinar for one-on-one advanced trainings to increase your learning curve of the software.
ShareFile is available for $100 per month. For more information on other pricing plans click here.
Offers enhanced security in terms of encryption as the software follows SOC 2 and SSAE 16 audits standards
Capterra user reviews do not have any specific complaints with this software.
If you have any other alternatives to iDeals Virtual Data Room software, then feel free to drop a comment below.
You can also view Capterra’s Virtual Data Room directory to get an insight on managing your confidential documents effectively.