Firmex Virtual Data Room vs. SugarSync

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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When doing daily jobs, if you’re sharing large files, I think Dropbox works a lot better but if you have a system where you’re working within that system and you want to be able to work with that system and have certain folders that you have access to all the time then SugarSync might be just the ticket.

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• Status updates
• Visual display
• Organization capabilities

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• Sync files in any folder - rather than forcing you to store them in a certain place (Although this can be confusing too)
• Works in the background - although this is true for all
• You can share with others - including those who do not use SugarSync

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• 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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• Can only think of one thing. I have helped others to get going with SugarSync and they if they have problems it is understanding the cloud.... So maybe (if it dosen't exist already) I would like to have a animation of the proces with "flying" folders between desktops, clouds etc. Otherwise SugarSync is just great.

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1. Freemium model is the ideal marketing for an app like this. 2. Now their sync methods with Android are worse

Customer service is amazing, they are always fast to respond and very helpful.

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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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SugarSync, like all solutions, has its place in the data storage stack within a company. The main reason SugarSync is better than the other solutions is that it enables me to leave my hard drive organized and keep my existing file trees. I don't have to constantly move or copy files to a specific folder if I want them backed up.

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• 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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• There were some opensource alternatives but we wanted something with better support which SugarSync offers.
• We achieved faster project collaboration with SugarSync.

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