Data room software, as the name suggests is designed to keep documents that are protected and used in business transactions. Information is often valuable and has to be secured from competition. The top providers in this area provide features such as multi-factor authentication and granular permissions for users and advanced IRM to guard against unauthorised access. They also provide features such as mobile device management, security for users impersonation, and activity tracking to track users’ activities.

The best virtual datarooms are designed to support critical business processes and are optimized for a variety of platforms and devices, including tablets and desktops. They allow seamless integration with other applications like email and chat. They are available in cloud, on-premises, and hybrid deployment models to support various workflows. The software is simple to install and is designed to simplify processes making it suitable for small and mid-sized businesses who need both simplicity and functionality.

A few of the top-rated data rooms are Intralinks Virtual Data Room, iDeals Solutions and Datasite. They provide a range of critical business features that are suitable for M&A transactions including capital market transactions, due diligence, as well as other important transaction processes. Intralinks makes dealmaking efficient through a digital platform that can provide high-risk data storage, file level encryption as well as centralized administrative control and simple access with a powerful IRM. It also includes a 24-hour multilingual support line with pre-configured templates for solution creation and an intralinks designer to assist in accelerating the start of projects and the implementation of best practices.