Top Virtual Data Rooms 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 an industry-leading virtual data room software with numerous data security features and the most intuitive interface in the market. The top company’s use cases are investment banking, real estate management, fundraising, board communications, mergers and acquisitions, and more.

Visit Website Learn More

Storage:

Unlimited

Users:

Unlimited

Merrill Datasite
4.6/5.0

Datasite data room is an M&A software solution by Merrill Corporation that offers sufficient functionality for supporting large-scale transactions in due diligence, collaboration, and post-transactional integrations. Datasite virtual data room is widely recognized as a suitable solution for enterprise-scale confidential data management.

Learn More

Storage:

50 GB

Users:

Unlimited

Firmex Data Room
4.3/5.0

Firmex is a Canada-based virtual data room provider that was founded in 2006. There’s a 2-week free trial and a demo version for all the potential clients to test the Firmex VDR software before buying a subscription.

Learn More

Storage:

Limited

Users:

Limited

Onehub Data Room
4.2/5.0

The OneHub virtual data room solution focuses on the basic values that a provider should offer, such as complete control over the security of your files within online file storage and safe file sharing. Those are two fundamentals that OneHub's well-informed crew ensures remain constant.

Learn More

Storage:

Unlimited

Users:

Unlimited

Citrix Sharefile Data Room
4.1/5.0

Citrix ShareFile data room offers functional solutions for streamlining complex processes such as M&A due diligence, IPO, and restructuring. Sharefile virtual data room is flexible enough to support small, medium, and large projects and offers the most value to finance, healthcare, accounting, and legal sectors.

Learn More

Storage:

5GB

Users:

Unlimited

Venue Data Room by DFIN
4.1/5.0

Venue data room offers benefits such as innovative auto-redaction processes powered by artificial intelligence, strategic optimization, information security, and transparency. Venue’s customers are private equity companies, investment funds, government agencies, and startups.

Learn More

Storage:

Not provided

Users:

Not provided

Ansarada Data Room
4.0/5.0

The Ansarada virtual data room was founded in Australia in 2005 by four specialists involved in an M&A deal. Today, Ansarada solutions help with assets, tenders, and portfolio management, as well as deals, transactions, risks, compliance monitoring, and more.

Learn More

Storage:

-

Users:

Unlimited

DocSend Data Room
3.9/5.0

A DocSend virtual data room is a state-of-the-art document-sharing and analytics solution launched in 2013. With DocSend data room, companies have super-like powers to track the activity of their partners, investors, or customers to ensure reliable data protection.

Learn More

Storage:

10 GB/user

Users:

Unlimited

Box Software
3.8/5.0

Over 100,000 companies use the Box virtual data room solution for easy document management, storage, and sharing, as well as for automated workflows like reporting, analytics, or compliance tracking. There’s a 14-day free trial and flexible packaging suitable for businesses and individuals.

Learn More

Storage:

5 GB

Users:

20

Intralinks Dealspace
3.5/5.0

Intralinks is one of the leading virtual data room providers in the US market. It offers solutions that enable businesses to manage deals more quickly and collaborate securely across organizational, corporate, and geographical boundaries. 4 million users from the life sciences, tech, legal, and energy industries trust Intralinks VDR with their sensitive data.

Learn More

Storage:

Unlimited

Users:

Unlimited

iDeals Virtual Data Room
4.81/5.0

Free Trial:

30 days

Founded:

2008

Storage:

Unlimited

Users:

Unlimited

iDeals is an industry-leading virtual data room software with numerous data security features and the most intuitive interface in the market. The top company’s use cases are investment banking, real estate management, fundraising, board communications, mergers and acquisitions, and more.

Merrill Datasite
4.6/5.0
datasite

Free Trial:

14 days

Founded:

1967

Storage:

50 GB

Users:

Unlimited

Datasite data room is an M&A software solution by Merrill Corporation that offers sufficient functionality for supporting large-scale transactions in due diligence, collaboration, and post-transactional integrations. Datasite virtual data room is widely recognized as a suitable solution for enterprise-scale confidential data management.

Firmex Data Room
4.3/5.0
Firmex

Free Trial:

14 days

Founded:

2006

Storage:

Limited

Users:

Limited

Firmex is a Canada-based virtual data room provider that was founded in 2006. There’s a 2-week free trial and a demo version for all the potential clients to test the Firmex VDR software before buying a subscription.

Onehub Data Room
4.2/5.0

Free Trial:

14 days

Founded:

2007

Storage:

Unlimited

Users:

Unlimited

The OneHub virtual data room solution focuses on the basic values that a provider should offer, such as complete control over the security of your files within online file storage and safe file sharing. Those are two fundamentals that OneHub's well-informed crew ensures remain constant.

Citrix Sharefile Data Room
4.1/5.0

Free Trial:

7 days

Founded:

2005

Storage:

5GB

Users:

Unlimited

Citrix ShareFile data room offers functional solutions for streamlining complex processes such as M&A due diligence, IPO, and restructuring. Sharefile virtual data room is flexible enough to support small, medium, and large projects and offers the most value to finance, healthcare, accounting, and legal sectors.

Venue Data Room by DFIN
4.1/5.0

Free Trial:

No

Founded:

1983

Storage:

Not provided

Users:

Not provided

Venue data room offers benefits such as innovative auto-redaction processes powered by artificial intelligence, strategic optimization, information security, and transparency. Venue’s customers are private equity companies, investment funds, government agencies, and startups.

Ansarada Data Room
4.0/5.0
anasarada_logo

Free Trial:

14 days

Founded:

2005

Storage:

-

Users:

Unlimited

The Ansarada virtual data room was founded in Australia in 2005 by four specialists involved in an M&A deal. Today, Ansarada solutions help with assets, tenders, and portfolio management, as well as deals, transactions, risks, compliance monitoring, and more.

DocSend Data Room
3.9/5.0

Free Trial:

14 days

Founded:

2013

Storage:

10 GB/user

Users:

Unlimited

A DocSend virtual data room is a state-of-the-art document-sharing and analytics solution launched in 2013. With DocSend data room, companies have super-like powers to track the activity of their partners, investors, or customers to ensure reliable data protection.

Box Software
3.8/5.0

Free Trial:

14 days

Founded:

2005

Storage:

5 GB

Users:

20

Over 100,000 companies use the Box virtual data room solution for easy document management, storage, and sharing, as well as for automated workflows like reporting, analytics, or compliance tracking. There’s a 14-day free trial and flexible packaging suitable for businesses and individuals.

Intralinks Dealspace
3.5/5.0

Free Trial:

30 days

Founded:

1996

Storage:

Unlimited

Users:

Unlimited

Intralinks is one of the leading virtual data room providers in the US market. It offers solutions that enable businesses to manage deals more quickly and collaborate securely across organizational, corporate, and geographical boundaries. 4 million users from the life sciences, tech, legal, and energy industries trust Intralinks VDR with their sensitive data.

What is a virtual data room?

A virtual data room (VDR) — also called a virtual deal room, electronic or online data room — is a secure cloud-based space and SaaS solution designed for organizing, storing, and sharing company documents. You can use it permanently instead of your physical repository or only when you need to transfer the company’s confidential information securely.

Electronic data rooms were designed to facilitate due diligence and negotiations during the mergers and acquisitions (M&A) process. However, the needs of the modern business world have outgrown the capabilities of the original VDRs. The modern dataroom demands functionality and security for document management that only complex systems can provide.

Along with protecting your data, data rooms help you reduce paperwork, automate documentation journeys, securely share confidential files, and even speed up business transactions.

Step-by-step data room selection

Virtual data rooms available in Canada are all different from each other. A short virtual data room review might create a feeling that they do not differ. 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 best data rooms, 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 data rooms 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 rooms comparison table. 

5. Read the reviews

Reading online reviews by other users is one way to learn about the functionality of data rooms, however, some review sites may be fake or include phony user reviews. You can narrow your search by reading reviews about vdr 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 data rooms if you haven’t tested them out. Most good virtual data rooms 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. 

Choosing a virtual data room: things to consider

Virtual data room reviews are the basis to start the selection of vdr software. And while looking through any review 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
  • The 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
  • 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

Tip: Consider providers with a free trial period of 14 days (for simple transactions) or 30 days (for more complex ones). You’ll have enough time to try out and evaluate the software before investing your money.

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.

Security 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.

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. 

Virtual data rooms comparison

iDeals Virtual Data Room

4.81/5.0

iDeals is a provider of highly-equipped virtual data rooms for small, medium, and large businesses across various sectors. The provider combines extensive expertise with continuous innovations to deliver a platform for sharing sensitive data with maximum security, collaborating on multi-staged projects, and building sustainable strategies

iDeals was established in 2008 as a data room solution with an industry-leading security approach and rich feature sets. Now, it is a top virtual data room for due diligence, M&A cycles, real estate portfolio management, life sciences, and board.

The feature set supplied by iDeals covers all areas of basic data room activities, including streamlined document management, customization, activity reporting, and more. Additionally, the provider offers data room services such as platform setup, document organization, and deal processing advisory.

iDeals secure data rooms employ a network of strategically located data processing facilities that undergo constant audits according to ISO 27001, SOC 2, HIPAA, and GDPR standards. Users can ensure their document safety with features like two-factor authentication, multiple layers of user permissions, SSO, and 256-bit SSL encryption.

The users of iDeals data rooms can access the file-sharing and collaboration space through a browser without requiring plug-ins or additional hardware. The iOS and Android device users can also download applications to contribute to the workflow on the go.

iDeals online data room support team is available 24/7/265 via phone, email, and chat. The representatives speak over 11 languages and assist users with a single point of contact.

iDeals Pros
  • Versatile data security features including activity tracking, dynamic watermarking, and remote file retrieval
  • Flat monthly fee pricing model with a 30-day free trial
  • Customizable, intuitive interface available in 14 languages
iDeals Cons
  • Versatile data security features including activity tracking, dynamic watermarking, and remote file retrieval

Firmex Data Room

4.3/5.0

Firmex is a Canadian provider of data room services and software that are designed to simplify complex procedures. The platform offers an extensive selection of tools for managing confidential information, granting remote file access to external contributors, and leveraging data analytics for timely decision-making.

Firmex was founded in 2006 as a technology that would make traditional data rooms obsolete. The company has since catered to small and medium companies, primarily in the biotech, investment banking, pharma, and mining sectors.

Firmex data rooms are equipped to perform all times of corporate transactions, including intellectual property protection, day-to-day collaboration, and file management within secure cloud storage. The tools that users will particularly benefit from include full-text search, expedited setup, and automatic indexing.

Virtual data rooms by Firmex are audited and certified according to ISO 27001, HIPAA, and SOC 2 security standards. And the features that further assist users with protecting confidential data are granular permissions, multi-factor authentication, and access expirations.

Firmex data room is available via internet browser access, as well as through mobile applications for iOS and Android devices.

The Firmex team offers multilingual support via email and phone on a 24/7/265 basis.

Firmex Pros
  • Several levels of user permissions allow for role-specific access management
  • Detailed activity and file tracking
  • Flexible data room pricing
Firmex Cons
  • Lack of advanced online data room instruments compared to competitors
  • Occasional system crashes
  • Extended waiting periods for support responses

Onehub Data Room

4.2/5.0

OneHub is a virtual data room solutions provider widely recognized for flexible and secure collaboration workspaces. OneHub data rooms are a fitting solution for small and medium companies that require digital space for storing confidential data and communicating during various transactions.

OneHub was founded in 2007 as a data storage solution. The platform’s features can find applications in a variety of scenarios. But the sectors that will find OneHub deal room the most beneficial are finance, energy, education, and entertainment.

Users can easily manage their files inside OneHub data rooms with instruments for bulk uploads, document previews, and simultaneous contributions.

OneHub online data room provider undergoes security audits according to ISO 27001, SSAE 16, PCI DSS 1, and FISMA standards. OneHub users can ensure their data’s protection with tools like multi-layered access privileges, activity reporting, and automatic watermarking.

OneHub VDR is a SaaS solution that offers access through a secure Internet browser connection. The provider also developed applications for iOS and Android mobile devices.

OneHub’s support team is available 24/7/365 through phone, email, and a ticket-filing system.

OneHub Pros
  • Sufficient virtual data room solutions for low-budget businesses
  • High-standard document security with granular access settings and activity reports
  • Intuitive interface
OneHub Cons
  • Administrators might have challenges with tools that control access for external users
  • Initial setup requires extensive technical support

Merrill Datasite

4.6/5.0

Merrill Datasite is an established provider of virtual data rooms for M&A cycles with an extensive legacy. Datasite online data room offers all the instruments for a multi-stage deal management process. Datasite data rooms are used for marketing deals, performing due diligence, and facilitating post-merger integration.

Merrill Corporation, the parent company of Datasite, was established in 1968 as a financial printing business. Now, Datasite is recognized as one of the best virtual data room providers for large and enterprise-level companies in the legal, corporate development, investment banking, and private equity sectors.

Datasite delivers all the necessary tools to store confidential corporate data, organize documentation with features like drag-and-drop file upload, and facilitate secure data exchange. Datasite users also benefit from AI redaction, detailed engagement analytics, and automated workflow organization.

Datasite’s security facilities that allow users to share confidential documents with confidence are certified according to ISO 27001 and SOC 2 standards. The provider’s data protection features include granular permissions, dynamic watermarking, and multiple-factor authentication.

Datasite data rooms are available through plugin-free browser access. Additionally, iOS and Android device users can download mobile applications to attend to their duties on the go.

Merrill Datasite support team speaks multiple languages and is available 24/7/365 via phone, email, and chat.

Datasite Pros
  • Easy document management with bulk uploads and automated categorization
  • Detailed insights into all data room activity
  • Complete feature set for full-circle M&A cycles
Datasite Cons
  • Outdated, non-intuitive interface, compared to competitor virtual data room solutions
  • A complex virtual data room pricing model that sometimes results in budget exceedings
  • No free trial options for testing the data room hands-on

Ansarada Data Room

4.0/5.0

Ansarada is an Australia-based provider of data room services for individual entrepreneurs and businesses of all sizes. Ansarada offers an equipped collaboration platform that allows users to share sensitive data, exchange confidential documents, and communicate with each other during M&A, IPO, fundraising, and other complex transactions.

Founded in 2005, Ansarada has been supplying well-structured data rooms to companies worldwide. The industries that benefit the most from Ansarada’s electronic data room toolset are real estate, mining, financial advisory, healthcare, and gas and oil.

Ansarada supplies all the basic tools offered by virtual data room vendors in the same segment. On top of that, the provider enhances the user experience with the incorporation of AI mechanisms, layered permissions, and adjustable functionality.

Ansarada’s cloud storage software is audited and certified according to ISO 27001 and GDPR standards. In addition, the provider offers security features like detailed audit trails, IP restrictions, human-error resistance, and granular access permissions.

Ansarada is a SaaS platform available through Internet browsers on computers and mobile devices. At the moment, the provider does not offer tailored applications for smartphones.

Ansarada’s support team is accessible 24/7/365 via phone, email, and chat. Please note that this provider’s offer varies based on the package a user subscribes for.

Ansarada Pros
  • Simplified content population with features that allow to drag and drop multiple files, redact data, and integrate with external cloud file storage platforms
  • AI-automated workflows for fast and easy collaboration with multiple parties
  • Configurable user management with an option to restrict access based on location, role, and device
Ansarada Cons
  • Difficult to set up compared to other virtual data room solutions
  • Poor adaptability with mobile devices restricts on-the-go contribution for busy executives
  • Escalated virtual data room cost for the full-feature package

Finalize your virtual data rooms 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 rooms. Otherwise, you might end up using a web-based assistant not skilled enough to deal with your demands or you may find yourself paying more money for useless tools.

Most common VDR use cases

The reasons for using virtual data rooms are different depending on the business type and needs. Some seek data room solutions just for simple document storage, and project management, strategic transactions, others require reliable software that will assist in a due diligence process

Let’s define the top seven virtual data rooms use cases.

#1. Mergers and acquisitions 

What are data rooms for mergers and acquisitions? It’s an online repository with particular security features where all the confidential documents along with data about financial transactions are stored. 

Using a digital data room during the M&A, the sell side can close the business deal faster and in a more profitable way.

#2. Investment banking

Startups or small companies that seek fundraising also often opt for virtual data room solutions. 

Online data room providers maintain a smooth and effective due diligence process with the help of various security and collaboration tools.

Unlike a physical data room, modern virtual deal rooms enable interested numerous parties to quickly get acquainted with all the documents needed and decide on the potential investment at the soonest. All the data is stored in one secure online repository and can be reached via a single link. Whereas physical data rooms would require actual visiting at least several times.

#3. Initial public offering (IPO)

What is a data room for the IPO? When companies seek extra opportunities by going public, they have to be ready to share documents and confidential data with multiple people: from investment bankers to prospective shareholders. Obviously, security during the entire dealmaking process is important.

#4. Audits (Due diligence)

Most companies go through an audit round sooner or later. And it always implies document sharing with multiple parties and interaction with employees. Virtual data room providers simplify that process a lot.

Using advanced data rooms, a business owner can rest assured that all the confidential data about his company will stay safe.

#5. Strategic partnership

When you think of a potential partnership, you need to find a way to share sensitive information with a prospective partner.

Inside a virtual deal room, you can securely manage sensitive documents without the risk of their disclosure and also collaborate with each other in real-time. This is what physical data rooms can’t offer.

#6. Board communications

The best virtual data rooms allow teams and project managers to communicate during the deal with the help of such collaboration tools as in-built chat or Q&A section. 

By implementing an online data room, you get a controlled environment where you can invite users, manage permissions, restrict access, etc.

#7. Secure document sharing

This is the most frequent use case for virtual data room providers. Data rooms are generally used to securely store documents of any kinds and large volumes of information. It includes but is not limited to data about financial transactions, confidential documents, financial statements, presentations, contracts, videos, etc.

Top industries virtual data rooms are mostly used in

Below are the key industries where vdr vendors are implemented most often, the uses cases aren’t limited to these only and include many other businesses as well:

  • Finances
  • Life sciences industry
  • Intellectual property
  • Law
  • Startups
  • Manufacturing
  • Technology
  • Investment banking
  • Capital raising
  • Real estate
  • Private equity

Virtual data room key functionalities

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 data rooms vendor 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, saving time when going through multiple documents.
  • 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. 

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. Data rooms that are 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.