ContractZen vs. Firmex Virtual Data Room

Overview
ProductRatingMost Used ByProduct SummaryStarting Price
ContractZen
Score 9.4 out of 10
N/A
Secure corporate governance software for advanced contract management, board management, entity management, eSignatures, and virtual data rooms (VDR). Saved and discoverable contracts with automatic reminders Securely shared meeting materials and electronically signed minutes Visualized organizational structure with ownership chart and signatory rights Automatically organized files and easily managed access rights in due…
$9.50
per month per user
Firmex Virtual Data Room
Score 7.0 out of 10
N/A
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 versioning, dynamic watermarking, and other security and collaboration features.N/A
Pricing
ContractZenFirmex Virtual Data Room
Editions & Modules
ContractZen
$9.50
per month per user
No answers on this topic
Offerings
Pricing Offerings
ContractZenFirmex Virtual Data Room
Free Trial
YesNo
Free/Freemium Version
NoNo
Premium Consulting/Integration Services
NoNo
Entry-level Setup FeeNo setup feeNo setup fee
Additional Details
More Pricing Information
Community Pulse
ContractZenFirmex Virtual Data Room
Top Pros
Top Cons
Features
ContractZenFirmex Virtual Data Room
Contract Monitoring
Comparison of Contract Monitoring features of Product A and Product B
ContractZen
8.3
3 Ratings
2% below category average
Firmex Virtual Data Room
-
Ratings
Contract database9.73 Ratings00 Ratings
Contract search9.43 Ratings00 Ratings
Contract milestone reminders & alerts9.03 Ratings00 Ratings
Custom contract reports5.33 Ratings00 Ratings
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User Ratings
ContractZenFirmex Virtual Data Room
Likelihood to Recommend
9.4
(5 ratings)
10.0
(2 ratings)
Likelihood to Renew
9.1
(1 ratings)
-
(0 ratings)
Usability
9.7
(4 ratings)
-
(0 ratings)
Support Rating
9.3
(4 ratings)
-
(0 ratings)
Implementation Rating
9.1
(1 ratings)
-
(0 ratings)
User Testimonials
ContractZenFirmex Virtual Data Room
Likelihood to Recommend
ContractZen
ContractZen is perfect for small and medium business where the use case is to manage contracts, get alerts, and track details about contract. ContractZen has other features such as meeting management, eSignatures etc. We focus primarily on contract management and are pleased with it. ContractZen has a lot of competition and many competitors have a full contract lifecycle, which is desirable in large companies. ContractZen does not have a full contract lifecycle process. Full contract lifecycle will have request for comments/proposals, NDA, quotes, implementation proposals etc. go through multiple people, multiple layers of approval etc. and different triggers in the contract would generate different tasks for staff to manage the contract till the contract expires. Large and complex companies have needs that ContractZen may not be suitable for
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Firmex
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.
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Pros
ContractZen
  • The easy storage of contracts is important. Easier than a shared hard drive folder or a jointly administered Excel sheet, both of which we tried to use in the past.
  • The alerts of key contract dates is crucial. Knowing what needs to be terminated or at least considered has saved us money.
  • Simple signing of contracts electronically has saved us money in getting from an agreed to contract to a signed one in minutes.
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Firmex
  • Status updates
  • Visual display
  • Organization capabilities
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Cons
ContractZen
  • I would like one view of entire client history.
  • It would be nice to put the client information in once and then simply add on contract extensions in the same folder.
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Firmex
  • 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.
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Likelihood to Renew
ContractZen
The inexpensive ContractZen saves time and money and is a joy to use
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Firmex
No answers on this topic
Usability
ContractZen
Very user friendly
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Firmex
No answers on this topic
Support Rating
ContractZen
The best part about ContractZen is that I needed no support. I had a couple questions in the last 2 years which were answered accurately within hours. Everything has worked as expected.
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Firmex
No answers on this topic
Implementation Rating
ContractZen
The capture of the new contracts is more important than the old contracts, somewhat counterintuitively. Once you start saving time using the electronic signing and retrieval, adding old material is easier. Old material additions fit our annual schedule as we've done them during periods of less administrative work.
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Firmex
No answers on this topic
Alternatives Considered
ContractZen
ContractZen is true value for the money and far more simpler than more advanced systems
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Firmex
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.
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Return on Investment
ContractZen
  • Easier to manage contracts.
  • More contracts are being renewed on a timely basis.
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Firmex
  • 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.
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ScreenShots

ContractZen Screenshots

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