Virtual Data Room Providers Comparison
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.
Due to data room reviews, the virtual data rooms comparison main category of the users of secure platforms can be detected: the large transborder players such as international companies and organizations involved in huge projects constitute the key audience of virtual venues. Eventually, there are enough vendors claiming to offer the best virtual data room and promising to surprise the clients with the lucrative virtual data room pricing model.
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.
Traits to Compare
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.
Anyway, 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 the instant qualified assistance;
- Virtual data room pricing scheme.
#1 iDeals Virtual Data Room
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.
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.
#2 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.
#3 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.
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.
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.
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.
Usefulness of Virtual Data Room. How to Choose the Best?
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 вata 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. And to identify the proper repository you must follow a simple algorithm of actions provided below.
HOW TO FIND the Best Virtual Data Rooms
In your pursuit of an ideal platform, you have to start from one virtual data room review and move on reading the responses available online and from other sources. Commonly, professionals make in-depth reviews depicting all the attributes and defects of virtual data rooms. Nonetheless, it is advisable to familiarize yourself with the comments left by the real users. You need to look through reviews to understand the experiences purchasers had while working with different data room providers. Even though every user evaluates their experience in their own way it isn’t that hard to understand the general impression that the collaboration with a selected platform leaves.
After you analyzed the reviews made by users and overall rankings of different providers, you will end up with your own selection of suitable repositories. It is an undeniable necessity to indicate on the list only those providers that have a good reputation. Even though the possibility you will encounter an unknown company that will satisfy all of your needs exists, you have more chances to get a positive experience when working with reputable providers.
Explore the Functionality of Data Room Service
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.
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.
Along with obvious and expected traits, you may find some advanced options beneficial. For example, the Q&A module may present you more freedom in communication with the rest of your coworkers. A mobile application developed to help you to follow the activity even when you are away from your office does the same. As vendors are trying to stay distinctive they come up with unique and appealing offers and you should explore what each of the developers has in store to impress you.
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. If you did everything properly, then you will end up with a convenient and protected platform that doesn’t cost you a lot and that covers all of your expectations.