Skip to main content
TrustRadius: an HG Insights Company
Firmex Virtual Data Room

Firmex Virtual Data Room

Overview

What is Firmex Virtual Data Room?

Firmex in Toronto offers a Virtual Data Room touting bank level security and customizable DRM, as well as two-factor password access and authentication and compliance with strict international privacy laws (e.g. HIPAA, SOC 2, UK Data Protection Act, etc). Beyond…

Read more

Learn from top reviewers

Firmex is great for fantastic for Firms!

Rating: 10 out of 10
June 27, 2019
IncentivizedVetted ReviewVerified User
Firmex is used to share large quantities of documents with multiple different types of users (lawyers, accountants, investment bankers or brokers, people at the company) durin...
Continue reading
Verified user
Professional
Firmex Virtual Data Room5 years of experience

Great platform for document sharing between organizations

Rating: 8 out of 10
July 22, 2018
IncentivizedVetted ReviewVerified User
We use the Firmex data rooms for due diligence in preparation for our corporate transactions. It's a quick and easy way to share files in an organized manner between counsel, ...
Continue reading
Olivia Crellin
Professional - Legal
Corporate & Securities Attorney
Snell & Wilmer
Firmex Virtual Data Room2 years of experience
Log in with LinkedIn to see content from your network
Return to navigation

Pricing

View all pricing
Firmex Virtual Data Room

Firmex Virtual Data Room

N/A
Unavailable

What is Firmex Virtual Data Room?

Firmex in Toronto offers a Virtual Data Room touting bank level security and customizable DRM, as well as two-factor password access and authentication and compliance with strict international privacy laws (e.g. HIPAA, SOC 2, UK Data Protection Act, etc). Beyond this the VDR offers tracking and…

Entry-level set up fee?

  • No setup fee

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

Would you like us to let the vendor know that you want pricing?

8 people also want pricing

Alternatives Pricing

ContractZen

ContractZen

$114
per year per user
What is ContractZen?

ContractZen's Governance Cloud for SMBs features a board portal, entity management, contract management, virtual data rooms (VDR), and more – powered by AI. ContractZen was built to speed up operations, minimize risks, and maximize company value in due diligence situations.

AMS File Transfer

AMS File Transfer

$80.75
per month
What is AMS File Transfer?

AMS File Transfer is presented as secure, user friendly and personalised, with the user's branding to represent the organisation. It helps to protect the delivery of files and information and overcome file size limitations. UK data sovereignty. ISO 27001 Certified.

Return to navigation

Product Details

What is Firmex Virtual Data Room?

Firmex Virtual Data Room Technical Details

Operating SystemsUnspecified
Mobile ApplicationNo
Return to navigation

Comparisons

View all alternatives

Compare with

Datasite Diligence Virtual Data Room

Datasite Diligence Virtual Data Room

Compare
SS&C Intralinks DealCentre

SS&C Intralinks DealCentre

Compare
Progress ShareFile

Progress ShareFile

Compare
Box

Box

Compare
ShareVault

ShareVault

Compare
Egnyte

Egnyte

Compare
M‑Files

M‑Files

Compare
Dropbox DocSend

Dropbox DocSend

Compare
Onehub

Onehub

Compare
Return to navigation

Reviews From Top Reviewers

Community Insights

TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!

Firmex has established itself as a valuable tool for M&A transactions, offering a range of features that assist users during the due diligence phase. Customers have praised the platform's reliability, security, and user-friendliness, as well as the exceptional customer support provided. The software effectively addresses the problem of securely sharing confidential information and enhances productivity. Users feel more at ease sharing documents through Firmex compared to traditional email systems. Overall, customers have had a trouble-free experience with Firmex and highly recommend it.

Firmex plays a critical role in facilitating data sharing for M&A transactions, serving as a collaborative platform where multiple parties can manage access and collaborate. It is widely considered an essential tool for executing successful transactions in investment banking. Users appreciate its ease of use and regard it as a more affordable alternative to competitors in terms of cost. Being a data room platform specifically designed for M&A transactions, Firmex provides all the necessary features at a fraction of the price when compared to other recognized platforms. The software offers both security and confidentiality during M&A due diligence while remaining user-friendly for new users. It enables smooth sharing, organization, and transmission of data throughout the entire M&A process, ensuring seamless information flow between buyers and sellers. Moreover, Firmex guarantees transparency over shared documents, making it vital for accurate disclosure in deal processes.

Easy to use and navigate: Firmex is praised by many users for its ease of use and intuitive interface. Reviewers have found the platform to be user-friendly, with a simple and straightforward layout that makes it easy to navigate without requiring much assistance.

Efficient dataroom creation and management: Many users appreciate the efficiency of creating and managing datarooms in Firmex. They find it easy to import file structures, provide access to others, and quickly set up and organize their data rooms. This streamlined process allows users to save time and efficiently manage their documents.

Highly valued reporting features: The reporting features in Firmex are highly valued by users as they allow for monitoring progress and tracking who has accessed the data room. This feature helps maintain confidentiality, especially in sectors where it is paramount, and enables users to restrict access to specific companies and individuals. Some reviewers have specifically mentioned this functionality as a key benefit of using Firmex.

Cons:

  1. Challenging Settings: Many users have found changing certain settings challenging and not intuitive, leading to frustration and difficulty in customizing the platform to their preferences. Some users have suggested that the system could benefit from a more user-friendly interface for adjusting settings.
  2. Mobile Functionality: Users have encountered difficulties with the functionality of Firmex on mobile devices, such as differences between the website and mobile app. This has made tasks like managing user lists and adding users more difficult. Several reviewers have expressed a desire for improved consistency and seamless integration across different platforms.
  3. Reporting and Usage Tracking: Some users have had trouble finding reporting features and total usage information within the platform, making it harder for them to track and analyze user activity effectively. A number of reviewers have mentioned the need for clearer visibility into data analytics, including comprehensive reports on user engagement metrics.

Users of Firmex have commonly made the following recommendations:

  1. Practice uploading and organizing information before going live with Firmex. Users suggest that familiarizing oneself with the platform's features beforehand can enhance workflow efficiency and prevent potential errors or delays.

  2. Utilize the support team of Firmex for assistance. Many users recommend reaching out to the dedicated support team provided by Firmex for any questions, concerns, or technical issues encountered while using the platform. They have found the support team to be responsive and helpful in resolving their queries promptly.

  3. Create larger response fields in Firmex. Some users have suggested increasing the size of response fields within the platform to improve user experience, particularly when dealing with lengthy text or comments. This modification could enhance readability and ease of use.

View all reviews
(1-2 of 2)

Great platform for document sharing between organizations

Rating: 8 out of 10
Incentivized
July 22, 2018
OC
Olivia Crellin
Corporate & Securities Attorney
Snell & Wilmer (Law Practice, 501-1000 employees)
Vetted Review
Verified User
Firmex Virtual Data Room
2 years of experience
View profile
Use Cases and Deployment Scope
We use the Firmex data rooms for due diligence in preparation for our corporate transactions. It's a quick and easy way to share files in an organized manner between counsel, buyer, seller and other affiliated parties. It solves the problem of otherwise sending bulk emails or trying to otherwise share bulk files.
Pros
  • Status updates
  • Visual display
  • Organization capabilities
Cons
  • Analytics
  • Data room index printable view
  • Multiple windows for document uploading
Likelihood to Recommend
Great for transactions involving file sharing where large amounts of documents need to be shared between multiple parties at different organizations. I could also see its utility as a document management site for an entity going through a reorganization or transition. It is not appropriate as a permanent document management system.
Return on Investment
  • Organized document sharing
  • User-friendly tool to recommend to clients
  • Doc sharing efficiency
Alternatives Considered
I think Firmex has one of the best visual displays -- I like its basic user interface a lot. It's easy to recommend that clients use it who have no prior datasite experience because they onboard quickly. It is far more intuitive than Dropbox and has more organizational capabilities. Merrill is a close competitor as it also offers a sleek design and user friendly interface.
Other Software Used

Firmex is great for fantastic for Firms!

Rating: 10 out of 10
Incentivized
June 27, 2019
Verified User
Professional in Legal
Law Practice Company, 1001-5000 employees
Vetted Review
Verified User
Firmex Virtual Data Room
5 years of experience
Use Cases and Deployment Scope
Firmex is used to share large quantities of documents with multiple different types of users (lawyers, accountants, investment bankers or brokers, people at the company) during complex transactions. It is only used by the lawyers in my firm actually working on the transaction, and only for a discrete period of time. For example, I was recently on an auction transaction where my client is no longer in the running (their bid was too low) and that data site has been removed from the list of deals I can access on Firmex.
Pros
  • E-Mail updates to users when a new document has been uploaded.
  • Watermarks on documents showing who downloaded the document and when.
  • You can add security to the documents so that users who download them cannot modify them (this is a feature when you are sharing sensitive documents with a third party!).
Cons
  • This is a bit of a stretch, because as far as I know, no data room provides this, but I think it would be interesting if they added a feature to manage supplemental due diligence requests. In almost every transaction I've been involved with, the buyer has supplemental due diligence requests, either because the seller did not want to provide a document or because they did not think it was sufficiently material (or they just forgot!). These supplemental requests get handled separately, using a Word or Excel document, but I think it would be nice if it could be handled directly in the data room. The reason this would be handy is that you could include dynamics links in the questions (Page 2 is missing from Document 1.1.2 - and then there is a link right to Document 1.1.2) and in the answers (See Document 3.3.4 for the missing financial statements - and then there is a link right to the missing document).
  • This is partly on the users, but I do not like it when a data room allows you to delete a document without there being an ongoing reference to the deleted document. It makes it hard for the other side (the purchaser) to keep straight the numbering of the due diligence documents. At a minimum, the software should just keep the numbering of the documents the same with an "Intentionally Deleted" next to the deleted document.
Likelihood to Recommend
Firmex Virtual Data Room is well suited to complex mergers and acquisition transactions. For example, we recently used it when acting for a potential purchaser involved in an auction transaction for a business unit worth approximately $1 billion. In that scenario, the vendor uploaded all of the documents to the data room and each of the bidders (and each of their lawyers, outside accountants, etc.) had access to the same documents. There were over 1000 documents uploaded to the data room (the index was around 100 pages I think), so it was a good way of managing such a large volume of documents, and such a large volume of users.
Return on Investment
  • Positive impact on conducting due diligence efficiently.
  • Positive impact on being responsive to fast-moving transactions because of the e-mail updates when new documents get uploaded.
Alternatives Considered
I think Firmex stacks up well with Merrill DatasiteOne, and I do not really have a preference between the two. Likewise, there are other data room services out there, and the good ones generally work pretty much the same, and I do not really have a favorite (this coming from someone who has a favorite on most things).
Firmex does work much better for complex transactions than Dropbox Business, OneDrive and other cloud base file-sharing services because those services are designed for (1) more general uses, and (2) collaborating across organizations. Firmex is better for due diligence on corporate transactions because of things like the ability to print a complete data room index of 1000s of documents (this makes it easier to tell individuals in the organization who has to review what documents) and strong protections on what people who download documents can do with them (ie: watermarks, locked PDFs so they cannot manipulate the documents). Firmex is optimized for due diligence review, rather than collaboration.
Other Software Used
Return to navigation