12 Best Virtual Data Room Software Systems in 2022

What is the best virtual data room software?
The best virtual data room software is eFileCabinet. The application not only gives you ample storage space but also provides advanced document management tools with smart file and folder organization capabilities. To save you time and boost productivity, eFileCabinet adds powerful process automation modules specific to your industry.

If your company deals with more sensitive, mission-critical document assets for M&A transactions, then a simple cloud storage solution is not enough: IPOs, contract negotiations, your need for due diligence, powerful document management capability and an equally capable search engine takes precedence. On top of that, every file, process and communication must have the tightest security cover all the time if you want to establish value, trust and confidence to the transactions. This means that for this crucial software, how much does a virtual data room cost might not be your most pressing concern: what should be in a data room is the vendor’s capability to integrate promising technologies to make your transactions easier but more secure, on top of security and value-for-money.

In this article, we present the 12 best virtual data room providers to get you up and running with your pre-purchase research without expending more time and resources than you would normally do otherwise. The list comprises a healthy mix of solutions with storage and document management features as well as those with M&A and due diligence capabilities for more secure financial transactions. Once you decide which virtual data room software best matches your needs, also watch out for how the vendor is in terms of providing customer support and regular updates so you don’t have to look for another solution after just a year.

virtual data room software systems

As with most businesses today, securing vast stockpiles of data assets remains a prime concern for virtual data room applications. What makes this more difficult, however, is the stark reality that threats need not come from the most sophisticated cybercriminals out there: it could very well emanate from the most innocent of sources, like a simple internally generated script that resulted in this 2019 Salesforce outage.

Of course, there’s the added rub that to mitigate the situation and appease angry customers, Salesforce issued users access keys that included write permissions, compromising the company further by allowing malicious users the chance to cart away or cause more damage to its data. For M&A businesses, that could very well be the straight path to costly litigations, Chapter 11 filing, or outright jail. In fairness to Salesforce, the vendor acted swiftly to secure its data centers, highlighting the importance of vendor reliability, given that systems — whether SaaS or your own on-premise — are no stranger to Murphy’s Law: it will go wrong one day.

What to do in this data-driven economy?

What to do when the race for ultimate corporate, consumer and individual security is reaching comical proportions? To illustrate: while AI has been hailed as the final solution to malware and all forms of data breaches, experts are quick to point out that the same tools available to the good guys are just as accessible to the baddies out there. It’s why cybersecurity is now the top concern for 72% of board room members.

So what happens? Simple, right? It’s your AI versus my AI. Just as security personnel summons AI and machine learning tools to help identify threats, cybercriminals would be programming AI to circumvent these security measures in place—a good case of tit for tat at Shakespearean proportions. Not all is bleak, however: quantum cryptography may well give the good guys the upper hand in the final reckoning, but the question is how soon they are going to get inside the security applications now in the market.

Meantime in the near term, virtual private rooms have opted the way of hybrid data installation—on-premise private cloud meets public cloud using a well-calculated mix of the two. Threats remain, but a private cloud deployment gives security personnel better control of the data infrastructure. In a world where IT security professionals experience an average of 6 significant data breaches over the course of their careers, most of it from the internet at large, that should count as the best recourse right now.

12 Best Virtual Data Room Software

1. eFileCabinet

eFileCabinet dashboard example

Leading our list of the 12 best virtual data room providers is eFileCabinet, a VDR solution that not only helps companies get rid of paperwork but also provides process automation workflows for greater efficiency. The workflow modules are designed to meet accounting, HR, insurance and legal document processes, among others.

While it’s geared towards small and growing businesses, this tool can be used by enterprises that handle larger volumes of data by choosing its higher storage capacity.

To check out the features firsthand, you can easily sign up for eFileCabinet free trial here.

The platform offers a variety of delivery modules to streamline and expedite how you upload data for a complete document management software solution. It also offers various integrations to make data migration easier. By automating these tasks, you lower the risk of human error from manual processes that open the potential of losing crucial corporate data.

Why choose eFileCabinet?

  1. Smart organization. Get your files digitally scanned and eFileCabinet will do the rest automatically organizing your files based on easy-to-understand file and folder structure. You get advanced templates aside from the automated processes, giving you an edge in speed and flexibility while saving precious time.
  2. Multiple process automation modules. eFileCabinet now includes automation modules designed specifically for HR, legal, insurance and accounting businesses. The customized workflows confer efficiencies that you probably did not think was possible for your business.
  3. Zonal OCR tool. This is an automation feature that recognizes files recently used and routes them to their specified recipient according. Even without human interaction, the file is automatically saved to the most appropriate cabinet or drawer.

2. Google Drive

Google Drive dashboard example

Next on our top 12 virtual data room software solutions list is Google Drive, one of the most popular cloud storage systems around.  The storage platform also doubles up as a capable office suite collaboration solution with its own word processor, presentation and spreadsheet program among others. Google Drive comes with a generous storage space you can use, especially if you’re using Google productivity apps and files such as images, videos, and documents.

Individual users readily get free 15GB storage and easy sharing functionality especially in conjunction with other Google applications like Gmail. You can use the office suite to share and collaborate on spreadsheets, word documents, presentations, slides, forms and drawings. As the owner of any document, you can assign who has the right to edit, view or post comment on them.

Google Drive automatically syncs files regardless of location, time and the computer you’re using, which means you always get the latest version of any file. It streamlines how you upload, migrate, and share files, making it one of the top 3 file sharing software systems.

You automatically get Google Drive once you sign up with Google—there’s no required software to download so you can immediately use the tool. It lets you open and save a variety of file types and actively monitor all changes made with details on what changes were made by who at what time. Furthermore, mobile users can install and use the app on their devices—both for Android and iOS.

Why choose Google Drive?

  1. 15GB for free. Your Google account automatically gets you 15GB of Google Drive space. Minor tweaks will allow you to optimize how the office suite works with your browser. If 15GB is not enough, you can get additional storage at reasonable rates.
  2. Live chat. When multiple people are active on the same file, you can use live chat to communicate and collaborate within the file itself. This streamlines all communication regarding the file to make sure everybody stays on the same page.
  3. Work with a variety of file formats. Whether you’re using it for personal and business purposes, the tool supports a wide range of file types. It opens and saves formats in DOCX, HTML, PDF, PNG, TXT, SVG, XLSX, and PPTX. Meanwhile, formats such as 3GPP, AI, DOC, EPS, AVI, and ZIP, among others can be opened but only saved on the previous formats mentioned.

3. Box Virtual Data Room

Box Virtual Data Room dashboard example

Box Virtual Data Room is a platform built for securely managing merger and acquisition deals. Easy to deploy, use and maintain, Box Virtual Data Room helps you streamline bidding processes and contract negotiations using modern tools. Robust integrations and comprehensive mobile implementation allow you to conclude any deal cycle efficiently.

Taking a page from IT security tools, Box Virtual Data Room applies strong security protocols to protect sensitive documents and information assets while providing cutting-edge privacy to bidders. By eliminating threats of data leaks and security breaches, you earn the trust of clients and increase the reputation of your brand, ensuring that M&A negotiations proceed seamlessly without the risk of miscommunication.

The central repository for your contracts, plans, meeting minutes, bids, and schedules gives you a platform where you can upload, create, view, and search for any file you need on any device. You control user access and restrict the ability to share, print, and download files.

Why choose Box Virtual Data Room?

  1. Hide collaborators. Aside from multiple levels of access security and watermarking, Box Virtual Data Room allows you to hide collaborators. The feature ensures privacy for collaborators and peace of mind while going about the negotiations.
  2. FINRA and SOX compliant. Box Virtual Data Room is fully compliant with SOX and FINRA, which ensures that deals are fair and safe for parties involved. Such compliance enhances trust and confidence for your brand and processes.
  3. Custom branding. Establish your branding when your partners access your files with a professional and branded experience. The tool enables you to add your own logo and use your branding’s color scheme in the Box interface and login page.

4. ShareFile Virtual Data Room

ShareFile Virtual Data Room dashboard example

ShareFile from Citrix is a highly secure virtual data room solution to facilitate and manage confidential business deals and IPOs. Its file sharing service allows for business-class, real-time collaboration with advanced security features like view-only permissions, click trails and watermarking.

It automates workflows for providing feedback, requesting approvals, co-editing, and getting legally e-binding signatures in order to enhance productivity. Developed for personal and professional usage, this tool is packed in an easy-to-use platform for all types of users, even those that aren’t tech-savvy.

One of the tool’s strongest points is its robust third-party integrations. Data sharing is secure and flexible. Furthermore, it offers a variety of security capabilities such as granular permissions, multi-level access authentication, and SSL/TLS 256-bit encryption. You can manage your security settings on your own through extended customization with an internally monitored and password-protected document archive. Its Activity Log also stores all file information for streamlined tracking.

Why choose ShareFile Virtual Data Room?

  1. Define roles and permissions. Give full or restricted access to your file library based on their role and permission. For instance, you can define the level of access for your employees and control external clients.
  2. Customized file sharing. While it’s not the tool to manage your file sharing, it empowers you to have an unobstructed sharing process through organized folders and shared and synced data.
  3. Integrate with Office 365. If you’re using Office 365 suite of applications, you’ll appreciate the app’s real-time versioning and co-editing to leverage collaboration and communication.

5. Egnyte

Egnyte dashboard example

Egnyte is a VDR designed for secure content collaboration, data protection and infrastructure modernization. Beyond being a file sharing solution, it enables seamless collaboration for different departments and teams by allowing access from any device, anywhere and at any time.

It ensures compliant data governance across the program by enabling you to monitor usage patterns and access controls. This ensures you stay on top of private and sensitive information critical to your organization.

One of its products, Egnyte Connect, specializes in leveraging collaboration. The enterprise file sharing solution is designed for teams to work how and where they want without affecting their productivity and efficiency. In fact, this platform reduces file bandwidth usage while enabling robust access to both internal and remote users.

Why choose Egnyte?

  1. Hybrid deployment. Implement the system in the model that fits your workflow and requirements. The tool is available in the cloud, on-premise, and as a hybrid solution.
  2. Flexible platform. Egnyte eliminates the need for VPN and FTP. It also has a modernized infrastructure that’s compatible with popular industrial third-party applications.
  3. Secure confidential data. The centralized toolkit empowers you to secure sensitive and confidential data across your organization, including multiple domains.

Intralinks Virtual Data Room dashboard example

Intralinks Virtual Data Room automates third-party approvals, publishing and permissions to streamline M&A due diligence for dealmaking, global banking, and capital market transactions. Deal insights allow you to take charge of negotiations and turn them to work in your favor.

With its secure digital platform, sensitive information and transactions are guaranteed to be on safe hands. Furthermore, it offers lifetime data protection, tight permission controls, and advanced IRM (Information Rights Management) for a VDR that you can trust.

Intralinks Virtual Data Room provides key information for any stage deal, giving you ample time to organize essential deal documents before going live, ensuring you don’t get a red face when going through due diligence.

Why choose Intralinks Virtual Data Room?

  1. Industry- and role-specific products. Intralinks Virtual Data Room is designed to meet any nature of business. This includes advisory and corporate finance, alternative investments, banking and securities, corporate development, finance departments, and legal departments.
  2. Speedy deployment. Deploying the system in your organization only takes a couple of minutes. You no longer have to wait for hours or days to use the VDR tool.
  3. Business solutions. Regardless of your purpose for using the program, it offers a wide array of options to fit your requirements. For instance, it works solutions for M&A due diligence, capital raising, deal lifecycle, and debt financing, among others.

7. Merrill DatasiteOne

Merrill DatasiteOne dashboard example

VDR solution Merill DataSiteOne from Merrill Corporation provides dealmakers with enterprise-grade security, powerful analytics for deep insight about deal details, and a powerful search engine to enhance due diligence. A redaction tool lets you limit access to words, figures, images and phrases.

Giving the leading site search solutions a run for their money, Merrill DatasiteOne’s search engine is capable of diving inside documents for any defined word and string search. For additional security, you can set how much time a user can access a document, ensuring that deals flow along smoothly.

Why choose Merill DataSiteOne?

  1. Word-level control. The powerful module allows you to redact any document element to users with limited rights access. You can reduce redaction as the deal pushes along.
  2. Instant project availability. Any project is immediately available once the platform receives the signed statement of work. This ensures the initial document is ready for upload within minutes.
  3. Elasticsearch utilization. The tool uses Elasticsearch, one of the most popular enterprise search engine, to handle large document repositories with speed and precision.

8. Firmex Virtual Data Room

Firmex Virtual Data Room dashboard example

Firmex Virtual Data Room is an online VDR solution specifically designed to work with a range of industries including finance and banking, mining, biotech and pharmaceutical among others. It simplifies document sharing and collaboration processes, allowing you to reduce time demands. Firmex Virtual Data Room provides in-house experts to support your projects at any time of the day, 24/7.

The core features you need are built right in to eliminate the need for add-ons and downloads. This is packed in a modern interface that supports all types of workflows no matter the volume and complexity. Furthermore, this solution offers value in a transparent pricing model tiered according to the number of users and storage. The costs are defined beforehand for both its unlimited-use subscription and per-use transaction.

Why choose Firmex Virtual Data Room?

  1. Q&A automation. Automate the Q&A process during due diligence within the VDR for multiple buyers. This eliminates reliance on spreadsheets and emails.
  2. One level of premium support. Regardless of your chosen subscription, you receive the same level of premium support to assist you with your needs. You can contact support 24/7 on 365 days.
  3. Compliant with major international security certifications. Having the same level of security with major banks and financial institutions, your data is secured with multi-factor authentication, DRM (digital rights management), and watermarks. It is also compliant with GDPR, SOC 2, and HIPAA.

9. Onehub

Onehub dashboard example

Onehub is a cloud-based file sharing system and VDR to help you manage your deals faster. It comes with a secure platform so you can privately share sensitive data while allowing collaborators to stay anonymous. The system is easy to set up and is built to simplify multiple processes. For instance, you can use a simple drag-and-drop method to upload multiple files at once directly from your browser.

Its Activity Tracker feature gives you visibility over who interacts with your files and what actions were made. This lets you monitor the activities related to every single file for accountability. Both desktop and mobile implementations allow high-quality previews for over 30 file types. Other features include collaboration and communication using its Workspace feature and flexible customization to match your branding.

Why choose Onehub?

  1. Tight permissions. You stay on top of who can access your content and the level of permission each user to avoid any chance of data breach.
  2. Bank-level encryption. To give you peace of mind when sharing files, the system provides bank-level encryption in transit and at rest to ensure only the people you invited can access the data.
  3. Custom branding. Create a professional-looking and branded experience for your clients by adding your own logo and brand colors to your Workspaces.

10. Syncplicity

Syncplicity dashboard example

VDR platform Syncplicity provides storage, file sharing and collaboration solutions specifically designed for business users and IT professionals. A hybrid solution allows for storage infrastructure aggregation, file share replacement, real-time document security and backup, data migration, system connectivity, mobile collaboration, sharing and editing, and any-device content access.

As a user, you get folder syncing without additional steps or rearrangement of workflow, automated version control, and online file browsers. Additionally, it offers mobile access, which means file sharing and collaboration are made possible even for remote teams. Meanwhile, IT users get solutions ranging from policies and control (such as external sharing restrictions and group-level policy control), admin management, storage, and deployment.

Why choose Syncplicity?

  1. Group and user management. Syncplicity lets you take control of push configuration settings to users, custom branding, and Active Directory synchronization, among others.
  2. Microsoft integration. Streamline collaboration if you’re using Microsoft Office applications. This lets you share files externally and internally without hiccups.
  3. Native mobile app. Access all content through the mobile app which ensures receiving and sharing files, viewing common document types, and saving files for offline access.

11. RR Donnelley Venue Data Room

RR Donnelley Venue Data Room dashboard example

VDR tool RR Donnelley Venue Data Room is your ticket to bulk file management, real-time graphics reporting, and user activity monitoring. Also referred to as “Venue,” this virtual platform was created by RR Donnelley to help financial institutions manage their complex local and cross-national projects. Built for M&A, it is equipped with tools and features to help you run deals smoothly and efficiently.

While Venue is viewed simply as a complimentary service to its other tools, it still provides you with the standard VDR functions with a reliable data protection security, especially if your business falls under the financial industry. Some of the industry solutions it supports include due diligence, document repository, M&A buy and sell side, and procurement management.

Why choose RR Donnelley Venue Data Room?

  1. Activity reporting. Track activities of users efficiently through real-time audit trails and document viewing time. You can generate graphic reports for a comprehensive activity overview and insights.
  2. File protection and DRM. Your files are secured with data at rest encryption, view-only access, granular document permissions, and customizable document watermarks. You also get a document access expiry feature and 256-bit SSL/TLS encryption.
  3. Tight data hosting and infrastructure. The platform has a high uptime guarantee in addition to its SOC 2 and ISO 27001 certification. Virus scanning and data backup are also available.


FORDATA dashboard example

Rounding up our 12 best virtual data room providers list, VDR software FORDATA provides you with a secure platform for sharing confidential information and communication with your key stakeholders, partners, and investors. The platform simplifies complex and confidential transactions, from restructuring, mergers and acquisitions and IPOs among others. Since it is built on the cloud, implementation is fast with no downloads, installations and plug-ins required.

It also streamlines how you manage deals by providing a single dashboard that gives you a robust overview of crucial information at a glance. Single-file and bulk uploads are also done seamlessly through rapid document upload. Additionally, its permission setting capabilities are made intuitive and simple. Since security is an important factor for a VDR, you’ll appreciate FORDATA’s user-based document watermarking and advanced audit trails among others.

The vendor offers a comprehensive free trial to get you up to speed with the features. You can sign up for FORDATA free trial here.

Why choose FORDATA Virtual Data Room?

  1. Strict Excel and PDF file protection. You can share any Excel and PDF file with a guarantee that no one could modify or copy its contents.
  2. Participant management. With a single click of a button, you can restrict access to the documents. You can also add participants individually or by bulk to expedite the process.
  3. Permission Matrix. An overview of permissions at varying levels for the document, firm, and contact. When new documents are added to your VDR, you can manage the notifications sent to users.

Take the free trial spin before you purchase

As critical as your data assets are, it is not enough to finalize your VDR software purchase decision without doing that one final step: take the free trial offer, which most, if not all of these vendors, offer. It gives your selection more concrete ground, and decision makers will make it easier to go with your stand if they see the software actually lifting workloads right inside the company computer systems. In the case of our top choice, for example, you can easily sign up for eFileCabinet free trial here.

Finally, your business needs might not require the full capabilities of virtual private room software; it could be that you simply need a straightforward platform to share files among colleagues and business partners. In that case,  you might want to consider any of the leading file-sharing applications on the market.

Stephanie Seymour

By Stephanie Seymour

Stephanie Seymour is a senior business analyst and one of the crucial members of the FinancesOnline research team. She is a leading expert in the field of business intelligence and data science. She specializes in visual data discovery, cloud-based BI solutions, and big data analytics. She’s fascinated by how companies dealing with big data are increasingly embracing cloud business intelligence. In her software reviews, she always focuses on the aspects that let users share analytics and enhance findings with context.

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