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.
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RMail
Score10 out of 10
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RMail is RPost’s software-as-a-service solution that enables business users to track and prove email delivery and encrypt sensitive emails. Available as a MS Outlook add-in and for other popular software platforms, RMail works with any email address without any customization required. RMail provides users with a Registered Receipt email record proving delivery status, time of delivery, and exact content.
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.
A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info
RMail is great for sending emails with information that is sensitive but that the recipient is not going to put a lot of work into retrieving. I do psychological evaluations for criminal courts and I use it to send reports to courts and attorneys. I need to use something compatible with HIPAA privacy rules, which courts and attorneys are typically not as concerned about. If they had to use a password or go to an outside web address to retrieve the email, they wouldn't do it. It's also common for an attorney to say they didn't get an email, but I always know if they did or not, and I have clear documentation of it, which is important in legal cases.
A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info
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.
A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info
A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info
I don't think RPost has any competition, at least none that I can use. I think that once registered email becomes widely accepted (someday soon?), it will be indispensable for anyone in business, and RPost is the leading vendor (maybe the only vendor).
Support is easy to access via email or phone. They also reach out to you periodically with new features, but they aren't intrusive about it. I usually appreciate it when I get an email from RMail, which is not very often.
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.
A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info
RMail is really useful when wanting to send important encrypted information, and have control of what happens on the other end. It also comes with a complete set of features that help in any other way you can imagine. I've been through other products, and nothing compares to it.
A de minimis incentive was given to thank the reviewer for their time. The incentive was not used to bias or drive a particular response, nor was the incentive contingent on a positive endorsement. More Info
