How to Find the Right Virtual Data Room Provider in Canada
Thanks to virtual data rooms and the advances in technology, the document related portion of an M&A transaction is significantly more simplified. The due diligence process can now be performed in less time and for less money. With so many different VDR options available, it’s essential to look at the strengths and weaknesses of various providers. This way, you can make the most informed decision about choosing your VDR provider, and find the one that best meets your business’ needs.
There are several different virtual data room providers in Canada right now. They are:
- Merrill Datasiteone
Top Virtual Data Rooms in Canada
DealRoom is an innovative platform that combines virtual data room and project management features intending to help teams streamline due diligence and close deals faster. The software includes capabilities that assist with the entire transaction process, not just portions of it. Teams can securely collaborate, delegate responsibilities, and communicate without ever leaving the platform.
- Modern design
- Request Features
- Detailed Analytics Reports
- 24/7 Customer Service
- Flat-rate pricing
- Drag and drop bulk upload
- Built by former M&A professionals
An easy to use VDR, Securedocs provides a straightforward, affordable virtual deal room that expedites deal management.
- Drag and drop or scan uploads
- Dynamic Watermarking
- Customizable NDA
- Audit Log
- Affordable Pricing
iDeals is a simple virtual data room that helps teams securely share and collaborate on business-critical documents.
- Strong safety features
- Documents are protected with personally-identifiable watermarks
- Graphic Reports
- 15 minute set-up time
- 2-step verification
- Fast 24/7 Customer support available through phone and email
- Access in 12 languages
Created over 20 years ago, this data room is widely used and trusted by investment banks
- Quick and easy setup process
- Features allow for jumpstarting without prior training
- Simple interface
- Preconfigured workflows
- Artificial intelligence
Merrill was another original data room provider, and has a traditional virtual data room structure
- Drag and drop upload feature for documents
- Accessible through any browser, no downloading needed
- Strong search feature for uploaded files
- Easy to use interface
- Publish/unpublish projects with one click of a button
- Strong reputation
Canada Office - 1 Adelaide Street East, Suite 3000 Toronto, ON Canada M5C 2V9
Due to the fact that Ansarada focuses heavily on artificial intelligence features, they can help businesses to analyze information and predict events.
- Artificial Intelligence providing detailed reports
- Fast upload speeds
- Access levels to keep documents visible to a select few
- Secure uploads
- Easy to use
Firmex is affordable and easy to use data room for smaller deals.
- No hidden payment fees or unexpected bills
- Drag and drop bulk upload feature
- VDR owner can set access levels for documents
- High-security protection
One of the most widely used VDRs in Canada, this platform is simple, secure, and can be launched within 5 minutes.
- Strict security policy
- VDR owner can control user access levels
- Simple to use and fast
- Compatible with browsers and devices
- Available in 11 languages
- Notifications for document changes
- Built-in document viewer
- Smart search function
- Audit data
- Customizable document permissions
- 24/7 customer support
How to choose the best VDR provider for your needs
A VDR can reduce the amount of time used for document sharing by streamlining the process and making it more efficient. VDRs also help to improve teamwork and prevent work silos from forming in the workplace.
When choosing the best provider for you and your company, you should consider these four things:
- Easy to use interface
Easy to use interface
With any new software, there will be a learning curve and it’s important to check out the new customer training that a virtual data room provider offers. While many providers offer extensive new customer training, some are easier to learn than others, and the interface has a lot to do with that. Providers that designed their interface to be user-friendly offer an overall better customer experience.
While most VDRs come with a standard set of features that can be found in almost any data room, it’s the industry-specific features that really set them apart.
For example, features such as artificial intelligence, access levels, user restrictions, and being able to access the data room anywhere in the world on any device aren’t standard across all VDRs. You can also check out a virtual data room comparison chart.
The documents shared between users and companies is often very sensitive and therefore should receive the best security possible. Reducing the threat of hackers, information breaches or other risks that could pose a threat to the parties involved should be the utmost priority.
Check with the data room providers and see for yourself which ones can offer the best security features to help keep your documents safe and secured.
Price isn’t the most important thing to look out for, but it is a big deciding factor. You want to make sure that you are getting the best deal for your money. Don’t choose a cheaper data room based on the price alone. Compare the options and features outlined by each provider or take a free trial and see for yourself which one can provide you the best value.