Top Virtual Data Room Providers in Canada

  • Discover the best data room providers in Canada.
  • Compare virtual data rooms by function and benefit.
  • Choose the best data room software for your deals.

Best Virtual Data Room Providers

iDeals Virtual Data Room
4.81/5.0

iDeals is one of the best options out there. While this virtual data room provider is quite young, it offers a high-quality solution for companies. With iDeals, you will have all the features your business needs to function properly. Even though this data room boasts lots of functions, the interface is simple enough to navigate through them easily. The data room software is compatible with the vast spectrum of devices as no specific plug-ins are needed.

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Storage:

Unlimited

Users:

Unlimited

Merrill Datasite
4.6/5.0

A decade of operation makes Merrill Datasite a trustworthy and reliable virtual data room provider. Over 100,000 customers have entrusted their future to Merril Datasite and utilized its data room for M&A and other procedures. The company is quick to adopt the latest technical trends and provides various extra services at moderate prices.

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Storage:

50 GB

Users:

Unlimited

Intralinks Dealspace
4.3/5.0

Intralinks is an experienced and trusted virtual data room provider that operates since 1996. This vendor has many big corporations among its customers and offers a rather solid solution. However, modern companies might find Intralinks somewhat limited and outdated. Opt for a free trial this provider offers to understand if it fits your needs.

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Storage:

Unlimited

Users:

Unlimited

Ansarada Data Room
4.0/5.0

If you need the solution solely for due diligence and mergers and acquisitions, you should try Ansarada. This virtual data room is dedicated to these business processes. Therefore, it offers all the required features while not overloading the interface with functions that are unnecessary for M&A. And built-in AI will help you make better decisions.

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Storage:

-

Users:

Limited

Box Software
3.8/5.0

This virtual data room provider made an unusual journey to create the solution it offers now. Box began its story as a file exchange platform, and it knows a thing or two about how to make the work with files as simple as possible. As a result, the Box data room is extremely easy to use. It offers a straightforward interface and even mobile apps.

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Storage:

5 GB

Users:

20

Firmex Data Room
3.5/5.0

Firmex virtual data room offers an agile solution that can adapt to your requirements. This software allows you to tweak everything, starting with custom workflows and up to the appearance of your data room. But don’t be afraid of such detailed settings. The interface of Firmex is very straightforward and well-organized for you to navigate freely.

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Storage:

Limited

Users:

Limited

iDeals Virtual Data Room
4.81/5.0

Free Trial:

30 days

Founded:

2008

Storage:

Unlimited

Users:

Unlimited

iDeals is one of the best options out there. While this virtual data room provider is quite young, it offers a high-quality solution for companies. With iDeals, you will have all the features your business needs to function properly. Even though this data room boasts lots of functions, the interface is simple enough to navigate through them easily. The data room software is compatible with the vast spectrum of devices as no specific plug-ins are needed.

Merrill Datasite
4.6/5.0
datasite

Free Trial:

14 days

Founded:

1967

Storage:

50 GB

Users:

Unlimited

A decade of operation makes Merrill Datasite a trustworthy and reliable virtual data room provider. Over 100,000 customers have entrusted their future to Merril Datasite and utilized its data room for M&A and other procedures. The company is quick to adopt the latest technical trends and provides various extra services at moderate prices.

Intralinks Dealspace
4.3/5.0

Free Trial:

30 days

Founded:

1996

Storage:

Unlimited

Users:

Unlimited

Intralinks is an experienced and trusted virtual data room provider that operates since 1996. This vendor has many big corporations among its customers and offers a rather solid solution. However, modern companies might find Intralinks somewhat limited and outdated. Opt for a free trial this provider offers to understand if it fits your needs.

Ansarada Data Room
4.0/5.0
anasarada_logo

Free Trial:

14 days

Founded:

2005

Storage:

-

Users:

Limited

If you need the solution solely for due diligence and mergers and acquisitions, you should try Ansarada. This virtual data room is dedicated to these business processes. Therefore, it offers all the required features while not overloading the interface with functions that are unnecessary for M&A. And built-in AI will help you make better decisions.

Box Software
3.8/5.0

Free Trial:

3 days

Founded:

2005

Storage:

5 GB

Users:

20

This virtual data room provider made an unusual journey to create the solution it offers now. Box began its story as a file exchange platform, and it knows a thing or two about how to make the work with files as simple as possible. As a result, the Box data room is extremely easy to use. It offers a straightforward interface and even mobile apps.

Firmex Data Room
3.5/5.0
Firmex

Free Trial:

No

Founded:

2006

Storage:

Limited

Users:

Limited

Firmex virtual data room offers an agile solution that can adapt to your requirements. This software allows you to tweak everything, starting with custom workflows and up to the appearance of your data room. But don’t be afraid of such detailed settings. The interface of Firmex is very straightforward and well-organized for you to navigate freely.

A virtual data room is a highly secure way to store, organize, and share information online. VDRs offer bank-grade protection for storing and exchanging sensitive data and information between employees and external partners of a company. 

The general profile of a VDR can look similar, but not all are created equal. Secure virtual data rooms have different features, including various price ranges, support, ease of use, and the like. This makes it quite challenging for users to choose the right service provider.

What to consider when choosing a virtual data room?

Virtual data room reviews are the basis to start the selection of virtual data room software. And while looking through any virtual data room review the one must consider the following aspects:

  • The experience of the vendor (the duration of operation, deals executed, well-known customers);
  • The main focus (merger and acquisition deals, legal firms, life science organizations, fundraising, investment banking, etc.). Usually, providers do not have a single line or type of clients but certain rooms are more convenient for the execution of certain deals;
  • Scale of operation: certain rooms do not suit the execution of small projects while other rooms fail to assist throughout large-scale cross-national deals;
  • Safety guarantees such as tools and certificates: the level of protection should be recognized institutionally;
  • Instruments offered;
  • Convenience (languages offered, a mobile application, compatibility of platforms and the chance to utilize Android and iOS devices simultaneously);
  • Availability of instant qualified assistance;
  • Virtual data room pricing scheme.

VDR provider experience

Virtual data rooms have only become popular in the last five (5) years, and there are a number of startups using them. Some of these companies may not have the best security and other necessary features needed. You should look out for data room providers that are trusted by companies and have a track record of working with reputable companies. 

Data room software rating 

You should compare different virtual data room user reviews and ratings. The ratings alone may not do justice to what you need, but you can get other user’s experience by reading through reviews. You can also compare the rating score based on Capterra, G2, and other software review platforms. 

Certification compliance

The best virtual data room software you’re considering should comply with cloud software security certifications. The most widely accepted certification is ISO 27081. A VDR that is compliant with ISO means that it follows the guidelines to protect personal data in clouds. 

Industry expertise

If your industry is such that it requires additional VDR software requirements, then you must be sure that the provider you’re considering is experienced in your industry. This is essential so that you don’t choose a VDR provider that isn’t familiar with your industry-specific standards and common practices.

Security

This is one of the major considerations to check out for when choosing a VDR provider. When choosing secure data room, you should look out for security compliance. This is what will give you the peace of mind that your data is safe online. 

Support

This is one of the factors that differentiate VDRs from each other. You want to be sure that the provider you’re using can offer you adequate support when you’re in the middle of a transaction, for instance. You don’t want to find out that the provider’s support you’re using is not up to standard. 

Pricing structure

VDR pricing differs between the three tiers of providers. Legacy providers price per page; generic file-sharing services are quite affordable, while professional-grade support is targeted towards basic users. Before selecting a provider, you should research their pricing structure and choose one that aligns with your needs and budget. 

What security standards should a trusted data room meet?

The best way you can be certain and have peace of mind about the secure data room provider you’re going with is by their security certification. 

  • ISO 9001 / ISO 27001. This is the leading international information security standard. Having this certification is solid proof that the virtual data room provider can be trusted.
  • AICPA — SOC 2. It is an auditing procedure by the American Institute of CPAs that makes sure that data service providers keep users’ data confidential. To get SOC 2 certification, different standards have to be followed, some of which are user access control, encryption, breach detection, firewall protection, two-factor verification, disaster recovery, among others. A data room that has SOC 2 certification shows you that they meet the standard level of security and can be trusted.
  • GDPR. Known as General Data Protection Regulation, it provides a set of rules on security that data providers must adhere to, and failure to adhere to it may incur penalties. Any VDR who has this certification is known to store users’ data with the utmost privacy.
  • HIPAA/ITAR compliant. This ensures that virtual data related to defense and military technologies is restricted only to US citizens. A VDR failing to adhere to these standards is subject to fines from the US government.
  • AICPA — SOC 1. It is an audit of the internal controls that a data room provider has put in place to protect users’ data. A user can request this certification from a virtual data room company they want to engage with, as this gives them a basis of trust.
  • Privacy shield compliance. It is an EU-US privacy shield that states that private data of the EU shall not be transferred. A virtual data room solution that is compliant with this can be trusted since they have to apply to the US Department of Commerce. 

The fundamental trait to take into account is data security. Usually, the online data rooms form a shield for the files to ensure a safe exchange of documents with partners. Being produced primarily for merger and acquisition deals and due diligence data room programs are packed with tools that facilitate these operations. Each VDR data room must be characterized by a comprehensible file system, intuitive search algorithms, the right to alter copies inside the repository. If you have a need to run several projects at the same time you have to find out if the repository lets you sort the users and create clusters with unequal access status. While running a transaction, you might find it useful and informative to follow the activity of the individuals involved. Hence, audit reports that can show every single action inside the depository may prove to be useful.

What functionality should a data room have?

No two data rooms are alike. All solutions differ in terms of the benefits and features they offer. That said, let’s take a closer look at the essential functionality each virtual data room provider should offer.

  • Robust access security / gradual access control / granular permission settings. This allows you to control who has access to documents by restricting them. You can restrict user levels based on roles at the company.
  • Integral document security. This allows data room software providers to add images or logos to private documents. This is to prevent the document from being saved or used outside of the data room.
  • Infrastructure security and availability. This is a way of protecting the data with encryption, disaster recovery, and a real-time backup system, such that anytime a document is opened, it will be encrypted before being stored in the data room if accessed over a secured network.
  • Document management. This is a process used to capture, track, and store documents such as word files, PDFs, and digital content images. It provides full-text search, drag & drop file uploads, and audit trails.
  • Technical support. Virtual data room services should provide tech support and assistance to help users. This can either be accessed online at the website, over the phone, by email or through a 24/7 live chat.
  • Deployment. This refers to the software applications and operating systems that an online dataroom is compatible with — Linux, Windows, macOS, iOS, and Android.
  • Q&A. These are frequently asked questions that other users have had about the virtual data room with appropriate answers. It can also include a live discussion where you have an opportunity to ask questions. You can also have access to threads and valuable educational tools.
  • Ease of use/ intuitive interface. This is a measure of how user-friendly the VDR interface is. The more user-friendly a data room is, the easier it is to share and store data. It should have a mobile user interface, no plugins, and Java and scroll-through viewer, which saves time when going through multiple documents at a time.
  • Customization. Some VDRs allow you to customize how you want your virtual data room to look to distinguish your company’s brand. You can have a branded interface and also customize your language settings which allow users worldwide to communicate in their native language with no restrictions.
  • Support of multiple file formats. This allows you to use your VDR for any file format. You should check if the virtual data room solution you’re interested in supports different format files. 

How to choose the best data room provider?

The traits of Virtual Data Room Services listed above prove that these platforms are indispensable for a business of any segment of the operation and size. However, not every repository is equally beneficial for every customer.

Virtual data room providers available in Canada are all different from each other. A short Virtual Data Room review might create a feeling that they do not differ and that you can blindly entrust your project to the first company you encounter. Never ever do it! If you want to be sure that your documents are not in danger and that your deal will run smoothly you have to choose one of the top online data room providers in Canada.

Here are important things to note when choosing the best data room provider.

1. Define your needs and capabilities

Before you go out searching for the next best virtual data room, identify what the secure data room will be used for and how it will improve your brand or company. There are some important questions to ask before you can choose the best data room for your industry:

  • What is your budget? 
  • What kind of files will be stored in the data room? 
  • How much storage will you need?
  • Will the use of VDR improve your workstream? 
  • Will other team members or the entire company be using the data room? 
  • What other purposes will the VDR serve aside from storing and sharing data?

2. Identify your desired features

Once you’ve defined your needs and capabilities, you have an idea of your desired features. They will determine whether you need a virtual data room that only saves and shares data, or one that has other project management features. Some special features you might need in a data room include security, document management features, Q&A feature, customer support, permission settings, or audit logs. 

3. Consider your budget 

Pricing models for VDRs vary based on specific factors such as storage capacity, number of users, available features, and number of documents. You should consider your budget, as this will help narrow your search. 

4. Compare virtual data rooms 

After you analyzed the capacities of the providers and read every virtual data room review you wanted, you can move to the next stage. Now your duty is to analyze every data room from the viewpoint of its equipment.

Compare different best data rooms to know which one meets your needs and criteria. There are comparison charts you can use for this search, such as Capterra comparison feature, Trustradius comparison chart, and a virtual data room comparison table. 

5. Read the reviews

Reading online reviews by other users is one way to learn about the functionality of a data room service, however, some review sites may be fake or include phony user reviews. You can narrow your search by reading reviews about virtual data room software and secure virtual data room companies and providers by searching for the company directly online. 

6. Select VDR providers, check their sites and talk to support

Once all the above steps have been taken carefully, you can then select the service provider that best suits your needs. Check their site to see if they are user-friendly or offer free materials that can serve as templates. You should also speak to a representative to ask about some other features or any other questions you may have about the provider. 

7. Test software using the free trial

Do not decide on a virtual data room if you haven’t tested it out. Most good virtual data room providers offer free trials to test their software. As you go through the trial, you should pay attention to the user interface and ease of use. You should also ask your team members about their experiences with the software, and then you can finally select the suitable VDR for your company. 

M&A data room providers

1

iDeals Virtual Data Room

4.81 out of 5.0
2

Merrill Datasite

4.6 out of 5.0
3

Intralinks Dealspace

4.3 out of 5.0
4

Ansarada Data Room

4.0 out of 5.0
5

Box Software

3.8 out of 5.0
6

Firmex Data Room

3.5 out of 5.0

Virtual data room pricing review

Virtual data room pricing varies and depends on the virtual data room vendors, your project, number of users, required storage, virtual data room features, and the duration you’d be needing the electronic data room for.

Here’s a virtual data room review of pricing as seen from the best online data room providers.

1. Page-based pricing

If you’re looking to use virtual data rooms for a small short-term project, then this common pricing system might work for you. Most virtual data room providers who use this plan charge less than $1 to provide data room services for your document. Consider this pricing a perfect option if you’re up for a one-time small project — it will eventually cost more for long-term larger projects.

2. User-based pricing

Sometimes pricing is determined by setting a specific number of administrative users for a virtual data room. Where more users are needed, extra charges may apply. There is no specific information as to how vendors price users, but generally, you can expect to pay between $100 to $250. 

Also, other vendors like Sharefile and iDeals may offer this as part of a monthly subscription rate, charging more when more than the custom number of users is required. Already both offer a monthly rate of about $400 and $1000 respectively.

3. Storage-based pricing

For other data room service providers, the cost is calculated based on the required storage size in gigabytes (GB). Likewise, for providers who use a flat rate, they may as well charge more where the required storage measurably exceeds the standard offering. 

If most of your documents are relatively small, then this option might be fairer for you. Some virtual data room providers offer over a 6GB standard storage for a flat monthly fee, and may charge as much as $75 for an extra GB.

4. Monthly or yearly subscription fee

If your organization needs to carry out several data room due diligence procedures annually, the monthly or yearly pricing might be the best for you. It’s a better option when you’re working with unpredictably large volumes of data and mostly on large projects. Prices range from a monthly fee of as low as $250 to an annual fee of as high as $20,000. Not to worry, some other data room software providers offer as low as $5000 per year as well. It all depends on all the features you want, your budget, and how large the project is. So not to worry, you’ll always find an online dataroom to fit your budget.

Virtual data room providers comparison

The data room market is filled with both small new companies and easily recognizable brands. When choosing which company to trust with your deal, you need to explore a wide variety of options – there are many data room providers in Canada, and each of them offer some unique features. We are here to guide you during this process, and share our opinion on the main data rooms in Canada.

Online data rooms are strengthening their positions on the market. However, the market is still pretty limited as the audience interested in a VDR usage is not as vast as the audience loyal to regular cloud-based storage companies. Not every deal-maker treats the information they share as highly sensitive and a due diligence data room is not essential in every deal: the execution of small-scale local deals doesn’t require cooperation with data room providers – freemium services would be enough for the successful deal outcome.

When it comes to top virtual data room providers in Canada an in-depth virtual data room comparison is required. The comparison might be a challenging duty as it is not always that simple to detect important peculiarities of a vendor and to distinguish it from the rest. iDeals proves to be amidst the leading virtual data room providers Canada can brag of. iDeals virtual data rooms are characterized by a holistic attitude towards data protection and iDeals solutions are perceived as the most innovative in the industry. Anyway, an attentive virtual data room comparison would reveal all the peculiarities of the vendor.

To perform a complex virtual data room comparison the one has to know which traits and aspects to pay attention to while reading data room reviews. The nuances to evaluate and compare are hard to choose. There are certain aspects that must be taken into consideration but it might happen so that particular virtual data room providers lack some standard options and, at the same time, offer an impressive unique feature. And it would be hard to say if such data room providers lag behind the competitors or if they win a niche and try to offer the best virtual data room.

 iDeals virtual data room

4.81/5.0

The market of data rooms in Canada is rather vast. But iDeals holds its position of the top-rated and secure data room provider since 2008: almost 10 years of operation make the vendor evoke trust and respect. No one would question the decision to team up with this provider as the representatives of Fortune 1000 do not hesitate before entrusting their destinies into the arms of iDeals VDR. Making the focus on the large-scale projects the company collaborates with approximately 4,000 clients involved in varied operation areas – biotech, real estate, fundraising, etc. Hence, the virtual data room software proves to be equally efficient for the exploitation within unlike industries. To find out whether the venue is the one, any potential client can sign up for a trial period that lasts for two months and costs nothing.

Plenty of data room reviews available online may give a customer an overall impression of what iDeals data room is on practice. And the first thing commonly emphasized is the multi-layered security guaranteed by the vendor:

  • It is required to pass two stages of identity verification to enter the room;
  • All the files contain time stamps that indicate when it was saved or printed;
  • Due to “Fence View” feature it is impossible to work with the files on the devices of unauthorized individuals;
  • No virus would remain unnoticed owing to the regular scanning.

An additional dimension of protection is guaranteed by activity logs: these files disclose all the actions that took place inside the room. Hence, administrators follow each step of the visitors. Moreover, they may manage the rights of the visitors and prevent them from performing certain actions: the right to print files might be withdrawn or the access to particular folders blocked. Owing to this option, administrators may create functional and thematic clusters inside the venue and utilize it for several purposes at once.

The best virtual data rooms are not the same when it comes to the features and value they provide. However, there are some aspects common for all providers. Although the list can be extended, here are the six basic features present in all VDRs

One more aspect that makes the vendor stand out of virtual data room providers is its treatment of the users: the environment is designed in the way which guarantees the most comfy and painless work. As no plug-ins are required the room can be entered via all browsers and devices. And the mobile app helps to take the work outside the office. The interface can be customized and prepared in one of the multiple languages. Moreover, the customer support is also multi-lingual.

The company teams up with the wide range of businessmen and it prepared to adjust to their requirements. Hence, three types of subscription are on offer and each client may choose the one that corresponds with the project.

Merril Datasite

While assessing virtual data room providers Canada can brag of, it is impossible to ignore Merril Datasite – a secure virtual data room that successfully balances between the solid industry giants and reckless ambitious startups. The ability to take care of 75,000 customers makes Merril Datasite look like an enormously productive and laborious data room provider: it is pretty challenging to find the common ground with such picky clients as UBS, EY, PWC, Deutsche Bank, etc. At the same time, collaboration with the representatives of Fortune 500 is not the single virtue of Firmex.

Numerous data room reviews would tell the interested user that Merril Datasite managed to equip its data rooms with options that make the vendor attract attention of successful deal-makers. A standard set of functions perceived as the necessity for any reputable VDR plays the role of the basis for Merril Datasite. Above it the company has built a multi-layered system that incorporates plenty of handy tools:

  • The files can be uploaded via email and there is no need to enter the room every time when new data has to be added;
  • “View As” feature helps the room administrators to double check whether each visitor has the adequate level of access;
  • No plug-ins are required and users face no restrictions in terms of gadgets they are allowed to utilize when they plan to enter the room;
  • The file format does not matter as the platform is compatible with a wide range of formats and does not make the users convert documents;
  • The documents have an expiry period which makes them inaccessible after a certain time even if they were downloaded;
  • Any file can be ascribed specific settings that prevent users from viewing, saving or printing it.

The tools mentioned and a qualified support team helps Merril Datasite to maintain its productivity at the level of 2 million files transferred on a monthly basis. Such pace of work does not affect the data protection: Merril Datasite remains one of the safest data room providers.

Even though Merril Datasite teams up with large enterprises and corporation, the platforms it offers prove to be the best virtual data rooms for small and middle-sized projects. One of the traits that attract smaller firm is the transparent and adequate pricing policy of the company. Basically, the one chooses between two models – a single-use platform or a venue designed for multi-use.

Intralinks Dealspace

Intralinks Dealspace deserves its place among the top-rated virtual data rooms in Canada. The name chosen by the data room provider hints all the prospect customers what the focal point of the company is. As it is not hard to guess, Intralinks Dealspace stresses data safety in its operation. Therefore, the one finds the full package of tools that create a shield protecting sensitive files: watermarks that indicate the time and the user who downloaded or printed it, several steps required to pass identity check, encryption, etc. Also, whenever any alterations or actions take place inside virtual data rooms administrators get notifications: any unexpected actions could be stopped immediately.

Each user can be ascribed a package of rights: administrators decide who of the visitors would enjoy the wider range of possibilities and who would be restricted. Such management might be applied not only on an individual level but on the group level too. Hence, each visitor and each group might be defined in the terms of four access levels that vary from a total prohibition of the room entrance to the unlimited access.

Virtual data room reviews help potential users understand that Intralinks Dealspace is not only a secure data room – it is also the vendor offering convenient tools for communication throughout the deal. Indeed, the company is known not only for its storage but also for Contract Management Software. It means that any client can combine data room services with another Intralinks Dealspaceproduct and benefit from the complex solution.

As one of the leading virtual data room providers, Intralinks Dealspacehas to take care of the clients’ comfort. Therefore, all the rooms are equipped with usual and habitual functions familiar to the experienced users and expected by the newbies – drag-and-drop uploading, filters, automatically ascribed indexes, etc. Owing to these tools, the rooms prove to be not exclusively a venue for data exchange but also a comfy environment that performs the role of a simple storage too. Thus, Intralinks Dealspace assists its clients disregarding the scope of their projects. Even though the room is pretty intuitive, an online training would help new users to get familiar with the options and the support staff would lead them throughout the entire deal.

Intralinks Dealspace is not the cheapest provider operating in the market but the cost of its services remains adequate: the prices for the fully packed room start from $200 a month.

Ansarada Data Room

Lots of data room providers struggle to be useful for many clients at once: they are packing their virtual data rooms with extended sets of functions and trying to think about any possible requirements a client may voice. Meanwhile, Ansarada stays stick to another strategy: the last 12 years the company spent on the development within M&A sector. It might sound unusual but amongst all the virtual data rooms in Canada Ansarada is the one to emphasize its loyalty to one precise type of transactions.

As of today, the developer has introduced its 3rd edition of the data room software.  In comparison to the varied data rooms in Canada, Ansarada cannot brag of unique and breakthrough solutions. The company is not trying to position itself as the leader amidst best virtual data rooms but it keeps on developing the reputation of the data room M&A partakers would benefit from.

Any virtual data room review would introduce the prospect customer into the functionality of Ansarada as the vendor focuses on the standard options: when the one decides to team up with Ansarada he knows that he would get access to the high-quality tools recognized as an absolute necessity within the industry. Thus, the customer would enjoy the feeling of having all the documents protected on several levels, would enjoy the clear interface and qualified support team. Search tools, bulk downloads, auto-numbered files, defined expiry period and many other options guarantee that the deal would run smoothly.

As lots of bidders and diverse partakers are usually involved in merger and acquisition transactions, Ansarada enhances the room administrators with a right to follow the activity of all the visitors. Indeed, in-depth reports depict the actions and help the room owners to evaluate the intentions of visitors and to compare them. Commonly, the visitors are scattered geographically and do not speak one language. Therefore, thirteen languages offered by Ansarada and its automatic translation services come in handy.

Even though Ansarada has been assisting in varied projects, virtual data room reviews would help to grasp what is the main audience of the company. Disregarding the fact the room is well-equipped and highly secure, it remains convenient only for M&A transaction and it might fail to facilitate other projects. Moreover, it proves to be suitable for one-time deals – not for long-lasting collaboration.

Box Software

An overall virtual data room comparison shows that the data room offered by Box in many aspects resembles DropBox: the simplicity of both services is undeniable. However, Box belongs to the virtual data room providers that team up with corporate clients and focus on the assisting throughout complex deals while freemium services (such as DropBox) are mainly suitable for individual exploitation. Hence, according to numerous virtual data room reviews Box inherits all the traits immanent to free platforms but the level of data protection guaranteed could not be compared.

As one of the top data rooms in Canada Box pleases the customers not only with highly the protected environment for data storage. Aside from safety protocols, the users get a set of standard tools intrinsic to virtual data rooms. Thus, they may upload the files in bulks and enjoy the integration with Microsoft Office; e-sign the papers and customize the room. As the room might be exploited for a few deals at once, the data room provider offers the administrators to impose restrictions on viewing and printing of the documents and to follow the overall activity tracking. Owing to these tools, the room can be divided into functional permission groups and none of the actions would remain unnoticed. Moreover, when the deal is over or when a particular partaker is not supposed to access the files any longer the room administrators may revoke an access to files even if they have already been downloaded. Due to the expiry period, confidential corporate files do not remain accessible and do not cause any vulnerability.

The intent look at the virtual data room review depicting Box would tell the prospect user that this platform is the best when it comes to individual usage. It means that huge corporate players should better look for another vendor while small and middle-size firms are welcome to test the venue. Unfortunately, it has pretty limited trial period – only 14 days. But this time should be enough to evaluate all the communication tools, safety guarantees, a mobile application and other peculiar aspects of Box.

The company exists since 2005 and during the last 10 years was involved in many deals and projects. But the focal point of Box is not its virtual platform as the company operates not exclusively in the dimension of VDR development. For this reason, the platform might lack innovative solutions and might seem to be too standard for the pickiest customers.

Firmex

This virtual data room is a powerful solution for businesses in all fields. This provider offers a broad range of various instruments that can fulfill the needs of companies even in such complicated fields as Mining, Biotech, Oil and Gas, Government and Legal. In this Firmex data room review, we will find out the reasons behind the popularity of this software.

First of all, it is extremely easy to upload the documents to the data room and organize them in a convenient folder system. The software itself is perfectly optimized for all possible platforms and devices, thus, runs really smoothly and quickly. And if you face any issues, the support team is here for you 24/7/365.

More than 120.000 businesses use Firmex data room. Canada is one of the most loyal users due to the advanced Biotech field. This provider can offer a flawless protection that is crucial for this branch. Biotech and Pharmacy researchers and developers need some extra security for their documents because they share a lot of sensitive information every day. And the data leak is a real catastrophe for this field. With Firmex any company can be sure all information is completely safe. This provider is compliant with international security certificates and protects its servers with a strong encryption. And the multi-factor authentication and built-in watermarks only enhance the security of the data room.

Every company will find needed instruments in a Firmex virtual data room. But even though this provider offers a broad range of tools, the online repository is still easy to use. The interface doesn’t seem overloaded with features and doesn’t overwhelm the new user. So even those team members who are not that tech-savvy will intuitively understand how to interact with this data room. And again, even if someone faces any difficulties, the support team is always ready to guide them through the process.

Finalize your virtual data room comparison

The comparison of the products helps you understand which traits you really need to have to satisfy your needs. Having the impression of what you can get for a certain sum of money will help you realize which characteristics are important for you and which you won’t use. Thus, before making your final decision you must decide on your list of demands for the virtual data room software. Otherwise, you might end up using the Web-based assistant not skilled enough to deal with your demands or you may find yourself paying more money for useless tools.

Since you constructed a layout of a virtual data room in your brain you should choose approximately five repositories and evaluate their characteristics in more detail. After all, any virtual data room review would not tell you as much as you will realize on your own after searching the dataroom services for your needs. Commonly, trial demos are accessible free of charge and you have enough time to familiarize yourself with all the essential aspects intrinsic to the room.

As soon as you are done with the assessment of repositories you have only a single step left – to choose your final platform. So, you must compare the costs of the depositories. The virtual data room pricing depends on the developer you team up with, equipment, project size, etc. Therefore, it is mandatory to look critically through all these criteria and make a conscious decision on whether the backing you get is worth the money you are willing to pay.

Preparing a data room for use

Now that you’ve decided which virtual data room solution is best for your due diligence, there are certain steps to prepare yourself for using the VDR.

  1. Decide on a VDR supplier and a service plan. The payment plan for the best virtual data rooms comes in different packages. Once you divide what supplier works for you, you’ll need to choose your payment plan based on the size of the project and the features of the VDR.
  2. Consider interface branding. Like your website, your virtual data room needs to reflect your brand image and identity. Once the data room agreement is signed, the next phase is to begin to customize the data room and populate it with relevant links to your brand.
  3. Structure a data room. It’s important to structure the data room efficiently to make it easy for external collaborators to find important files. The structuring process allows you to arrange files alphabetically or according to the existing industry protocol. This way, important documents won’t get lost in the stream of other files.
  4. Upload files to the virtual data room. Your data room solution begins to serve its purpose after you’ve uploaded important files and documents in the right folders and subfolders. With these, you’re able to test the functionality of the system before inviting external users to the room.
  5. Adjust controls and limitations. Data rooms contain confidential documents, and VDRs allow them to protect them effectively using the right controls. Once you upload the files, set controls on each document depending on how accessible you need them to be to the due diligence team. You should also determine what features you’re restricting for each file — if the team will be able to print, download, or make changes to any of the documents.
  6. Train personnel to use the VDR. Some team members may not have experience using a VDR, you’ll want to train them to prevent a breach or loss of data. It’s important to train staff before inviting an external due diligence team.
  7. Start using. Once all of these steps are done, you can now proceed to the most important aspect — using it for due diligence.

Online data room benefits

Digital data rooms are here to stay and have outpaced physical data rooms for many reasons. There’s a significant level of ease that virtual deal rooms bring over the physical deal rooms. These include:

  • Security. The idea of data rooms came about when companies realized that they needed a secure way to store and share important and confidential data. A virtual data room improves on that by enhancing security through encrypted data, cloud storage, watermarking, and user authentication. It also determines how data is accessed and used.
  • Ease of access and use of data. VDRs are equipped to help maintain a seamless data management process. The ability to access data rooms from anywhere reduces the wait time to complete due diligence. Also, the ease of upload, search, and structuring of data, makes it quicker and easier to achieve.
  • Analytic capabilities and workflow integration. Digital data rooms make it easier to achieve more in less time. Data analysis can be done on the go, as some VDRs provide analytic tools or seamless integration with workflow tools, so you don’t have to leave the data room to generate important data analysis. Also, it’s easier to track how users in a due diligence data room interact with the data, allowing the owner to make valid decisions.
  • Lower cost for due diligence. VDRs provide a cheaper alternative to physical data rooms, both in the cost of setup and usage. A VDR also eliminates the need for major expenses such as travel and lodging.

Due diligence procedures are carried out in different industries and scenarios, and many virtual data rooms for due diligence have been structured to serve specific uses. Here are some popular use-cases for a data room solution.

Investment banking

As new investment opportunities increase, such does the demand for funding and due diligence. Investment banking due diligence is carried out to measure the viability of a possible investment in a business venture and evaluate overall profitability based on existing operations. This way, a startup company can find investors, and investors can find new opportunities for investments.

Life science and clinical research trials

Virtual data rooms are used to carry out due diligence in the sciences, to share relevant research findings, confidential health records, new product licensing, and product clinical trials. It helps to ensure that all shared confidential documents are kept secure with the highest security standards possible.

M&A due diligence

These seem to be one of the most popular due diligence use cases, as different companies may look into a merger or an acquisition. Whether a merger or an acquisition, due diligence is used to determine profitability, risk level, and possible worth of an acquisition. It helps an M&A seller to find the right buyer and the M&A buyer to find the right opportunity.

Initial public offering (IPO)

During an initial public offering, a company seeking to go public undergoes a due diligence procedure, where stakeholders such as investment bankers, lawyers, analysts, and financial experts determine its value and viability before going public.

With the help of the virtual data room, all necessary documents can be structured and organized for public placement in one place. This makes it easier to simply search for potential public investors and maintain interactions with them.

Fundraising and raising capital

Raising capital is an integral part of business operations, and due diligence is used to achieve this. Interested funders perform due diligence to determine if a company is viable enough to receive external funding and to determine if external funding is sufficient to keep it profitable and out of bankruptcy.

Real estate management

In real estate, a lot of documentation goes into each property transaction. It involves keeping accurate property records, investor listing, and portfolio management. All of these are put together in several due diligence procedures, ranging from acquisitions to investment management. A due diligence data room is needed to keep confidential documents and make them available to vetted interested parties.

Virtual data rooms provide a secure file sharing system, which makes it convenient to share documents with third parties, such as agents, potential investors, banks, property lawyers, etc. It makes it easy to present real estate files in various, other than the conventional .doc extensions for most file-sharing platforms. With VDRs, real estate projects such as virtual tours, construction documents can be shared and viewed in their required formats seamlessly.

Licensing and legal document management

This is another area where data rooms are required. The legal industry deals with a mass of confidential documents across different clients, industries, and locations. It’s important that all of these are managed securely and effectively. Online datarooms help to provide all the storage to make this happen seamlessly, also making it easy to share important documents when requested for due diligence.

Corporate repository

Corporate data records may go far back several years, and it’s important that all of these are properly kept for future reference. Online data rooms are perfect for use as corporate repositories, where their high-security standard is needed to help reduce or eliminate the possibilities of a data breach.