Data rooms are essential for smooth M&As and other deals. They assist teams in securely storing large amounts of files and make them accessible on multiple devices. They enable teams to collaborate without having to worry about losing information in their email inboxes or having to manage multiple platforms. They also secure sensitive data by using 256-bit AES encryption, a firewall cloud backups, customizable user permission settings.

Take a look at the features each service offers to figure out which data room is ideal for you. Some have advanced features like redaction, which blacks out specific areas of a file so personally-identifiable information stays private, and fence view, which covers the screen with a digital view that prevents screenshotting. Others offer security certifications such as ISO 27001, SOC 1/2/3 GDPR, HIPAA. Multi-factor authentication, audit trail, and a customizable non-disclosure agreement are some other options to think about.

A good alternative to a data room is one that offers an extensive collection of collaboration tools. These include a word processor, presentation software, and spreadsheet program. It should also come with an ample storage capacity as well as support for various file formats. It should also allow users create groups with different access rights and add a custom watermark.

Clinked is a great alternative. It provides a full virtual data room solution. It comes with standard VDR functions, including bulk uploads and drag-and drop, but it also includes social media integration and workflow management, knowledge management, and document management. It also offers a free trial, which includes 15GB of storage and basic sharing capabilities.