As the name implies, the software designed for data rooms is intended to store confidential documents utilized in business transactions. The documents are usually of great value and requires secure access to prevent competitors from obtaining it. To this end, the best providers in this category offer features like multi-factor authentication as well as granular user permissions for users and advanced IRM to protect the information from unauthorized access. They also offer features such as mobile device management, impersonating the user’s security and activity tracking to monitor users.

The best virtual datarooms are designed to support business-critical processes, and are optimized for a variety of platforms and devices, including tablets and desktops. They also permit seamless integration with other apps such as chat and email. They are available in cloud, on-premises and hybrid deployment models that can be used for a variety of workflows. The software is simple to install and designed to make processes simpler which makes it ideal for small and mid-sized companies who require both simplicity and functionality.

Some of the most highly rated data rooms include Intralinks Virtual Data Room, iDeals Solutions and Datasite. They offer a range business-critical capabilities that are suitable for M&A and capital market transactions, due diligence and other important transaction processes. Intralinks can help dealmakers make deals more efficient by providing a digital platform which provides high-risk storage, file-level security, centralized administration control, and easy access via a robust IRM. It includes a multi-lingual 24/7 support line, pre-configured templates for solutions, and an intralinks maker to speed up the process of starting projects and the best practice implementation.