Firmex Data Room Review
The offer Firmex has seems perfect for any business of any size and industry. But what’s waiting for us in reality? We managed to dig deep enough to find the flaws of this provider. They might seem insignificant for some people. Although it’s still something you should know considering this virtual data room as a solution for your needs.
First of all, you should know that Firmex focuses on due diligence and mergers and acquisitions. Therefore, if you need the virtual data room for other purposes, you might want to skip this one. Even though the software is flexible enough to fit different needs, you should contact the support service before paying for the service if you feel like this service might not be suitable for your business activity.
However, the ability of the Firmex data room to adjust is impressive. This vendor offers a tailored service that can fulfill unique needs. Here everything is customizable. You can wrap your virtual data room in your corporate colors, make everything look perfectly consistent and seamless. Also, you can create custom workflows, and that’s incredibly handy.
Firmex offers a cloud-based service, which makes it effortless to access the virtual data room from any device and any place. But if you’re an Android user, you will be disappointed because this provider, for some reason, didn’t develop an Android app. On the other hand, iOS devices have an app. Although, it’s not much of an issue since you can access the data room via a browser. Of course, an app would’ve made it easier, but we have what we have.
Another rather unique feature Firmex has is the version control tool. With its help, users can create and control different versions of files editing it. This function allows keeping all the versions so that users can access them later without overloading a virtual repository with files. Because of the fewer documents, there are, the more control you have.
Also, you can set statuses for folders and separate documents to show other users what’s going on with this data. Knowing on which stage of work the file is, participants of the process can plan their work. Additionally, it prevents misunderstandings and situations when users review documents that still undergo editing. Of course, in this case, the sandbox feature would’ve been much more useful. But the ability to set statuses is also nice.
As well as other providers, Firmex allows the bulk upload of files. But here we have another drawback – no automatic indexing. That’s the feature we consider to be rather standard. Although Firmex misses it for some reason. Sure, you can index documents manually, but users should have technologies doing that instead of them.
On the bright side, with Firmex, you can hold several projects simultaneously in the same virtual data room. It’s easy to switch between them and keep everything under control. The interface is easy to use, so you shouldn’t get confused, even handling multiple deals at the same time.
Firmex Data Room Features
|Distressed Real Estate|
|Energy, Oil & Gas|
|IPO & Exits|
|Life Sciences & Pharmaceutics|
|Legal / Litigation|
|M&A Buy Side|
|M&A Sell Side|
|AICPA SOC 1 Certified|
|AICPA SOC 2 Certified|
|SSAE 16 Certified|
|256-Bit SSL/TLS Encryption|
|Access Limitation by IP|
|Custom Access Agreements|
|Customer-Managed Encryption Keys|
|Granular Document Permissions|
|Integrations Through APIs|
|Multiple Datacenter Locations|
|Permission User Groups|
|Prevention of Download and Copy|
|Secure Fence View|
|Single Sign-On Integration|
|Archives Upload & Extraction|
|Document Version Control|
|Drag & Drop Upload|
|Files & Folders Indexing|
|Mobile Device Management|
|Multilingual Documents Index|
|Optical Character Recognition|
|Scroll-Through Document Viewer|
|Web-Based Spreadsheets Viewer|
|Document Viewing Time|
|Exporting Reports to Excel|
|Real-Time Audit Trail|
|Tracking of All User Activity|
|Advanced Q&A Module|
|Basic Q&A Module|
|Files & Folders Notes|
|Secure User Messaging|
|Branded User Interface|
|Custom Login Page|
|Custom User Invitation Letter|
|Custom Workflows and Features|
|Several Tariff plans pricing|
|Individual approach pricing|