Virtual data rooms in UK

Technology improves our lives in every aspect. It’s really hard to find a person nowadays who doesn’t use any kind of helpful apps or devices to ease everyday tasks. So it’s only logical to implement technology in business processes. Virtual data rooms are a completely secure tool that allows keeping all company’s documents in order.

data rooms for businessAll 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 virtual data rooms review 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 Mergers and Acquisitions 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 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.

Virtual Data Rooms

Can be used for a variety of purposes, including:

Due Diligence

Due diligence is a process of enterprise evaluation. This evaluation usually consists of company's assets, activities and risks estimation. Virtual data rooms help a lot in this process...

M&A

Mergers and acquisition (or shortly M&A) is the process of companies consolidation. M&A deals are very complicated and time-consuming that is why virtual data rooms are widely used to simplify the process…

Real Estate

Real estate market is a very big industry and it is still growing and developing. Thus, tons of work (as well as paperwork) is done daily and virtual data rooms may be very handy...

Life Sciences

No matter if your company is into pharmaceutical or biotech licensing, it is likely to deal with great amount of documents for medical trials, fundraising or any other activity. that is why VDRs are widely used in this sphere as well...

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 reviews for you since navigating the sea of data room providers UK can be difficult.

Choose the best provider for your business

Merrill

merrilldata logo
  • View-Only Access
  • Data Backup
  • Scheduled Reports (Sending to Email)
  • Mobile Device Management

Ideals Virtual Data Room

ideals logo
  • View-Only Access
  • Data Backup
  • Scheduled Reports (Sending to Email)
  • Mobile Device Management

Intralinks

intralinks logo
  • View-Only Access
  • Data Backup
  • Scheduled Reports (Sending to Email)
  • Mobile Device Management

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.

What users say about Virtual Data Rooms

User of VDR
Alayna Coates
Manager

I’m using datarooms for a rather long time now. And I can’t imagine going back to storing the information offline. Huge piles of papers and a constant hustle with the organization of documents are left in the past. Now all files are organized neatly and can never be lost.

The main advantage I’m getting from using this technology is that I can access my documents from any location at any moment. And my employees can do the same. It is really convenient because sometimes I might need to reach the information being out of my office. Also, it is a really useful feature for meetings. Now when I meet investors or potential customers I don’t have to carry a heavy folder full of papers along. All I need is my laptop or another device with a data room app installed on.

User of virtual data rooms
Arwen Bridges
CEO

Those who work in the real estate business can understand the amount of problems paperwork can cause. In this field, you work with documents every day almost every minute. And the number of files within one project can be so huge that it is hard to manage those documents offline. Virtual data rooms allow me to run processes more efficiently and fast. I’ve uploaded all documents to my online storage and created a structured system of folders and subfolders. So now I can reach needed information within a few seconds even if the project is not active anymore. I always know where the document I’m looking for is located.

Another useful thing data room is giving me is that I can upload videos, photos, and plans of the property and share them with potential buyers. It allows both me and my customer to save some time by not going to the location.

happy data room user
Sadie Grimes
Manager

Old-school businessmen must remember how hard it was to manage all those papers. I mean, they were everywhere and at the same time, you never could find the needed one. So I am really glad modern technology allows me to get rid of all this hustle.

Virtual data room helps me to keep all documents in one place and organize them. Now every due diligence goes smoothly and quickly since all parties have an online access to needed documents. I have literally forgotten the last time I had to carry papers somewhere.

The biggest advantage I find using data room is that all information is safe there. Servers, where files are located, are under protection. Also, I can put watermarks on my documents there so they don’t get stolen. My provider even has this feature that allows putting some kind of a fence overlay on the document so no one can look over your shoulder.