A virtual data room is a powerful tool for sharing secure files between users. It provides central storage for documents, controls access and provides a complete audit trail to ensure transparency. It is beneficial for a variety of business functions, such as collaborating with partners, sharing files with clients or investors, and even conducting due diligence in an M&A deal. Virtual data rooms are usually free and have basic functionality, which is sufficient for most needs. They’re not able to be competitive with premium options in terms of features or security.
In this article, we’ll examine the main differences between paid and free data rooms. We will also examine some important tips on choosing a reliable service.
The most obvious distinction between paid and free VDR services is that the latter lacks advanced features that guarantee strong data protection and are required for M&A transactions. The best free virtual data room was designed for small business and one-time projects that do not involve sensitive data.
For instance, iDeals is a secure inexpensive virtual data room that offers a variety of advanced features available for private and commercial use. It gives a free 30 days trial period for users to try out the capabilities and determine if it’s appropriate before signing up for a monthly subscription. It lets users view documents in their native format with no plugins, facilitates collaboration on multiple projects at the same time and offers a user-friendly mobile user interface. Moreover, it is a compliance-focused VDR and supports HIPAA, GCP and ISO 27001 standards.