iDeals Virtual Data Room

The market for virtual data rooms has grown exponentially over the last few years, largely because of the increased demand for secure data rooms from corporate customers. The inevitable shift away from physical and towards virtual data rooms was spurred on by the multitude of features that online platforms provide over and above the typical features supplied by physical data rooms.

Online data rooms, such as iDeals Virtual Data Room drastically simplify the processes involved in large-scale corporate transactions such as loan syndication, deal bidding and capital procurement. They do this by providing an online platform through which multiple parties to the deal can interact and collaborate on shared information, all within a secured and controllable environment so as to ensure the integrity of sensitive company information.

The whole process is placed in the hands of your business as you control who has access to the platform and even what levels of permission they have in terms of being able to view, edit, download and share specific documents. Virtual data rooms allow you to interact and negotiate with various bidding parties at the same time, without compromising your position by exposing too much or too little information at each stage of the deal lifecycle.

Part of the reason behind the explosion in popularity of virtual data rooms is their ability to enhance productivity on deals, thereby expediting the deal timeline and allowing businesses to increase their deal volume and reach. At the same time, virtual data rooms cut costs by allowing businesses to save on unnecessary travel and office space rental usually needed to make cross-border collaboration possible, while also allowing deals to be worked on across multiple different time zones.

One result of the growth in the deal room market is that it has become increasingly difficult and confusing to choose the correct virtual data room provider to meet your business’s needs. One of the industry leading providers, used by multiple companies ranging from KPMG to Toyota is iDeals Virtual Data Rooms. This article gives you an overview of their features and trustworthiness that has made them the first choice among so many businesses.

Security

Security is the primary value proposition of virtual data rooms – without it they would be little more than a fancy social media website.

iDeals Virtual Data Rooms offer enterprise grade security that has been fully certified and that is compliant with various regulations covering the US and the EU. This is achieved by securing and protecting the data that they handle at each and every stage of its lifecycle, from upload, to storage, to download to deletion.

iDeals makes use of their own physical data centres that employ stringent security measures to protect the data from attack or damage. Having their own data centres also allows them to ensure uninterrupted power and minimal downtime.

They also secure personnel access to the online platform by using a variety of features including two-factor authentication, single sign on, IP logging and granular permission settings. Together, these ensure that your data is only seen by those who have been given explicit permission and the platform allows you to monitor and see who has had access to which documents so that you can be sure of your companies’ integrity.

iDeals further provides document security features that can prevent illegal screen capturing and internal data breaching through the use of dynamic watermarking. Documents are also never physically stored on any device and leave no footprint on the web so that information is never put at risk of being compromised. In the unlikely event that it is, documents will remotely back themselves up and shred to prevent unwanted disclosure of information.

Features

On top of their industry-leading backbone of security, iDeals provides a plethora of additional features that aim to make the process of using their virtual data rooms easier and more intuitive. The whole interface is designed to resemble typical file and folder layouts on most computers and tablet devices with the ability to drag and drop files in order to change their location. The platform supports over 25 file formats and is fully integrated into most browsers to ensure a seamless experience.

Their simple user interface goes far in ensuring that employees feel comfortable making the transition into the virtual space and that they intuitively understand how to operate within the platform. This saves on costly training courses and lost productivity due to complexity and iDeals aims to get employees enjoying working on their system.

Unique abilities to fence of portions of the document for the strictest viewing permissions prevent data being photographed or otherwise captured and shared. All documents are also watermarked with the time and name of the person viewing them so that breaches can be swiftly and easily identified and dealt with.

With support on multiple devices, including smartphones, and a host of languages, iDeals caters to every company in every country and in any industry. Its platform can be customised to match company colouring and technical support is provided 24/7.

Why choose iDeals?

iDeals has been trusted by over 20 000 companies worldwide to distribute and secure their company information. Their superior ease of access and ease of use has made them a go-to favourite in the corporate world and when you combine this with the security measures they employ, using iDeals becomes a virtual no-brainer.

The ability to use iDeals on multiple devices, dedicated apps, full control over the deal process, detailed reporting features, 24/7 support and the strong track record that iDeals has in the virtual data room business is all testament to the quality of the service they provide to hundreds and thousands of businesses on a daily basis.

iDeals matches and goes past most if not all other virtual data room providers in what they offer your business. With extensive experience on deals in excess of $1bn, iDeals have consistently proven they are capable to perform at the highest level and are sure not to disappoint when it comes to delivering value for your business.

Deal or no deal? – Virtual Data Rooms

Virtual data rooms have revolutionised corporate transactions in an unprecedented manner. Through their unique offering of a secure environment in which to share and collaborate on information, virtual data rooms have allowed businesses around the world to cut costs, save on time and increase deal efficiency.

While being a relatively simple concept, virtual data rooms rely on numerous procedures and protocols to ensure they are secure from any current and future threats that the increasingly digitised world may pose. Threats to transactions such as mergers and acquisition have evolved from being largely external, hacker-like threats, towards internal corporate espionage-like threats. Virtual data rooms not only protect the physical data from virtual attacks, they also protect the information from unwanted eyes by using various proprietary techniques such as watermarking or data fencing that allows you to control exactly who sees what information and when they see it.

To understand how virtual data rooms offer value to businesses, we first have to understand the concept of a secure data room, its uses and how virtual data rooms have evolved to mirror the changing nature of global business and social trends over the last 20 years.

Virtual data rooms evolved out of physical rooms that acted as secure data rooms for corporate transactions, deals, audits or any other business process that required the sharing of sensitive company information. Having a secure room allowed both parties to the transaction to monitor and control the documents for the entire duration of the deal. In times before the internet and cell phones, physical data rooms provided adequate security and control for businesses despite being inconvenient and turning collaboration on deals into a costly process.

With the global shift towards digital business and the rise in prominence of smart phones and the internet, ensuring the security of company data became a real issue. Even the most secure email server can’t prevent recipients of a document from copying and sharing it with whomever they please. Digital business meant global business – consumers and companies from different countries could interact and transact with ease, yet deals still required executives to fly backwards and forwards in a costly never-ending cycle.

Virtual data rooms arise from this very need for a central, online location through which data could be shared and controlled at any time of the day. Employees can sign into the platform and engage with various stakeholders in the transaction with the ease of mind knowing that the data is encrypted and cannot be downloaded, captured or shared without explicit permission.

Security of data is ensured across various levels and at all stages of the deal. Firstly, virtual data room providers will make use of multiple data centres, often stored in different locations to prevent data loss in the event that one goes offline. Storing data in separate data centres also allows for a higher level of security and encryption to be implemented. When combined with cloud storage, virtual data room providers can guarantee the safety and security of data 24/7, putting businesses at ease and allowing them to focus on generating and closing more deals.

The data is then accessed through single sign-on secure data rooms, access to which is provided by the company sharing the information or facilitating the deal. Bidders gain access to the virtual data room and, depending on the level of viewing permissions granted to them, can view and discuss documents pertaining to the deal. The flexibility of access permissions means that as a deal progresses, bidders can be granted more and more access to information without having to compromise the deal as a whole. Bidders who drop out will have their permissions revoked and will no longer have access to the data. This is ensured by preventing file download and file sharing or by watermarking each page of information with details about who is viewing it so that breaches can be easily identified.

Secure virtual data rooms ensure that documents never leave the confines of the online platform and so are never physically stored on parties’ devices, decreases the risk of hacking or data corruption. Being purely virtual also allows deals to be worked on from any device with an internet connection anywhere in the world. This has huge implications on both productivity and costs. Increasing the ease of collaboration and discussion greatly shorten the amount of time taken to close deals, allowing business to take on more and more deals and eventually grow themselves. The very reasonable costs of utilising a secure data room and the lack of the need to fly employees all over the world allows costs to be reined in without hampering efficiency.

The multitude of virtual data room providers each offer tailored services than can meet the needs of a wide range of business from the smallest home-run business to the large-cap corporates. The ability to personalise and brand the online platforms allows the secure data room to be seamlessly integrated into the image and existing processes of the business.
24/7 service is provided by most corporate providers if any issues arise with the virtual data room, and some providers will offer training to employees on how to use the platform and ensure compliance with data regulations. The reputation and popularity of virtual data rooms is evident in how many businesses now use them for large deals and even day-to-day running of the business.

Some people have even gone as far as to say that virtual data rooms are nullifying the need for physical office spaces and paving the way for the virtual office, where employees collaborate over the internet, reducing fixed costs and boosting productivity simultaneously. While virtual office spaces may still be a few years or even decades away, virtual data rooms are definitely here to stay and have found prominence in every industry, not just those limited to finance and accounting.

Virtual Data Rooms Helping with Safe and Secure File Sharing

Virtual Data Rooms have become synonymous with corporate takeovers, mergers and acquisitions, due diligence and loan syndications. Replacing the traditional data room of the past, Virtual Data Rooms allow the process of securing and sharing files to take place in an online environment, providing businesses with saved costs and time. As digital has become the new normal around the world, so too have Virtual Data Rooms become the go to solution for large scale corporate transactions.
The last ten years have seen the market for Virtual Data Rooms flooded by big and small providers all trying to get a piece of the lucrative corporate VDR pie. While these platforms will differ in their user experience, customisability and design, they are all equipped to feature the backbone of any good data room – security.
If the dawn of the digital age had taught us anything, it is that while computers and the internet have made life easier for all of us, it has also made the job of hacking and breaching data easier to the point where anyone with an internet connection is a potential threat to the security and safety of online data. This is why Virtual Data Rooms advertise security as their main and most important feature. It is their ability to securely transmit files between pre-distinguished individuals that make them so popular for large corporate deals.

How secure file sharing works?

Virtual Data Rooms work by letting you grant other users as much and as little access to documents and files you share on the platform. The files shared during large transactions often contain company sensitive information so Virtual Data Rooms ensure that the actual file is never downloaded by the person it is being shared with unless specific permission is given by the owner of the data. This allows predetermined people to view and discuss sensitive documents, all within the controlled environment of the Virtual Data Rooms but never compromises the security of the company by letting those documents be printed or saved or otherwise distributed.
Access can be given to specific people and different levels of access can be given to different people. These range from full access which included the ability to download the original document as one would from an email, to fence view access which only allows a user to see a portion of a document and prohibits downloaded, screenshotting or sharing the document whatsoever.
File restrictions can also be placed depending on the time zone, GPS location and IP address of the user to ensure that only the exact person or people you want to view the documents will end up viewing them. Throughout the whole process, you will also be able to monitor and read reports on who has viewed and who has not viewed specific document as well as facilitate secure discussion through chat rooms on the platform.

How are documents kept secure and safe?

As we all know from the numerous breaches of data that occur every year, sharing files securely does not always mean they are safe from being targeted. The risk of data breaches becomes even higher when attackers know that highly valuable corporate information is being shared, which is precisely why Virtual Data Rooms are used over emails or even encrypted servers.
The best Virtual Data Rooms will have both physical and digital protection available for customer’s data. This can include using multiple data centres around the world that are physically secured and that will prevent an attack on any one data centre causing data to be lost. This also ensures the platform will have good uptime and will be nearly impossible to take down through a virus. All data will be securely backed up in real time and Virtual Data Rooms providers will also guarantee disaster protection by ensuring the data centres are protected from flooding and fires.
The data stored on the platform is encrypted to the highest of international standards and is stored in different ways to the troves of public data most companies and websites accumulate. This ensures that documents are safe, both while being stored and while being transferred through upload or download.

Why choose a Virtual Data Room?

With the level of digital security being so high, the biggest threat to data stored on Virtual Data Rooms tends to be legitimate users who have been granted access to data attempting to share it with other unauthorised persons. Most data rooms protect against this by watermarking all documents with the name, date and IP address of the authorised user so that, in the case of a leak, the origin can be quickly found and the correct legal action can be taken. Platforms also allow for documents to be viewed for short periods of time before self-shredding to prevent undesired sharing. At all points of the deal or transaction, you can monitor, control and change the access permissions to various documents so that you can stagger the release of information as the deal progresses.
Virtual Data Rooms offer unmatched security while simultaneously allowing collaboration and cooperation so that deals can be closed in the most efficient manner possible. The time and money saved is an added bonus to the security of your companies most sensitive information and is why Virtual Data Rooms are used on almost every large transaction today.
The ability to close deals and complete due diligence between parties all over the globe make Virtual Data Rooms the go-to resource for corporate interaction. Most will even offer the ability to tailor the platform so that it includes company branding and integrates seamlessly into existing web portals and databases. With hundreds of VDRs on the market all offering secure file sharing, the hardest decision becomes which data room provider to use and not whether to use a virtual data room. Companies’ testimonies on Virtual Data Rooms are evident of how much trust they place in them as well as how much they rely on them, with VDRs forming an integral part of day-to-day functioning of many large corporates.

Why you should use VDR for secure document management

Nowadays we are all accustomed to cloud computing and virtual storage as it is used on most mobile devices and even laptops. Instead of storing data in a physical location we now store it on the cloud – a form of virtual storage that allows data to be accessed by logging into your account on any device with an internet connection. The boom of cloud storage has made life much easier for all of us as it frees up masses of expensive physical storage and allows for the easy and secure sharing of documents and photos.
A virtual data room essentially takes this concept a notch further by prioritising the security and safety of the documents being stored so that large businesses and companies can use them for data sharing purposes. One of their many benefits is their ease of use over conventional business file sharing methods such as emails or even physical data rooms, but their main selling point is their absolute focus on privacy and security of documents.

Why VDRs?

In the past, many large deals worked on by accountants, attorneys and other businessmen and businesswomen would have been facilitated through the use of a physical data room in which sensitive company information would be shared with both parties to the transaction. The physical rooms allowed for privacy of those parties in the transaction but also played a key role in preventing the information from being seen by parties outside of the room – or unauthorised persons.
As the world moved away from physical and into digital, businesses were reluctant to relinquish their secure data rooms as emails and the like did not provide the sort of security needed on high-stakes transactions. At the same time, all other modern forms of file sharing that are secure do not offer the ability to monitor and prevent unwanted distribution of documents – they can’t prevent leaks. Essentially, if you email someone a sensitive file, there’s no way of stopping them from forwarding that file to anyone they want, or knowing that they have done so.
Virtual data rooms solve these problems by providing an intuitive platform through which documents can be shared, discussed and collaborated on in a controlled and highly secure environment.

Virtual data rooms offer the best file security

All virtual data rooms are centred around their ability to facilitate secure file sharing. They offer military grade security and the ability to specifically control who has access to each document as well as exactly how much access they have. These features have made VDRs widespread in the business world to the extent that you will struggle to find a large corporate that does not utilise one.
They achieve this high level of file security and user privacy through a combination of features that allow files to be protected at all stages of the process – from uploading to storage, downloading and viewing.
Many virtual data room providers will use their own data centres, located at various sites around the world to minimise the risk of downtime and data loss. Utilising and securing their own data centres allows them to better protect the data being stored on their platform and helps them ensure that your data is protected from both digital and physical risks.
The process of document transfer is also highly securitised through the use of VPN tunnels in uploading and, in most cases, by prohibiting the downloading of sensitive files. This helps ensure that they cannot be shared beyond the intended party and also prevents the files from being stored on multiple devices – a security risk for hackers. By only allowing viewing access to files, virtual data rooms keep the actual file safely secured on their servers so that it is always under your observation and control.
Now that the actual file is secured and protected, virtual data rooms go even further by allowing the owner of the documents to create different access permissions for different parties. These range from being able to read and edit full documents to only being allowed to see specific portions of specific documents. This means that you only have to share what is needed at different stages of the transaction. You can grant more or less access permissions as the transaction unfolds depending on how negotiations are going.
By putting you or your company in complete control, you can monitor and asses how the deal is progressing, who has been contributing and who has seen and not seen specific documents. Most providers also facilitate private and secure negotiation through using chat rooms on the virtual data room platform to speed up the data-intense and time-intense parts of the transaction.

Saved time and reduced operational costs

The convenience of VDRs allow deals to be worked on and closed by multiple parties across the globe, all while in a safe and secure environment. Performance of employees on deals can be monitored and tracked and most companies have reported all round improvements in productivity due to the use of virtual data rooms.
This allows them to expedite the due diligence process of M&As, cutting down significantly on operational costs as well as precious time. This allows businesses to meet strict deadlines as well as cost cutting targets, while simultaneously increasing the volume of deals they can take on.
The use of VDRs also creates the image of accountability. No more deals done in shady private rooms with some parties being present and others not. VDRs allow for a multi-party approach to deal making that involves many stakeholders at different levels. This makes your business much more attractive to investors as transparency and accountability are valued highly.