Data rooms are spaces to store data securely, or it is more prominent to say that it is a place to secure data. There are mainly two types of data rooms, one is the physical data room and the other one is the virtual data room. The main needs of data rooms are data storage, document exchange, file sharing, transactions and etc. Nowadays physical data rooms are not more in use though they are more important to keep physical hard copy documents in a secured place. In other words, the physical data rooms are the place where the bidders and the advisers meet to inspect the documents and to reduce the amount of work and time from both the ends the virtual data rooms were introduced in which the bidders and the advisers are allowed to go for inspection the documents online.
What’s the deal about it?
Virtual data rooms are mainly a website that has very limited controls and access. The access is only authorized with a secured password which is mainly kept confidential between the access holders. Most of the information is confidential and the viewers are restricted from most of the information. Viewers are also restricted from copying or printing from these websites.
But people may say that what is the need for a virtual data room? The answer to this question is quite simple, the need for a virtual data room is to keep the data confidential so that the data does not get on to the wrong hands. For most of the big companies, these are some of the common problems most of the confidential data gets misplaced quite often so to recover these kinds of problems the virtual data rooms are the best solution.
Let us talk about the best
The best virtual data rooms are Firmex, Ansarada, and Intralinks. Ansarada and Intralinks are comparatively the older virtual data rooms provider but the Firmex is a comparatively newer virtual data room provider and is one of the most emerging ones. It is already in use by some of the huge companies namely Deloitte, CIBC, and many more. It is now one of the most trusted brands by most of the companies due to its customer satisfaction.
The reason for their success is large scale transactions with a single subscription and no hidden fees.