What is ForData?
ForData virtual data room is the top-ranked powerful platform enabling users in Central and Eastern Europe to manage data flow and conduct due diligence. The company is headquartered in Poznań, Poland.
The provider’s services help clients with the due diligence processes, mergers and acquisitions, syndicated loan, capital raising process, and the sale of receivables. As for industries, ForData’s software is popular with investment boutiques, the advisory sector, law firms, and venture capital funds.
With a ForData virtual data room, you can store confidential data and securely share confidential documents with financial institutions, advisors, and investors.
Additionally, Fordata VDR makes it easy for you to take care of all business partners and transaction parties, providing them with user-friendly software and protected collaboration within secure data rooms.
ForData virtual data room features
A ForData VDR prioritizes the user’s peace of mind and high-speed performance through the following tools:
- Advanced document security. This option includes access control for saving and printing data, protection against selections and copying of parts of the content, dynamic watermarks, and screen capture. What is more, the program does not store users’ browsing history and scans all uploaded files for viruses.
- Support for over 30 file formats. The data room supports and protects more than 30 file formats. These include PDF documents, MS Office files, and other specialized formats.
- Easy access control. Admins can manage user permissions at the group or individual level regardless of how many users there are. These settings can be modified during the course of a deal. It is also possible to deny access to a user or group for a certain period.
- Bulk tools to speed up your work. Bulk upload and download are available. Another convenient time-saving feature is bulk account creation using the Copy settings to a new group option.
- Detailed activity reports. Activity logs contain information about user activity, logins, most-viewed documents, and unopened files. All this information can be automatically generated in an insightful activity report.
- More convenient work. You can create private notes, mark unread files, tag documents, or participate in discussions. The program automatically sends notifications about new files in a virtual workspace.
Is ForData VDR secure for confidential documents?
The ForData virtual data room implements enough measures to be a very powerful platform for information protection including sensitive file-sharing. As a result, every business professional from any industry can manage files in a secure environment.
- Holistic approach. First, VDR ForData chooses an integrated approach to data protection, complying with ISO 27001. Looking at security as a whole, the provider considers the continuity of the company’s actions, organizational processes, infrastructure, people, and legal requirements.
- Banking-level encryption. Secondly, the ForData virtual data room provides banking-level encryption with an EV SSL certificate. So, 256-bit data encryption protects the virtual data room contents and prevents phishing.
- Compliance. Third, GDPR compliance ensures that the data room operates according to the strictest privacy regulations in the industry. Moreover, the provider adheres to the MIFID and MAR regulations of the European Union, which are relevant for financial institutions.
What is the Fordata VDR 5.0 version?
Since ForData solutions are often used for time-sensitive transactions, the provider continues to improve and adjust its offers to meet the demands of the modern world. This is why in May 2021, the company introduced the updated VDR 5.0 system.
This version’s fundamental difference lies in the implementation of SPA (single-page application). This system does not require loading a new page when switching to another tab. Another advantage is loading the views into one window, which makes using cache more convenient.
ForData’s founders believe that the introduction of VDR 5.0. makes the platform more efficient delivering great usability. This differentiates ForData from its competitors.
ForData VDR pricing
ForData virtual data room offers three pricing plans — Lite, Basic, and Pro.
- VDR Lite. VDR Lite plan is best suited for auditing, clinical trials, and the life sciences. This plan permits 15 users, 1 GB of data storage capacity, and 1 project. The minimum usage period is one month. Technical support is available from 09:00-17:00 CET. The plan costs €199 a month, but the provider offers a 20% discount if paid annually.
- VDR Basic. The Basic plan most suits due diligence and mergers and acquisitions. Some key features include flexible data storage, an unlimited number of users, and 24/7 support. There is no information on the official website about the ForData data room cost, but you can contact the sales department for details.
- VDR PRO. VDR PRO is designed for long-term cooperation for private equity, venture capital, commercial real estate, and network organizations. When comparing the PRO and Basic plans, you’ll notice that the former allows multiple data rooms simultaneously, connects all virtual workspaces, and carries out bulk financial reporting. Contact ForData’s sales representatives for a personalized quote.
It is also worth noting that the VDR Fordata company accepts transfers in PLN and EUR. Card payments are not available yet.
ForData free trial
For each subscription plan, the provider offers a free 14-day trial. Contact the vendor for more details.
ForData support and deployment
ForData VDR loyal customer support is available 24/7. They boast a 15-second response time for phone calls. According to the provider, they solve about 95% of problems during the first call.
ForData virtual data room is available as a SaaS solution and a convenient mobile option for Android. Android users can enjoy a comprehensive set of features, including viewing and printing PDF documents, deleting files, switching between vertical and horizontal scrolling, and a comprehensive full- text search feature.
What the ForData users say
Most users generally testify to smooth basic functionalities of this virtual data room during due diligence and other business transactions.
On the other hand, some say that the data room software works pretty slow when it comes to bulk file deletion and other major operations like that. Fortunately, kind customer service is very helpful when system slowdowns occur so clients recall customer support fondly.