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Table of Contents

• What is Virtual Data Room Software?
• The benefits of Virtual Data Room Software
• Typical features of Virtual Data Room Software
• The cost of Virtual Data Room Software
• Considerations when purchasing Virtual Data Room Software
• Relevant Virtual Data Room Software trends

What is Virtual Data Room Software?

Virtual Data Room software helps businesses securely share important financial and legal documents, along with sensitive client information. This type of software is used by law firms, accounting firms, commercial real estate dealers, and any company that wants to ensure due diligence.

The benefits of Virtual Data Room Software

• Improved tracking and reporting: Easily track document changes and user activities to ensure an immutable audit trail. Schedule automated reports and export data to gain insight into virtual data room activities.
• Simplified due diligence: Before doing business with a particular company, you need to know about their financial situation and any potential liabilities or opportunities. Virtual data rooms simplify the sharing of confidential documents with versioning, checklists, bulk uploads, and other features to ensure due diligence can be performed quickly and efficiently.
• Strengthened security: Virtual data room software provides powerful protections such as strong encryption, multi-factor authentication, and single sign on (SSO) integration. Shared documents can be secured with watermarks, printing restrictions, and access expiration. Most products offer compliance with common security standards such as HIPAA, GDPR, PCI DSS, and SOC 2.

Typical features of Virtual Data Room Software

• Access Controls/Permissions: Restrict access and set levels of authorization for specific files and folders.
• Data Security: Protect digital privacy through secure online viewing of sensitive documents.
• Data Storage Management: Manage and store documents and assorted data in a database.
• Audit Trail: Track changes over time with detailed records and timestamps.
• Document Indexing: Tag documents for easy filtering and identification.
• Collaboration: Work collectively on a project while communicating and sharing information within the system in real time.

The cost of Virtual Data Room Software

Most products in the market are priced on a per virtual data room basis, and pricing can be divided into three pricing tiers based on their starting per room, per month price:

Price ranges*:

• $45 - $156
• $156 - $261
• $262+

*The pricing included is for the entry-level/lowest priced offering found on vendor websites on July 17, 2020. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from vendor websites of sample products.

Considerations when purchasing Virtual Data Room Software

Complicated business deals (such as mergers and acquisitions) often take place across multiple time zones. If a deal gets hung up because someone can’t access a document, you need support immediately. Ask your vendor if support is available 24/7/365, and find out about service level agreements ahead of time.

Relevant Virtual Data Room Software trends

• AI tools accelerating research: More and more virtual data room software offerings include AI tools that accelerate the research and due diligence efforts required for complex business transactions. AI tools automate the process of organizing and analyzing thousands of documents while quickly providing insights into risks and opportunities.
• Customization becoming more common: Increasingly, virtual data room software includes customization options that allow for company logos, color schemes, and banners to create a branded space. Some vendors are going even further by offering white labeling, custom domain names, and fully customizable workflows to create a truly tailored virtual space.