firmex data room review

Firmex data room

3.8/5.0
firmex data room review
Firmex data room
3.8/5.0

Intro to the Firmex

Firmex is a global provider of virtual data room services founded in 2006 and headquartered in Toronto, Canada. 

Although Firmex was acquired in 2021 by DataSite, it continues to independently deliver an outstanding VDR solution to over 4,000 customers in over 100 countries worldwide. 

Firmex opens over 20,000 secure data rooms yearly in investment banking, private equity, renewable energy, legal, and other industries.

Firmex overview

Firmex data rooms help companies of all sizes manage corporate transactions, conduct due diligence, ensure regulatory compliance, raise funds, and more.

“Closing a deal without a Firmex data room would be like running an airport without air traffic control”, says Gillian R. Stacey from Davies while addressing VDR features.

This data room allows you to store and exchange business files, communicate between departments remotely, prepare documents for public records, etc. 

Most importantly, it ensures critical documents stay protected at every stage of your deal.

Firmex virtual data room features

Firmex focuses exclusively on VDR services, offering a comprehensive virtual data room to optimize the following processes.

Document sharing and management

Firmex virtual data rooms provide the following document management features:

  • Content upload. You can upload folders and confidential documents from your hard drive up to 10 GB at a time using drag-n-drop. You can also send email attachments to selected folders in the data room.
  • Content management. Move, reorder, and copy files and folders within your content structure. Receive notifications on copied documents and copy entire projects in a few clicks.
  • Firmex viewer. Open documents in a dedicated viewer with an action toolbar. It supports 19 file formats, including Microsoft documents, PDFs, images, and text files.
  • Document download. The system automatically converts folder structures, folders, and subfolders to ZIP format upon download. Use ZIP compressors to download files over 5 GB.
  • Document search. Search for documents and folders using keywords, multiple words, filters, and wildcard operators. You can also use an optical character recognition (OCR) tool to locate words and phrases within documents.

Due diligence

Firmex virtual data rooms provide convenient tools to make due diligence tasks less tedious:

  • Firmex Redact. You can redact documents using a click-n-drag feature in the dedicated redaction tool. Search for personally identifiable information, redact it, preview it, and save changes.
  • Document status tools. The system displays documents as read and unread, redacted and original, and published. You can also view document versions to improve redaction drafts.
  • Spreadsheet import. Import spreadsheet templates for due diligence request checklists into your projects. Copy and paste request lists and automatically number request items.
  • Q&A workflows. You can choose between three Q&A workflow templates or add custom ones featuring additional approval stages. Assign answer coordinators and users eligible for asking questions.

Privacy protection

Firmex customers can rest assured that confidential documents stay undisclosed due to extensive data privacy features:

  • Individual and group permissions. Add users to groups and configure VDR access permissions based on their roles. You can enable no-access, view-only, viewer, contributor, manager, and administrator roles.
  • Watermarks. Apply watermarks to selected documents in the Firmex viewer. Customize the font, style, and darkness settings of the watermarked text.
  • Document protection options. Decide whether individual files can be printed, downloaded, redacted, opened, etc. Configure document expiry access and lock downloaded files.
  • Information visibility settings. You can control what projects, folders, and files users can see in your data room. Choose between permissive and restrictive projects and see your data room from a user perspective.
  • Project reports. Generate Excel reports on user activity, storage, logins, and other aspects of your VDR.

Integration opportunities

You can synchronize Firmex to content management systems or security applications. For this, you need to contact the technical support team, and the company will develop custom API integrations based on your requirements.

Currently, the data room can connect to single sign-on (SSO) apps without software improvements. It supports OneLogin, Azure AD, Okta, and ADFS.

How to start work with Firmex?

You need to contact a customer service representative to schedule a free demo.

Alternatively, you can subscribe to a 14-day free trial to try Firmex VDR features and decide whether they fit your requirements.

Besides, Firmex provides extensive learning resources, including but not limited to technical documentation, online webinars, personalized training sessions, and video tutorials.

What are Firmex data room pricing plans?

Firmex charges a flat fee for a set of individually discussed requirements, such as storage space, the number of users, and project duration. You can discuss pricing plans at a personal consultation with the Firmex sales department.

Reasons to choose Firmex data room

Firmex receives positive user ratings and offers the following advantages according to Capterra, G2, and GetApp reviews:

  • Excellent customer service. Prospects and existing customers appreciate an exceptional customer service team that replies instantly via email, phone, and live chat.
  • Mobile compatible app. Firmex VDR users can benefit from an entire data room at their fingertips, available on mobile devices.
  • Robust security measures. Businesses have complete peace of mind regarding sensitive documents thanks to two-factor authentication, data encryption at rest and transit, vulnerability scans, and VDR backups.
  • User-friendly interface. Many users say they learn the ropes of this data room without much guidance, thanks to the one-page dashboard and instructive interaction design.

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Normal

3.8

Based on 9 reviews

Last reviewed on
May 15, 2020

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  1. Terry B. CFO
    Review date:May 15, 2020
    Industry:
    Investment Banking
    Market Size:
    Mid-Market
    Review Source:
    G2

    The on-demand option is great for us because we don’t need a data room that often. We only used it twice in the past three years, so I really like that we don’t have to pay for the service we don’t use. Firmex supplies us with all the features we need for those rare times when we use it.

  2. Travis T. Bank employee
    Review date:April 8, 2020
    Industry:
    Other
    Market Size:
    Mid-Market
    Review Source:
    G2

    It’s a very simple data room that offers only the basic features, but I honestly don’t need more. I use Firmex to just keep corporate documents digitalized and safe.

  3. Haris R. Co-Founder
    Review date:April 3, 2020
    Industry:
    IT
    Market Size:
    Enterprise
    Review Source:
    G2

    We use Firmex to exchange documents with our partners, and the features cover all our needs. I especially like that the upload speed is very high and I don’t need to wait for too long.

  4. Eddie W. CEO
    Review date:March 30, 2020
    Industry:
    Financial Services
    Market Size:
    Low-Market
    Review Source:
    Capterra

    I don’t need a data room that often, so the on-demand plan Firmex offered was very appealing to me. The interface is simple and I’m satisfied.

  5. Randi H. Operations Manager
    Review date:September 16, 2019
    Industry:
    Financial Services
    Market Size:
    Low-Market
    Review Source:
    Capterra

    Firmex VDR is decent, especially considering its affordability. Of course, there are downsides here and there. But in general, we’re quite satisfied with this service. The simplicity of the interface and extended support are the reasons we chose this provider.

  6. Edwina T. Analyst
    Review date:August 3, 2019
    Industry:
    Financial Services
    Market Size:
    Low-Market
    Review Source:
    Capterra

    We find Firmex VDR to be very good and suitable for us. The interface is easy to work with, and we get all the features we need. Also, the protection of the data room is very reliable. Therefore we can be sure our files are safe.

  7. Katharyn H. Project Coordinator
    Review date:August 1, 2019
    Industry:
    Financial Services
    Market Size:
    Low-Market
    Review Source:
    Capterra

    We are using Firmex data room for due diligence and to support the internal flow of documents. The service is very easy to use – even our least tech-savvy employees could understand it. The search function could be more advanced to be fair. But when it comes to everything else, Firmex is good.

  8. Kylie R. Executive Director
    Review date:April 15, 2019
    Industry:
    Financial Services
    Market Size:
    Low-Market
    Review Source:
    Capterra

    The Firmex data room has a very simple interface that is, in my experience, more convenient than other providers have. Firmex offers some very useful plugins that I personally find helpful. Although the Q&A section is too small and search functions are less advanced than in other data rooms.

  9. Kieran A. Board Office Manager
    Review date:February 14, 2019
    Industry:
    Financial Services
    Market Size:
    Low-Market
    Review Source:
    Capterra

    I’m quite old-fashioned, so it’s appealing to me that Firmex data room offers support via phone call. It’s nice to be able to just talk to someone and get help without typing in your requests and actions. Overall, the service is good. The only issue I keep having is that users sometimes don’t receive invites.

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