Firmex Virtual Data Room Review

This in-depth Firmex data room review covers all VDR components that are required for M&A and financing. Explore and analyze the pricing, pros & cons of Firmex along with its alternatives to pick the right virtual data room for your business:

VDR or virtual data rooms have become the new norm for businesses, especially those engaged in M&A or financing procedures. Understanding why this is trending lately isn’t difficult.

After all, VDRs are now widely considered to offer the most secure digital spaces for the storage and distribution of sensitive documents.

Firmex VDR: Complete Review With User Ratings

It also helps that these platforms turn out to be significantly more cost-effective in the long run than your average physical data room.

So, it should not surprise anyone that companies around the world are now relying on VDRs to conveniently manage and close high-stakes deals.

Here is a video tutorial for your reference:

One such platform that has garnered immense respect from its massive client base is Firmex. Launched in 2006, Firmex has been around for over two decades now, serving over 223,000 companies in its long and illustrious run.

I’ve been wanting to give this platform a try for a while. Now that I have, my experience has left me with some thoughts that I would like to share with you via this little article.

So, consider this a comprehensive Firmex review from someone who knows what a VDR designed for M&A and financing procedures must entail.

Overview of Firmex Data Room

Since 2006, Firmex has been a leading provider of virtual data rooms to companies globally. The data rooms it offers ensure the secure storage and sharing of sensitive business documents online.

For instance, companies engaged in high-stakes mergers & acquisition deals basically get a platform in Firmex that facilitates secure collaboration on documents that are essential for the successful closing of deals.

Entities like law firms, banks, and other financial institutions can use this platform to share confidential information with key stakeholders like clients, buyers, and investors.

Firmex comes jam-packed with features that enable safe and simple sharing of documents. It promises world-class security features, which can be attributed to its thriving popularity decades after the platform’s launch. Today, the company caters to over 1.4 million users across 180 countries.

This track record ultimately convinced me to give Firmex a shot, and I am glad to have given it my undivided attention.

Technical Specifications

Storage Capacity Limits	No storage limit. Files uploaded via the web should be kept under 50 GB at a time.
Number of Users	Unlimited User Access
File Format Compatibility	All Office, PDF, and Excel files are supported
Upload and Download Speeds	Super fast, it will depend on the Internet connection.
Browser Compatibility	Google Chrome, Apple Safari, Microsoft Edge, Mozilla Firefox.

Recommended Reading => Top Virtual Data Room Providers 

Firmex’s UI & Initial Implementation

From the start, it’s clear that Firmex made this virtual data room easy to set up and use. Your Firmex virtual data room is ready for use as soon as you’ve subscribed to the service. Once subscribed, your data room will be up and running within minutes.

You are greeted with an interface that’s minimalistic with a neat layout, thus facilitating easy navigation and access to its various features. Creating projects is as simple as uploading your diligence documents with a single click. Once uploaded, the documents are made available for instant control sharing.

Everything from controlling user permissions to tracking activity and assessing reports is a breeze on Firmex.

Core Enterprise Features

#1) Document Management

Secure document management and sharing are what Firmex VDR promises, and in my experience, it excels at them. As a user, I find it very convenient to upload, share, and manage documents on the data room provided by Firmex. You can easily upload files up to 50 GB in size to the data room.

You can choose to upload the file from your system or drag and drop it directly to your dashboard. To make things even simpler, Firmex allows its users to upload files from anywhere, provided they are using a designated email address, which will let you send emails directly to the data room.

Rest assured, all of your documents are stored in an organized fashion, making it easier to find and access any information you are looking for. This helps in expediting M&A or finance-related deals.

All files are auto-indexed, thus making them easier to find. If you want a platform that facilitates secure document sharing for due diligence, you’ll love what Firmex offers.

Further Reading => M&A Due Diligence Software

#2) Real-Time Tracking

This is another area where Firmex shines. You are immediately notified of uploads or any changes to a document. This ensures there are no issues further down the line that could jeopardize the deal you are trying to close. You’ll be able to identify in real-time how different parties are engaging with documents in the data room.

Almost all types of user activity can be tracked. For instance, you can view who viewed the document and for how long. The platform maintains an audit trail in real-time, which you can access anytime to track almost all key aspects and elements associated with your project.

#3) Precise User-Permissions and Collaboration

Collaboration on the platform is also considerably simpler, as you should have no issue sharing your documents or inviting other users into the data room to collaborate with them. As with most advanced digital rooms, Firmex also allows you to control user permissions on a more granular level.

You control how much access a particular user has. For instance, you can decide whether a user is authorized to edit or download a document or only has the privilege of viewing it. These features prove immensely useful when you are engaged in high-stakes M&A or financing deals.

With the right permission controls, you ensure only the right people have access to the right documents. Needless to say, you are promised a functionally excellent virtual data room with granular permissions.

#4) Streamlined Q&A

It is normal for questions to be raised by stakeholders when a deal is on the table. If these questions aren’t addressed on time or appropriately, it will only lead to delays in closure, or worse, the deal completely falling off the rails. With a streamlined Q&A tracking system, Firmex ensures all questions get the attention they deserve.

The platform makes it easier to manage, route, and address multiple questions. Assigning and tracking questions is simple with this built-in system. Everyone involved in the project is immediately and automatically notified of questions asked and answered to ensure everyone’s on the same page.

#5) Replicable Project Templates

Now, this is a feature that’ll save your company an ample amount of time and money. Let’s say your business wishes to enter into a repeat acquisition. It is easier within Firmex’s data room, as you can just rely on an existing project template with pre-configured groups and industry-specific request lists.

#6) Detailed Reports and Analytics

Finally, you are provided with customizable reports that can help you track down document interactions throughout your project’s timeline. The reports do a good job of helping you track all user activity.

Also Read => Most Popular Reporting Tools

You’ll get insights on who viewed your documents, how long a document was viewed for, how many times it was downloaded, etc. You can have the reports exported to Excel.

Security Features

Firmex leaves no stone unturned to make its platform as secure and safe for its clients. As a platform that indulges in the sharing and storage of sensitive information, it is compliant with the EU and UK’s GDPR. Firmex is also HIPAA compliant while possessing SOC 2 Type 2 certification.

These certifications make Firmex an ideal VDR for financial institutions and healthcare facilities, respectively. Your information is stored in an extremely secure ISO/IEC 27001:2022 certified data center with fire and disaster safeguards in place.

These security measures should put your mind at ease. You can rest easy knowing Firmex is uncompromising in its approach to both document and user safety. For instance, you can customize document permissions on a granular level. This means you decide who gets to view, download, or edit a document.

You can disable certain actions, like document saving or copying, with just a click. You can lock down documents as well, making sure users can only view a document from certain IP addresses and computers. You can also rely on Firmex to redact personally identifiable information from your documents.

Firmex also lets you ensure authorized user access by setting up multi-factor authentication and Single Sign On for logins.

Firmex facilitates automated backups. So, you can rest easy knowing your data is always retrievable. Your data room is subjected to regular penetration tests and vulnerability scans to ensure strong protection against all types of threats.

Customer Support

Although easy to use and implement, you might stumble upon some bottlenecks when using the platform. Fortunately, Firmex has a reliable, well-trained staff to support you 24/7 throughout the year. You can request support by raising a ticket, calling, or chatting with a live agent.

The support staff are all quite knowledgeable and know what they are doing. The response time is also impressive. You can expect guidance in English, French, German, and Spanish.

There is sufficient documentation and video tutorials to help you. These resources are easy to comprehend and can come in handy if you need a quick resolution to any issue you are facing. This is, in my humble opinion, one of the best providers of virtual data rooms with 24/7 support.

Firmex Pricing

Firmex offers plans based on project and subscription. Whatever plan you choose, the price you end up paying will vary depending on the project’s timeline and data requirements. I would’ve appreciated Firmex being more transparent with its pricing, but I still believe it is a cost-effective VDR solution.

I suggest doing your due diligence and understanding your requirements well before approaching Firmex’s team for a quote to make sure you are only paying for what you need.

Firmex offers a free trial and a demo upon request.

User Reviews & Ratings

Pros & Cons

What I Like About Firmex

• Easy to implement and use with a neat interface.
• Robust security features with GDPR and HIPAA compliance
• Facilitates integration with various third-party solutions.
• 24/7/365 support in English, French, German, and Spanish

What I Like About Firmex

• Would’ve appreciated more transparency in the pricing department.

Why Consider Firmex Alternatives?

Although Firmex is a good VDR platform, it isn’t perfect. It has a few glaring issues, with some very important modern capabilities missing.

For instance, Firmex does not feature AI capabilities. As such, the tool is lagging behind many of its contemporaries, like iDeals, which are employing AI features for redaction, document categorization, translation, etc.

The lack of clarity in its pricing can also pose a major issue for some users. I like its stick-to-a-project and subscription-based model. However, I would’ve appreciated some clarity on pricing, as the VDR platforms can get expensive.

Furthermore, the tool is relatively complex in its functioning when you compare it with some of its contemporaries.

List of the Best Firmex Alternatives

If Firmex turns out not to be your cup of tea, there are always alternatives you can turn your attention towards. Here are a few data room alternatives that could serve you well in the M&A and financing departments.

Comparing the Top Firmex Competitors

Name	Best Features	Free Trial	AI-Capabilities	Limitations
Firmex	Secure document sharing and collaboration.	Free trial and demo offered	No	Lack of clarity with pricing

Name	Best Features	Free Trial	AI-Capabilities	Limitations
iDeals	Granular Permissions, Real-Time Audit	Yes	Yes	Confusing pricing
Datasite	Smart Redaction AI-Document Categorization	No free trial, Custom demo offered	Yes	Hidden charges
Intralinks	Automatic document redaction, real-time analytics	No	Yes	Steep learning curve
SecureDocs	E-signature, audit trail.	Yes	No	Limited Integrations

---

#1) iDeals

iDeals is another VDR provider that not only can go toe-to-toe with Firmex in some regards but also gives it tough competition in other areas. Similar to Datasite, the platform also features advanced AI capabilities, which can serve you well in closing deals with efficiency.

The platform has done a good job serving its clients in the investment and banking sectors, thus deserving a mention in my article. The data you can store will depend on the plan you choose.

You can get storage of up to 10 TB. There is also no limit to the number of users you can invite to your data room. Furthermore, iDeals supports almost all commonly used PDF and Excel files.

It is also compatible with almost all major browsers, such as Google Chrome, Microsoft Edge, and Safari. You’ll also not face any upload or download issues, provided your internet speed is 10 Mbps or faster.

Firmex Vs. iDeals

Parameters	Firmex	iDeals
AI Capabilities	No AI capabilities	Features AI-powered redaction, categorization, and translation abilities.
Learning Curve	Relatively complex	Relatively smooth, thanks to an intuitive user interface
Set-up Time	Set-up is quick	Only takes a few minutes.
Multi-Lingual Support	4 Languages	50+ Languages
Security Certifications	GDPR, HIPAA, and SOC 2 certifications. ISO 27001 certified data center.	HIPAA and GDPR compliant, ISO/IEC 27001:2013 certified, SOC 2 and SOC 3 Certified
Mobile App	Only the iOS version is available	iOS and Android versions available.

Price: iDeals offers flexible subscription plans, with quotes that will vary based on your security requirements, project size, and service needs.

Check our Review of iDeals Virtual Data Room

---

#2) Datasite

Like Firmex, Datasite is very explicit in its focus on serving companies engaged in high-stakes deals. Its data room stands out for its robust security and advanced AI capabilities. For instance, you can rely on Datasite to automatically redact PII from your documents. It is also great at automatically categorizing and indexing your documents.

Price: Datasite adheres to a per-page upload pricing model. Your quote may also vary based on your project’s size and requirements.

Check our Datasite Review Here

---

#3) Intralinks

Intralinks is yet another worthy alternative to Firmex for fundraising, M&A, and various financing procedures. It shares many similarities with Datasite.

For starters, it also features smart AI-powered redaction capabilities. It also stands out for ensuring seamless collaboration on documents via advanced workflows.

Price: Contact for a quote

Check our Intralinks VDR Review

---

#4) SecureDocs

The best compliment I can give SecureDocs is by mentioning just how fast and easy to use it truly is. Performance aside, SecureDocs lives up to its name by offering a data room that’s fortified with robust security features.

From role-based permissions to watermarking documents, SecureDocs ensures that the security of users and documents is never compromised.

Price: Starts at $400/month (billed quarterly)

Website: https://www.securedocs.com/

---

Frequently Asked Questions

---

Conclusion

Firmex offers exactly everything I expect from digital data rooms today. It is extremely secure for the sharing and storage of sensitive business information. Companies can rely on this easy-to-use data room to spearhead a variety of deals ranging from buy-side and sell-side M&A to restructuring, fundraising, and financing.

Firmex goes above and beyond to ensure users can trust its data rooms to ensure the safety of their documents around the clock. You are also guaranteed great support from a well-trained staff 24/7 in multiple languages, making the platform ideal for global business dealings.

I can safely say that Firmex might offer you the best virtual data room for M&A or financing. As such, it has my highest recommendation.