Getting a virtual data room software is the right step towards a smoother mission-critical dealing for your company. Whether it is mergers and acquisitions (M&A), initial public offering (IPO) negotiations, or any high-level transaction, a safe place in the cloud to upload, share and collaborate on sensitive documents ensures key stakeholders get the information they need when they need it, wherever they are.
In this article, you will come across the different iDeals Virtual Data Rooms plans and their inclusions. You will also understand the ideal user for each plan, and by deduction, which one should suit your requirements best.
When you do critical business deals like mergers and acquisitions, IPO negotiations, and fundraising, you need to share sensitive documents with stakeholders. But a freemium platform like Google Drive won’t cut it; you need a highly secure virtual data room.
Although they appear to have similar functions, a virtual data room and a cloud storage system cannot be more different when it comes to purpose. Suffice it to say security is the main factor and the former requires bank-grade protection against unauthorized access to business-critical files like profit-loss reports, balance sheets, and the like.
Many corporations are finding virtual data rooms a must-have addition to their high-level dealing kit to the point that by 2026, the global data room market size is forecast to hit $3.2 billion. Why not? A secure virtual data room provides quick answers to potential investors or key stakeholders, accelerating the pace of negotiations. It also helps companies organize files in an indexed structure that makes it easy for different parties to find the right document when needed.
Moreover, a virtual data room does not only serve the duration of an IPO or M&A negotiation timeline. It can transition to an internal document management system post negotiations. You will always have a need for a safe, convenient place to share important files with a future business partner, investor, or any other party key to your operations. In fact, that is how you should approach a decision when choosing which iDeals Virtual Room plan to get.
iDeals Virtual Data Rooms is designed for companies dealing in M&As, but it suits any purpose that requires a secure, sophisticated, but easy-to-use virtual data room. These include fundraising, joint ventures, and IPOs.
The platform features advanced data room innovations, such as personally-identifiable watermarks, a “fence view” that prevents camera-based hacks and, a proprietary tool that permits administrators to check what files were viewed and for how long on a page-by-page basis.
Server operations are ISO 27001 certified and the infrastructure is SOC2 compliant. Further, development practices meet the Open Web Application Security Project protocols. With 99.95% server uptime and the use of multiple mirroring data centers, your documents are accessible whenever you need them.
In its highly secure environment, iDeals Virtual Data Room allows you to share and collaborate on sensitive files in a safe place where authorized parties can access important documents with cloud convenience via mobile or desktop browser.
The setup cannot be any simpler. You can get it up and running in minutes and drag and drop files with ease. Then copy-paste a mailing list to bulk invite hundreds of contacts to your data room and you are all set.
The platform is compatible with more than 25 file formats. With its rights management feature, you can configure permissions for viewing, printing, and downloading the files.
Also, a 30-day free trial is available, one of the longest periods that we’ve seen around. The solution is offered through three plans, as explained in detail below.
Detailed iDeals Virtual Data Rooms Review
iDeals Virtual Data Rooms pricing is generally based on the number of projects, administrators and guest users, plus file storage size. But the key feature set matters, of course, where the key differences among the plans are to be found in document management, document security, user management, tracking and reports, and data hosting and compliance, among others. The plans also differ in other key aspects, namely, support level, customization level, and integration reach.
Pricing notwithstanding, there are important factors to consider regarding the plans.
Here are the plans sorted by their key features, pricing, and ideal users.
The iDeals Virtual Data Rooms Basic Plan suits small businesses handling simple projects one at a time. The plan allows only for a limited number of administrators and the support is basic (via an online help portal). The features are likewise designed around a single small project. A venture capitalist servicing a local business area, for example, will find the basic plan a good enough platform to realize the merits of a virtual data room.
It’s worth remembering that you can bump up the plan to Pro or Business whenever a growth opportunity beckons the business.
An interesting aspect of the basic plan is the savings being offered based on your payment schedule. You get a 9% discount for quarterly, 25% for semiannual, and 44% for annual billing. While in the other plans—which are by-quote—savings are not explicit, longer contacts may draw out a deal, too, depending on your negotiation with the sales rep.
The plan includes the core features that are also available in the other plans. But there are a few limiting features that need highlighting in the basic plan, which may prove critical to your purchase decision.
The plan doesn’t allow you to customize watermarks. Watermarks are rendered on documents as a security identification to protect against unauthorized use. In short, you get this feature but you cannot configure how these marks are displayed upon viewing, downloading, or printing.
The search capability is likewise basic compared to full-text search in the premium plans. But it doesn’t mean you don’t get smart filters and keyword search, which are standard tools these days.
As mentioned above, support is basic. That means relying on self-onboarding and an online help center most of the time. You can, however, send an email for support (English only) should you get stumped by a technical issue.
Lastly, security in the basic plan means you get the standard protocol: SOC 1/2, ISO 27001, GDPR compliance. They are more than enough controls for you not to lose any sleep over matters related to the confidentiality, privacy, and integrity of your sensitive files in the cloud.
Here are the Basic Plan features:
If you have more than one project at any single time or are managing a handful of simple projects, the iDeals Virtual Room Pro Plan may fit you to a tee. In this plan, security and support are reinforced and you get custom branding. The vendor also says it is the most popular plan, suggesting that it is best for the growing requirements of small and mid-sized companies.
With the Pro Plan, you get to configure watermarks with a user name, IP address, and the date and time when the document is accessed. This gives users a higher level of accountability and, on your end, more visibility over who is accessing what file. On top of standard security protocols, the Pro Plan is HIPAA-, PCI DSS-compliant.
The plan also allows for full-text search and you get live training and phone support (in 12 languages) as opposed to the Basic Plan.
Here are the Pro Plan key features:
Businesses with a large project or are managing multiple projects simultaneously will do well to get a quote for an iDeals Virtual Room Business Plan. Expectedly, the features are scaled to enterprise-grade, but the thing that stands out here is that you can deploy the solution in a private cloud. You get full white-label branding, deeper customization, more integrations, and higher security level.
Surely, these premium features come with a hefty price, so do your homework and make sure you get to optimize all of them in the conduct of your business. Otherwise, you may be better off with a Pro Plan, plus some add-ons (discussed below) for just the right set of tools.
Aside from the obvious enterprise-grade features, the key difference in the Business Plan is the level of security afforded to you. You don’t just get more security tools, such as Single Sign-Ons (with additional fees), access restrictions, session timeouts, custom passwords and encryption keys. The fact that you can deploy the solution in a private cloud adds a significant layer of protection for your files. The point is, your IT team can add more privacy configurations on the server end.
Another major difference with the other two plans is, you get a dedicated project manager in the Business Plan. You also get API integrations (with additional fees) for deeper compatibility between company systems.
Moreover, to help you institute budget control, the vendor can help you set a flexible number of projects and storage volume billed at a fixed annual fee. This setup still lends to you an unlimited number of users and administrators.
Here are the Business Plan key features:
You also get the following features in the Business Plan for additional fees:
iDeals Virtual Data Rooms also allows you to add certain features to the Basic or Pro package without having to bump up the plan. Add-ons are available for extra projects, number of administrators or guests, file storage and special premium features. They are useful for dealing with irregular or seasonal projects where extra flexibility to your subscription is truly welcome.
If your requirement for more add-ons is temporary, it’s better to simply cost in the extra charges. Otherwise, it makes more sense bumping up the plan for long-term needs, as this setup affords you more convenience. Take note, the vendor is open to negotiated pricing, so before you upgrade, contact a sales rep for a quote. A mutual plan may not be farfetched.
Generally, there are two ways you can make payments, either by check or credit card through Visa or MasterCard. The vendor accepts currencies in US dollars, euros, British pounds, Hong Kong dollars, and Australian dollars. To be sure of the option available to you, discuss it with the vendor-assigned personal manager.
iDeals Virtual Data Rooms provides one of the longer free trial periods in the industry: a 30-day free trial offer. The trial does not oblige you to sign a contract, nor does it require one after the period expires unless you want to continue with the service. This deal gives you access to all features, plus premium support.
Likewise, you can onboard a real project during this period and, should you decide to continue with the subscription, the project files are simply transitioned to a live paid plan. There is no need to re-upload any file that has been previously uploaded during the free trial.
It is likely, since you are already thinking of its pricing. The question is, which plan works best for you?
For small projects, the Basic Plan is the easy choice. Conversely, for enterprise needs, you can’t take a wrong turn going for the Business Plan since it affords you the best features you will be needing to handle multiple projects at once.
Where you will probably have to spend more time thinking of a plan is in a situation where you expect a number of projects but do not want to commit yet to premium features. Understandably, you do not want to pay for features that you may not use should some of the projects don’t push through.
In this scenario, you can opt for the Pro Plan then simply pay for additional projects and admin users as they come in. Until you reach a predictable traction where you are managing multiple projects simultaneously—the Pro Plan works best. It gives you the right feature set to meet your current project commitments, while leaving some room to expand fast in case you are presented with a nice problem of handling additional projects.
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