Likelihood to Recommend It is well suited for securing and protecting confidential data. It is great to work with your emails (Gmail) as you can allow access to concerned people, bar downloading, put an expiry date, or add the watermarks. The most amazing feature is that it's very customizable.
Read full review 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.
Read full review Pros Digify excels at customizing and performing activities related to file and document sharing. We can set limits on uploaded files and customize them for a specific viewer using Digify. Read full review Status updates Visual display Organization capabilities Read full review Cons I don't have a lot to complain but it is a bit overpriced, in my opinion. Sometimes it messes with the firewall and some of the clients are not able to open the Digify links. Initially, a few of our team members found it difficult but eventually they got the hang of it. It is not particularly a drawback but maybe there is a learning curve for some people. I'm extremely happy though. Read full review 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. Read full review Alternatives Considered Digify is an easy-to-use platform with a simplified user interface to safeguard, regulate, and track the specific location of business process documents once they have been received. Android and iOS devices as well as Windows, Linux and Mac operating systems are supported by this tool.
Read full review 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.
Read full review Return on Investment It has helped us secure our confidential data and that's something very important. Hence, it would be fair to say that Digify has played a positive role in the overall growth of the business. Read full review 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. Read full review ScreenShots