Best Virtual Data Room Providers in the UK

Virtual data rooms in the UK

What is a data room?

Data-room (or Virtual Data Room) is a software that helps businesses to keep and share documents with their partners in a high security way. It’s main feature is file sharing inside numerous industries such as finances, investment banking, biotechnology, legal sphere and many others. The highest priority of any data room is providing help in making secure M&A deals through protected document exchange.

How to use data rooms?

All you need to do is to upload your files using a simple drag and drop feature and organize them within the online repository. Once you do it all your documents are perfectly safe and ready to be shared with your team, partners, investors and anyone who needs to use them.

VDR is perfect for the teamwork. The owner of the data room can add team members or other people who need to have an access to the information. Once new users are added you can manage their roles and actions they can perform within the data-room. Also, the datarooms owner can see what other users were doing with files, how much time did they spend working with them and other useful data.

Secure data room also can provide their users with detailed statistics that allow tracking the development of the business. From those reports, business owners can gather lots of valuable insights that will help to improve the processes within and outside of the company.

But since there are a lot of different virtual data rooms it might be hard to pick the one that will suit your business perfectly. Using data room reviews you can see unique features every provider has and choose the one that will fit your needs.

What Are Virtual Data Rooms Used For?

Businesses can use this instrument for every process that is related to the work with documents. For example, one of the data room services is due diligence which can speed up the information review significantly. There is no need to travel, spending lots of time and money, just to provide potential partners, investors or authorities with the required information. Everything can be reviewed online within a short period of time.

Data on M&A is extremely sensitive. That’s why it should be protected well. Using online data rooms business owners don’t have to worry about the safety of important documents. Providers care about the security of their customers’ files and protect their servers. Also, they provide users with some additional protection like watermarks.

Data rooms for Real estate are used rather widely in the UK. Since the property market is blooming here, companies in this field have to speed up the paperwork to get the deal. Using VDR for real estate businesses can not only manage their documents but also share video tours, plans of the property and other useful information with potential buyers. It allows both parties to save time and make a decision in a comfortable environment with no hurry.

Is VDR a far cry from cloud storage?

Cloud storage is a software that has been popular in business for many years. The low price attracts users, although they neglect other things, including security.

Virtual data rooms are a next-generation alternative. Some people mistakenly believe this is just another file sharing service, but there is a big difference. It is a controlled online platform that enables the exchange of confidential records without the risk of leaks or damage.

What is the difference?

Functional

File sharing services are more suited to private use. The primary purpose of any virtual data room software is to meet the requirements of companies and ensure stability. Built-in tools are user-friendly and also helpful when dealing with all types of transactions and daily tasks. Managers find in the workspaces ample opportunities to control documents and personnel, having everything they need.

Safety

Two-step authentication, encryption, tracking sets VDRs apart from the rest. Banks, government agencies, and other privacy-seeking organizations rely on VDR. Providers are responsible for your integrity and safety. Developers keep implementing extra layers of protection and innovative mechanisms.

There are more distinctions. Yet, the idea of each of the office programs speaks for themselves.

Virtual Data Room Providers

We all know that not all virtual data rooms were created equal, but with all of the virtual data room providers seemingly offering similar services, it can be difficult to choose the one that is right for you. Choosing the right data room for you is critical for the success of your project since there is so much riding on this decision. You need to feel confident that everything you upload into the online data room will remain confidential since any leak of information can result in fines, litigation and damage to your reputation.

Having a reliable virtual data room is absolutely critical to doing business in the UK. With so many laws regulating M&A transactions, conducting online Due diligence and anything that requires strict confidentiality you are opening yourself up to serious legal and representational risks.  In case of any legal dispute, you will have to show who made which changes, downloaded or uploaded documents and pretty much anything that was done in the data room. This is why a lot of companies in the UK use a data room to protect themselves and their information by using virtual data rooms.

 For many UK companies, a virtual data room expedites a lot of business processes since the necessary information is readily available inside the data room and, in some cases, can be accessed offline. They also use it as a document repository since it is much safer than any other cloud service on the market and it is very easy to grant and restrict viewing privileges whenever the situation should arise. 

We prepared virtual data room comparison for you since navigating the sea of data room providers UK can be difficult.

15 Best Data Room Providers 2021

How to Choose the Best Virtual
Data Room Provider in the UK

The first thing that you have to take into account is security. You must be absolutely confident that when you upload something into the data room it will remain there and only people to who have access credentials will be able to view it. Just like in the rest of the world, there are a lot of cyber criminals in the UK, and if they really want to get their hands on a certain piece of information, they will use any means to get it. Be sure to ask the virtual data room providers about their security features and what sets their security apart from the rest.

 Also, the data room must be easy to use. While there should be a lot of features, the best data room solutions are the ones that offer an easy to use interface. You may find virtual data room comparison on this website. After all, the last thing you want to be doing is sitting there and trying to figure out how to use complicated software. However, let’s say that you do need help with something and you decide to call their customer services team. Will you be able to talk to a person or will they transfer you over to a robot? Will they be there for you whenever you need them or will they be available only during regular business hours? These are also important aspects to keep in mind.

 While the cost is an important factor, it should not be the deciding one. Keep in mind, data room providers offer a wide range of pricing plans and the best features will be available with the more pricier options. Think about what features you will absolutely need for your project and then think about which ones are worth paying for and which ones you can do without. Whichever plan you choose from the data room providers, be sure that it is flexible and you can upgrade whenever you need to.