Online data rooms are software-based platforms that help companies store and share confidential documents during a transaction. They offer various layers of security that include secure storage and strict permissions. They can prevent leaks of information as a result. The best virtual data room providers provide easy collaboration and allow users to access the data on any device. They offer user-friendly interfaces and mobile apps.

Most data room providers online utilize cloud hosting and provide various options for secure document sharing such as a user-specific login page, various permissions, and visual analytics. They also provide a variety of file formats, support for Microsoft Office integration, and unlimited storage space. Some of them even have top security certifications like ISO 27001 and SSAE 16 Type II.

One of the most well-known virtual data room providers is iDeals that has an intuitive user interface and supports up to 25 different file types. It includes a built-in document viewer that does not require plugins and allows users to scroll through documents using the keyboard or mouse. The platform is not limited in terms of the number or users of projects. It also offers a free trial and no setup charges.

iDeals is suitable for business in the life science industry especially those involved in M&A activity or fundraising. It has features that aid in due diligence and contract negotiations. Its advanced branding feature special info lets you create an individual About page and alter the data room color and logo, while its informative insight dashboards make it easy to conduct Q&A sessions. Its extensive search function lets you locate any document in minutes, and also includes an easy drag-and-drop uploading feature.