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Firmex Virtual Data Room

Score7.2 out of 10

10 Reviews and Ratings

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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 versioning, dynamic watermarking, and other security and collaboration features.

Categories & Use Cases

Reviews

What users are saying about Firmex Virtual Data Room.
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Great platform for document sharing between organizations

Incentivized
Olivia CrellinView profile
Corporate & Securities Attorney in Legal at Snell & Wilmer (501-1000 employees employees)

Pros

  • Status updates
  • Visual display
  • Organization capabilities

Cons

  • Analytics
  • Data room index printable view
  • Multiple windows for document uploading

Return on Investment

  • Organized document sharing
  • User-friendly tool to recommend to clients
  • Doc sharing efficiency

Alternatives Considered

Merrill DatasiteOne and Dropbox Business

Other Software Used

Merrill DatasiteOne, DocuSign

Firmex is great for fantastic for Firms!

Incentivized
Verified User
Professional in Legal (1001-5000 employees employees)

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.

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

Merrill DatasiteOne, Dropbox Business and OneDrive

Other Software Used

Merrill DatasiteOne, Dropbox Business, Backblaze