Top Virtual Data Room Providers in Singapore 2020

How to Choose the Best Virtual Data Room provider

To ensure that your M&A due diligence and other mission-critical tasks will be performed flawlessly, you need to pick up the most suitable data room providers for your business. It can be a challenging task, especially if you didn’t work with a secure data room previously.

Here are some pro tips and guidelines for making an informed decision:

• The best data room not only provides file storage – it should offer a number of useful tools for you and your employees to perform tasks efficiently. Therefore, pay attention to the range of functions included and make sure users will be supplied with every necessary feature.
• Find out whether the servers used by a provider are located close to users – this way, you’ll enjoy a higher data processing speed.
• Is client support service available on a 24/7 basis? Can you contact them via email, phone, tickets, and live chat? Having around-the-clock access to the customer support is crucial to have your room up and running.
• Top data room providers always put security on a pedestal. Check out whether such security options as virus scanning, encryption, firewalls, fetch view, and role-based access restrictions are included.
• The access settings play an essential role in establishing the safety of your business documents. Make sure that role-based access restrictions are available, as well as other protective measures. Ideally, there should be two-step authentication and other identity verification instruments. This way, you will sleep soundly knowing that your business materials are in safe hands.
• Find out which OS is supported by the data room. If your employees are going to use the platform from different devices (say, iPhone, Android mobile phones, tablets, and Windows PC), you need to make sure that the data room is compatible with all of them.
• Make sure that the preferable online data room supports all the file formats you use. While some projects are tailored for working with Microsoft Office and PDF only, advanced providers allow you to upload images, videos, and presentations.

What about the price of service? In fact, it shouldn’t be the most important part of your virtual data room comparison. Top-rated data room solutions always come for a high price, but the convenience and safety make up for it. There’s one thing to take into consideration: if you want to provide access to a few users (say, up to 20-30 people), choose a per-month per-user model. Otherwise, paying some $100-300 per month wouldn’t be too much, if you want the secure virtual data room to be exploited by hundreds of people.

Don’t forget to read virtual data room reviews – it will give you a closer look at the strong and weak sides of each provider. Ideally, you need to find feedbacks on independent platforms rather than companies’ official websites (Capterra and Technology hub are highly recommended). Don’t hesitate to contact the company’s customer support directly and find out whether their assistants are friendly and competent.

Secure Virtual Data Room Services

When in search of a suitable provider, you should keep in mind that security is always the primary concern. Why? Keeping your data away from malicious users and rivals is vital. What if business

documents get in wrong hands? You can’t allow having your confidential data compromised. This is why using a secure virtual data room is imperative, no matter what your business specializes in.

First and foremost, you should pay attention to the following data room services:

1. 256-bit encryption. This option means that all data stored in the cloud will be encrypted. Third parties who are not granted access to files will NOT be able to hack it.
2. Advanced access setting. It’s not enough just to allow or disallow viewing the document. With a decent M&A data room, you have granular control over your files. That means you will be able to define who and when can preview, edit, download, and print the documents. You can assign certain groups and roles for users to specify the level of access.
3. Virus scanning is crucial. Malware and rootkits can compromise or damage your data. Do not let it happen. With inbuilt antivirus software, you eliminate security breaches and leave hackers no chance.
4. Finally, you have to make sure that people accessing files are who they supposed to be. Such features as 2-step authentication and facial recognition will help you with that.

With a trustworthy data room, due diligence process becomes way more secure and trouble-free.

Ease to use: concentrate on business, not on VDR software

With the best data room software, you can overcome every single challenge your business faces during audits and transactions. This is a far easier solution than manual work with business documents and use of mail services. Let’s observe a few use cases to prove that.

Due diligence and audits

Suppose, your company needs to perform document audit for due diligence. That means you have to find hundreds of documents (financial and technical reports, information about employees, contracts, and agreements, etc) and, probably, send them via mail to the companies checking your business. That takes boatloads of time, money, and efforts. But order a data room, upload all these files in digital formats, and share them. That will take much less time, and thanks to the tracking function, you can make sure that the third parties have actually seen your files.

That goes without mentioning convenience for your partners and companies performing audits. You want your business to look professional and reliable – this is what the data room allows for.

Coworking

Using such service for audits and due diligence not only means that you can store and share your files. It can appear to be a perfect ecosystem for collaboration. Advanced data rooms, such as iDeals, SecureDocs and Ansarada, provide the whole gamut of tools and features for co-working. Your employees will be able to edit files and have them synchronized in real time. That eliminates the risk of mistakes and boosts the efficiency of the entire team.

Fundraising and ICO

The same applies to the cases when your company organizes an ICO or fundraising. With a reliable data room, you can store all necessary documents in a single space and have them accessed by your potential investors and partners. That makes your company look professional and shows your responsible approach to data handling.

The most advanced M&A Singapore data rooms will help your business to facilitate work with documents and make storage as reliable as never before. This is the most cost-efficient solution for handling confidential information without hurting security and convenience.