• Best Virtual Data Room Providers in Canada

Virtual data room providers comparison:

picture of intralinks provider
Rating: 4.8

Intralinks

More than 99% of the Fortune 1000 has trusted Intralinks vdr their information. This provider was established more than two decades ago and still manages to keep high positions.

ideals logotype
Rating: 5.0

iDeals Virtual Data Room

You will find iDeals data room in any list of best providers. Giving so many benefits and unique features to its customers this provider deserved the trust of companies around the world.

merrilldata logotype
Rating: 4.4

Merrill

Do you want to be among the strongest business players? Then Merrillcorp is your right choice. Join the largest companies around the world and execute complex deals.

Best Virtual Data Room Providers in Canada

The use of a data room is a solution for all document-related processes. Times when businesses had to spend a lot of money, time and efforts to just deliver required files to the destination so a due diligence process could be performed. But today technologies ease our lives significantly. And businesses should adopt them as well to perfect processes within and outside of the company. The whole world switches to the online and uses tools internet provide them with. So why shouldn’t your business do the same?

What do you need to know before choosing the best virtual data room for your business?

With the help of a virtual data room business owner can streamline the process of the document sharing. This software allows keeping all important information perfectly organized in a secure place

– on the server of the online data room provider. But before you dive into the search for that perfect solution for your company, let’s talk about criteria that will help you to choose the right option.

First of all, the security. It is one of the main advantages of virtual data rooms. And it is an important thing you as a business owner should care about. Usually, documents of the company contain some sensitive infor

mation that is not meant for the eye of a stranger. That’s why servers, where the data is stored, are highly protected. So the level of security is the first thing you look for picking a data room.

The uptime of servers is very important as well. You should be able to access uploaded documents anytime. Usually, data room providers promise the 24/7 access to the online repository. And it is an important criterion because the downtime can harm the deal.

all about virtual data rooms

Try to understand how easy is it to use the virtual data room you have decided to adopt. The software should have a simple and intuitive interface and require no prior training for new users. Otherwise, it will be inconvenient for everyone – you, employees, partners, authorities – to use this technology for your needs.

The extensive support is also an important thing. All best virtual data rooms in Canada provide their clients with a support team that is available 24/7. They would help users out with any problems and questions they have. Also, most providers would even help building the documents related process within your data room to achieve the best performance. Also, you should check if the software is compatible with most popular devices.

All data rooms have similar functions. But some of them may be suitable for specific businesses, for example, real estate or life sciences ones. So if your company is related to an industry that has some unique requirement, you should look for the software that will fulfill them.

The importance of the use of virtual data rooms in the process of the document sharing

The process of the document sharing can be highly time-consuming and tiring. That’s why you should try VDRs. They are convenient, they speed up business processes within the company and improve relationships with other businesses.

Of course, the main benefit data room software gives to the business is the security. Once you’ve uploaded your company’s documents to the online repository, they are protected from any malicious actions and theft. Providers do their best to protect the data. They use encryption, implement 2-factor authentication that requires a code sent to the user in an SMS to enter the data room. There is no chance for malefactors to get into your VDR and steal important data.

The teamwork can be improved with the use of virtual data rooms significantly. This software gives users an opportunity to work together on documents, review and edit them. Also, the owner of the online repository can control the level of an access other users have. Actions of team members are recorded and can be viewed by a room owner as well.

Once all files are uploaded and organized in a data room for a transaction, you can share them with partners, investors, authorities and other third-parties that need to review them. It can be done at any moment, so every due diligence process won’t be any hustle anymore.

In this review, you will find the best Canadian data rooms with all their advantages and downsides. Knowing criteria that can help you to pick the right provider it will be easy to choose the software for your business.

VDR Solutions for business

Online Due Diligence

Data rooms usually are used for a due diligence – the review of the company’s documents. This process is performed before any important event like establishing a partnership, receiving or giving an investment, Mergers and Acquisition and so on. Also, sometimes authorities might need to check the information about your business. With the use of virtual data rooms, due diligence is fast and effortless. All you need to do is to provide the third-party with an access to the online storage.

M&A

Since M&A – Mergers and Acquisitions – is a quite frequently performed activity and requires due diligence to be held in advance, data rooms are associated with it. During Mergers two companies merge forming one big business. During Acquisitions, one company takes over another so the second one becomes the part of the first firm. Both processes can be held very quickly and easily within a data room.

Real Estate

Virtual Data Rooms can be used not only for due diligence or M&A. It is also very convenient for real estate management. Within the online repository, you can share videos, photos, and plans of the property with potential buyers. It saves a lot of time for both sides of the deal.

Life Sciences

As for companies in a life sciences field, they can use data rooms to share securely the information about experiments, researches and other data that is highly sensitive.