HighQ Virtual Data Room

HighQ solutions

HighQ is feature-rich software that enables corporate legal teams and law firms to provide services and perform tasks at the highest level. Specifically, the platform offers businesses safe data exchange, convenient tools for task management, and powerful integrations. All of this improves team productivity and enhances workflow security.

The company was founded in 2001 in London. Other branch offices are in Australia, Germany, the Netherlands, and the USA. Although the provider serves clients worldwide across industries, most HighQ users are from the legal sector. Among them are such UK Magic Circle law firms as Lex Mundi, Barclays, Clifford Chance, the Phoenix Group, and Osborne Clarke.

Here are a few provider solutions that may suit an enterprise regardless of industry or company size, as these solutions meet the most pressing business needs.

Virtual data rooms 

Dedicated virtual workspaces provide secure file sharing with colleagues, deal teams, and partners.

Knowledge management 

HighQ knowledge management streamlines access to the necessary documents enhancing performance and letting users make informed decisions daily.

Client portals 

HighQ data room client portals are a centralized location for attorney-client relationship improvement by providing parties with access to sensitive information, document collaboration tools,  and the ability to stay in touch 24/7. 

HighQ dataroom main features for legal teams

Since the HighQ data room focuses on advanced services for corporate legal departments, the platform includes several unique tools for document processing and transaction management. So, the premium tools are:

• AI-based document analysis. This feature is a significant time saver as users can connect native HighQ AI and third-party engines such as Eigen, Leverton, and Kira to the platform.
  
• Data visualization. Companies can build advanced charts and visualizations for document analysis, tasks, or iSheets data.
  
• Optical character recognition. Users can electronically convert 500,000 scanned pages per year to machine-coded text without effort.
  
• Workflow automation. Virtual data rooms include a trigger-based workflow automation engine to automate repetitive and error-prone tasks.

Extra features for addressing legal use cases

The HighQ solutions improve the user experience and greatly assist law firms in a variety of legal use cases.

First, businesses can provide access to additional external users and benefit from more internal storage for files with the HighQ virtual data room .

Second, HighQ dataroom delivers mature APIs and integrations with Office 365, Microsoft Excel, Google Workspace, Microsoft Teams, DocuSign, and other efficient tools for companies.

Thirdly, the software simplifies the collection and generation of documents by providing clients with dynamic data based on templates, which automates processes.

In addition, with HighQ Publisher, corporations are turning their expertise into engaging and tailored experiences for external and internal audiences.

HighQ dataroom security

HighQ virtual data room includes such enhanced security mechanisms as: 

• Digital rights management 
• Customer managed encryption keys
• Activity tracking
• Granular permissions
• Two-factor authentication
• Dynamic watermarks
• Single sign-on

HighQ virtual data rooms compliance

As for security compliance, the provider proves data room reliability by following such international standards as: 

• PCIS (Payment Card Industry Data Security)
• OWASP (Open Web Application Security Project)
• SOC Type II (Service Organization Control)

HighQ solutions pricing

The vendor offers three pricing plans that differ in function and purpose. However, each user gets one gigabyte of storage. The provider also offers an Extranet option for access by external users. Thus, each internal user license assumes five external users.

As for additional users or storage, this is available as an add-on for a fee.

1. HighQ Essentials. It is the best choice for an enterprise needing improved team collaboration and file management. So this includes social collaboration tools, security options, APIs, integrations, and file management options.
   
2. HighQ Advanced. This package is designed for portfolio management, transactions, projects, and litigation. In addition to HighQ Essentials features, this package has smart data sheets and forms, shared team calendars, task assignment and tracking, and customizable site dashboards.
   
3. HighQ Premium. This virtual data room pack greatly benefits companies seeking to automate workflows and thus increase productivity. Therefore, in addition to the services of the previous two packages, this one covers AI-powered document analysis, optical character recognition, and data visualization.

Unfortunately, the vendor doesn’t disclose pricing information on the official website, but you can contact the sales department for details. You may also want to ask about a free trial to test the Highq virtual data room.

Highq virtual data room overview

The HighQ data room is oriented towards large enterprises in the legal and financial industries. When logging into the HighQ data room, there is really nothing that jumps out at you right away that would separate it from other online data room providers. 

The software offers the standard security features required by international organizations, but there is no feeling that it goes above and beyond to make sure that your data is secure.

Is HighQ data room suitable for M&A?

HighQ data room offers very useful features for handling M&A transactions such as a Q&A feature to manage bid offerings and questions, but there are still question marks in terms of its usefulness in this field.

M&A transaction requires advanced Q&A modules and it requires high accessibility levels thus making all of the data that is contained inside readily available without having to add some plugins or other time consuming and unnecessary delays. In fact, this is a common issue and finding a virtual data room provider that eliminates all of these hassles is very difficult.

HighQ dataroom customer support

HighQ virtual data rooms offer to demonstrate how to use their data room, however, it is not clear how dedicated they are to customer success. Finding quality support that will be there for you whenever you need them is hard to find, especially getting help in a language that is not English. 

Customer support is an important metric because it shows just how much the company cares about after they take your money and it is not yet whether or not this data room will provide live support or transfer your call to a robot.

Is HighQ data room a good choice?

Before using these virtual data rooms, consider the complexity of your project. If you will require advanced customization, and collaboration features this might not be the way to go. 

Today’s M&A deals and due diligence require features that allow you to easily track all activity that goes on in the data room and will send you reports to give you the big picture. This way you will not get caught off guard by simple problems that could have been foreseen. From this standpoint, the HighQ data room does not do a very good job. But, if your project is very simple or perhaps you only need a repository for files, this could be a good fit for your project and your budget as well.