About Firmex data room
Firmex is a world-renowned virtual data room provider helping users close deals efficiently while adhering to international compliance standards — all with exceptional customer service. Its virtual data rooms provide the necessary functionality to support complex transactions and protect confidential documents.
Consequently, Firmex’s clients come from many industries, including investment banking, real estate, private equity, biotech and pharma, legal services, renewable energy, and mining.
As for deals, clients use Firmex to manage users and sensitive documents during M&A, due diligence, litigation, procurement, corporate governance, financial transactions, and more.
The provider boasts award-winning customer service, which users often mention in their reviews. Also, customers highlight the software’s ease of use, while others talk about the outdated design. Finally, one of the product’s most significant benefits is that it is cost-effective compared to its competitors.
As for deployment, the virtual data rooms are available as cloud, SaaS, and web-based. Currently, desktop Windows, Mac, and Linux aren’t yet available. However, Firmex’s customers boast about the iPhone mobile app.
To master the platform, all clients receive live online support, webinars, documentation, videos, and in-person training.
Firmex virtual data room features
Firmex virtual data room features provide user-friendly workspaces and data protection, which is essential during any operation and transaction.
Digital rights management
Firmex secure data rooms offer a feature to restrict viewing, printing, and saving documents. Additionally, users can apply watermarks to prevent breaches.
Users love that the software indexes the files automatically. Also, all documents are searchable using the optical character recognition feature.
Easy data upload
Whether in the office or using the mobile app on the go, users can drag-n-drop folders and files up to 10GB.
The tool allows virtual data room users to redact personally identifiable information from a file and keep critical documents private. In this way, deal participants manage changes, redact, and retrieve documents throughout the entire life cycle of the deal.
Before confirming the access settings for specific users, an admin can look at the data room through their eyes. This feature significantly reduces the chance of incorrect permissions being granted.
This option provides secure-user access by helping to control and restrict access using SSO and an identity provider.
Firmex data rooms pros and cons
Having analyzed many user reviews about their overall experience with the Firmex virtual data room, we are ready to present information we’ve compiled on the data room’s strengths and weaknesses from customer review sites.
- User-friendliness and ease of setup
- Excellent customer service
- Cost-effective pricing as compared to the competition
- A good fit for mid-market M&A
- Easy document-sharing
- Compliance with international security standards
- No function to replicate the same file in multiple folders
- Boring and outdated UX
- Limited tracking since documents aren’t tethered after bulk downloading
- Inability to delete or archive other data rooms
Firmex virtual data room’s integration
The Firmex API allows developers to integrate virtual data rooms with third-party enterprise programs. As a result, businesses benefit more from Firmex’s functionality.
First, tedious and redundant processes are quicker and smoother because working with multiple applications reduces or eliminates manual labor. After all, automating workflows increases efficiency when connected to the Firmex API. This enables IT teams and internal developers to synchronize company applications with data rooms.
Secondly, the Firmex API delivers essential service as instant access to files in several applications. Thus, file synchronization across data rooms and other third-party programs minimizes the turnaround time for data exchange with interested parties.
And thirdly, Firmex API complies with international security protocols to guarantee that each client’s data remains confidential and secure.
Firmex data centers
In addition to excellent customer service and the necessary functionality for smooth document management, the Firmex virtual data room provides companies with superior security. And even if we compare this product with industry alternatives, we can safely say that Firmex is more reliable than some other software vendors.
For example, to ensure the security of confidential data, the provider stores documents and adheres to the following international standards:
- SOC 2 Type 2
This compliance indicates that the provider has chosen the most secure practices for data processing in the organization. Specifically, SOC 2 requires protection from unauthorized access and use, but at the same time, the software should be readily available for use as agreed or committed.
Firmex virtual data room clients decide on a location to store their data. Their options include Canada, the USA, or Germany. It is worth noting that the European Commission has recognized Canada as a safe location for storing confidential information. However, data is not transferred to the United States unless the company chooses to store its documents there.
In turn, data centers in the United States comply with the EU-US Privacy Shield standards.
HIPAA compliance indicates that vendors adhere to strict physical, technical, and administrative security measures. In addition, the Firmex platform is tested to ensure high levels of security, privacy, and breach assessments.
Firmex data room pricing plans
Although the provider doesn’t disclose its service costs, potential clients can get details by contacting a sales representative.