An extremely secure online platform for storing and sharing data is known as a virtual data room (VDR) or online data room. While some VDRs can only be utilized on desktop computers, others are mobile-friendly.
Due to the benefits they provide, VDRs are very popular among business world participants:
- preventing the loss of corporate data;
- adaptable data management, regardless of the location of the data (further information on this feature is provided in the section below titled DRM-system);
- Workflow is sped and made simpler with integrated corporate solutions that are flexible both within the company and with outside parties like partners and contractors.
Online VDRs are most frequently used for securely exchanging documents during M&A deals. VDR enables working with sensitive data, which is essential for enterprises. This is in contrast to traditional file-hosting services. VDR software is being actively used by businesses to secure their internal documents and sign contracts and agreements with third parties.
Top VDRs in Canada
There are 5 best data rooms in Canada.
iDeals
The most user-friendly interface on the market and a number of data security features make iDeals the industry’s top VDR software. iDeals Solutions was established in 2008. IDeals has already been chosen by over 700,000 customers from 120,000 businesses to handle their financial transactions.
Merrill
A 1968-founded corporation with its main office in Minneapolis, Minnesota, Merrill Corporation offers an M&A software solution called Datasite VDR. Due diligence, cooperation, and post-transactional integrations on Datasite are functional enough to enable large-scale transactions. Currently operating in 170 nations, the organization provides huge businesses in the financial, legal, PE, and other industries with useful solutions.
Firmex
In 2006, Firmex, a VDR provider based in Canada, was created. For businesses in investment banking, law or real estate, as well as governmental institutions, Firmex is the finest option. All prospective customers can use a demo version and a 2-week free trial to evaluate the Firmex VDR software before subscribing.
OneHub
The startup, which was founded in 2007, has a strong emphasis on features like document previews and design that enhance user productivity. The OneHub VDR solution emphasizes the fundamental qualities that a supplier should provide, such as complete control over the protection of your files within online file storage and secure file ability to share.
Citrix
For simplifying complicated processes like M&A due diligence, IPOs, and restructuring, Citrix ShareFile VDRs provide practical solutions. ShareFile was established in Raleigh, North Carolina, in 2005. Citrix Systems purchased ShareFile in 2013, and under the Citrix Sharefile name, it now offers an upgraded software solution. The creators of Sharefile’s VDR continue to be based in Raleigh, North Carolina, while simultaneously making use of Citrix’s extensive network across more than 100 counties.