In a large business, data is no longer restricted to traditional physical data rooms. With the trend following an exponential growth, this option is not feasible for storing and relaying enormous business data since they are generally deemed confidential. Accessing documents surrounding business deals or transactions can take ages in physical data rooms, which can lead to harbouring more risks.
After 2007, handling business documents took on a new lease of life. Virtual data rooms (VDR) started coming up in place. Many financial and legal organisations have realised that this online repository was much more secure than physical data rooms for conducting business transactions and keeping data private. As a result, VDR has become a popular service in the recent years among most sectors.
Here we list down the top VDR providers in the tech market. These names are presented in an alphabetical order:
Founded in 2005, Ansarada is an Australian software company that specifically caters VDR services. The company has AI-powered VDR tools that is mainly deployed on material events. Called the ‘Material Information’ Platform, Ansarada’s VDR hinges on optimising business parameters all along the transactions. In fact, it is the most preferred VDR for merger and acquisition (M&A) deals due to its speed and efficiency.
Box is a cloud tech company specialising in enterprise content management platform that primarily provides file-sharing services. Its VDR has plenty of features such as multi-sided data protection among others, which makes it popular for use. Headquartered in Redwood City, California, US, Box serves clients across the world. Many of them include Fortune 500 companies such as Apple, IBM and Microsoft.
EthosData is an UK-based VDR provider that offers data room and document sharing services to its customers. In fact, it has been recognised as one of the leading VDR providers in the world. Apart from VDR, EthosData also provides virtual boardrooms, fund management and legal solutions to its clients.
The company’s VDR has three pricing plans to suit various business requirements. What’s different here is the flexibility in customising VDR needs for different business.
A pure play VDR provider, Firmex is a tech company based out of Toronto, Canada. Firmex’s key areas, once again, are due diligence and closing processes in M&A. The company caters to various law firms, investment banks, private equity firms, accountancies and life sciences for VDR solutions. It has a global presence serving companies in more than 140 countries.