With the world actively shifting to digital systems, companies are busy forsaking traditional practices and embracing new advanced software. The digital move has revamped data room solutions from physical data rooms to online data rooms. This has increased data security, business productivity, and secure transaction channels between parties.
The tech advantage is manifested based on a country’s advancement. First-world countries like Canada are experiencing the best technology and advanced tools for the majority of business activities. The country enjoys a great digital system, especially in dataroom software. There are multiple dataroom providers in Canada, all offering unique services to a huge number of clientele.
What are virtual data rooms?
VDR (virtual data rooms) is the current digital replacement of physical data rooms and a secure repository. It helps safeguard, store, and distribute digital assets.
Virtual data rooms are a secure online platform that helps keep crucial data and facilitate due diligence in various deals such as mergers and acquisitions, fund transfers, loan syndication, court proceedings, etc. Outside forces cannot tamper with the software unless the user has login credentials.
Unlike traditional data rooms, VDR eliminates potential damages like fires, theft, and natural calamities. Let’s discuss the difference between virtual and physical data rooms below.
Types of data rooms
Data rooms are classified into two types, both dealing with data securing and storage. However, one is quite advanced, less tedious, and more secure.
Physical data rooms
Physical data, also known as due diligence data rooms, are established rooms that help with data storage.
The seller gets a physical room to store all important files and documents. One can store details on M&A transfers and transactions, court proceedings, bank information and more. The area is available for buyers and their attorneys as they cross-check information before closing a deal.
The seller should have an accessible data room location for all parties to easily visit. However, the physical data room is constantly monitored to avoid theft or unauthorized people accessing the data. Sellers should be conscious of individuals using the rooms to ensure documents are not tampered with or missing.
Virtual data rooms
VDRs are online or virtualized cloud solutions that help save, secure, and distribute data. The software doesn’t require physical location as it’s available on smart devices like laptops or smartphones. Online data rooms are secure, cost-effective, readily available, and accessible. Both parties can access the software from anywhere through secure login credentials.
Virtual data rooms allow businesses to complete transactions and deals online without distractions. The software doesn’t require any guarding or protection from natural causes. Companies seeking to invest in data rooms should check for a secure data room service.
Canada’s top data rooms providers
Canada has various VRD providers, each providing exclusive services. However, customers should compare and analyze several features before settling for a particular data room service. The software should align with the user’s current and future needs.
Below is our selection of the most established and trusted data rooms in Canada, each worth of further analysis for an optimal choice.
1. iDeals VDR
The iDeals virtual data room is popular among sellers and buyers venturing into different data services. The software has multiple data security features compatible with many systems in the market. iDeals Solutions is a Great Britain innovation established in 2008 and has 700,000+ customers in 120,000 companies.
Uses
Most clients use iDeals for:
• Real estate management
• Investment banking services
• Board communications
• Mergers and Acquisitions
• Fundraising
Features
• User-friendly design
• Secure messaging section
• A drag-and-drop upload feature
• View-only access
• Unlimited cloud storage
• Unlimited users
• Flexible workspaces
• Branded user interface
• Helpdesk available 24/7
2. Firmex data room
Firmex is a Canadian establishment and has been in operation since 2006. The data rooms go beyond Canada’s borders, serving more than 100 countries from 140 000 organizations. Interested customers get a two-week trial and demo version before buying.
Uses
• Investment banking
• Real estate
• Government
• Mergers and Acquisitions
• Due diligence
• Fundraising
• Accounting
Features
• Virus scanning facility
• Custom domain
• Excel-based reports
• Phone support
• Unlimited storage
3. SS&C Intralinks Dealspace
Intralinks Dealspace is an American solution that has served since 1996 and has grain traction in different countries globally. It has gained trust among organizations by allowing fast, secure deal management and seamless data transfer. The company registers more than 4 000 000 users from tech companies, legal entities, life science, energy sectors and more. Intralinks provides demos to give a peek at how the system works.
Uses
• Legal companies
• Natural resources
• Tech companies
• M&A
• Real estates
• Government bodies
Features
• Desktop and data synchronization
• Scheduled reports
• Access expiration
• Unlimited storage
• On request workspace
• Files and folders notes
• A multilingual document index
4. Ansarada
An Australian innovation from 2005 and venturing worldwide, Ansarada is the ideal data room solution for many businesses. The solution comes through for small, medium and large Businesses. It’s guaranteed in data security, portfolio management, assets, tenders, transactions, and more.
Uses
• Due diligence
• Fundraising
• Asset management
• Portfolio management
• Tenders
• Deal management
Features
• Easy integration using APIs
• Search using file name
• User-friendliness
• Filtering through parameters
• A flexible storage
5. OneHub date room
OneHub is famous for document keenness; the data room works on design, preview and data effectiveness. The company was established in 2007 and provides quality data security on files and documents.
Uses
• Natural resources
• Legal entities
• Fundraising
Features
• Cloud storage of up to 100GB
• Graphic reports and design
• Ability to search files by name
• Many integrations through APIs
Conclusion
Businesses have enormous choices for virtual data rooms, all serving a particular purpose. However, companies should analyze their data and need to settle for the best data room software.
Above we’ve discussed some of the best data rooms with services in Canada. In our opinion, these are iDeals, Firmex, Intralinks, Ansarada, and OneHub. Be sure to further review and compare each of these solutions for making an optimal choice.
