Best Virtual Data Room Providers in the UK

Virtual data rooms in the UK

What is a data room?

A data room or VDR (Virtual Data Room) is a software that helps businesses store and share documents with their partners in a highly secure way.

File sharing is one of the main features that finance, investment banking, biotechnology, legal sphere and many other industries utilize with VDR software. A data room’s highest priority is to provide secure M&A deals through protected document exchange.

How to use data rooms?

1. Upload and organize your files. To start, all you need to do is upload your files using a simple drag and drop feature and organize them within the online repository. Once complete, all your documents are perfectly safe and ready to be shared with your team, partners, investors and anyone who needs to use them.
2. Grant and manage user access. Add team members or others who need to have access to the information. Once new users are added you can manage their roles and the actions they can perform within the data room. Also, you can see what other users are doing with files, how much time they spent working with them and other useful data.
3. Share documents and keep track of usage insights. Once everything is set up and in use, you can check detailed statistics that allow you to track the development of the business. These reports allow you to gather lots of valuable information that will help improve the processes within and outside of the company.

What Are Virtual Data Rooms Used For?

Businesses use data rooms for every aspect of work related to documents. The main use cases of virtual data rooms are the following:

• Due diligence. Significantly speed up the information review process. There is no need for potential partners, investors or authorities to waste time or money travelling back and forth to provide or sign documents. Everything can be reviewed online within a short period of time.

• M&A. Data shared during M&A is extremely sensitive, that’s why it should be secure and protected. Business owners who use online data rooms 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 additional safety perks like watermarks.

• Real estate. In the UK, data rooms are widely used in the real estate sector. Since the property market is blooming here, companies in this field have to speed up the paperwork to get the deal. Real estate businesses that use VDR can not only manage their documents more efficiently 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 without any rush.

Is VDR a far cry from cloud storage?

Cloud storage is a software that has been popular with businesses for many years. The low price attracts users, although cloud storage neglect many things, including security.

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

What is the difference between VDR and cloud storage?

• Functionality

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 everything from special transactions to daily tasks. VRDs give managers a reliable workspace with the opportunity to control documents and personnel in real-time.

• Safety

Two-step authentication, encryption, and tracking sets VDRs apart from the rest, allowing privacy-seeking organizations like banks and government agencies to carry out important business in a secure manner. VDR providers take the integrity and safety of their customers seriously, while developers continue to add extra layers of protection and innovative tools to enhance use.  

There are more distinctions, but really the function of each of the office programs speak for themselves.

Virtual Data Room Providers in the UK

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 ensuring strict confidentiality can open your business up to serious legal and representational risks if there is a misstep. If you encounter a legal dispute, you will have to show who made which changes, downloaded or uploaded documents and pretty much anything that was done to the documents. This is why a lot of companies in the UK use a data room to protect themselves and their information.

 For many UK companies, a virtual data room expedites business processes since the necessary information is readily available 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 needed.

Below we have prepared a virtual data room comparison for you since navigating the sea of data room providers in the 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 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 who have access credentials will be able to view it. There are plenty of cyber criminals out there, 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 protection features and what sets their security apart from the rest.

The data room must be easy to use and offer outstanding customer service.

While there should be a lot of features, the best data room solutions are the ones that offer an easy to use interface. After all, the last thing you want is to have to spend a ton of time 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 the customer services team. Will you be able to talk to a person or will they transfer you to a robot? Will they be there whenever you need them or will they be available only during regular business hours? These are 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 pricier options. Think about what features you will absolutely need for your project and then think about which ones are worth paying extra for and which ones you can do without. Whichever plan you choose, be sure it is flexible and you can upgrade whenever want.