About FirmRoom

FirmRoom is a cloud-based virtual data room solution designed specifically for the financial sector. It’s best for conducting due diligence during M&A transactions since it provides dedicated features for confidential documents storing, document management, and data tracking. 
FirmRoom data room is a product of the DealRoom company. It was launched in 2012 and is headquartered in Chicago, Illinois.
The FirmRoom virtual data room solution helps organizations to conduct due diligence smoothly and efficiently. With the help of FirmRoom, companies can securely store and share large volumes of sensitive documents, collaborate on due diligence projects, and facilitate decision making.
The FirmRoom deal room perfectly fits the needs of corporate development teams, investment banks, and private equity firms.
To respond to the new users’ inquiries, there’s a knowledgeable and helpful support team that is ready to assist you 24/7. You can reach support specialists by phone, via online chat, or by filling in the request form on the company’s website.

FirmRoom features

The FirmRoom virtual data room offers a variety of features in terms of document and user management, data analytics, access and document security.

Document management

  • Drag-n-drop and bulk file upload. The drag-n-drop and bulk upload tools allow you to upload large volumes of important documents in a few clicks. 
  • Full-text smart search. If you want to find something particular in your documents, the full-text smart search feature makes this process almost effortless for you. You only need to enter the desired file name or piece of information in the search bar.

Data Analytics

  • Audit trails. With their help, you’ll always know who did what with the documents uploaded to the virtual data room.
  • Various data analytics capabilities. The administrator of the deal room can get detailed reports on the user activity inside the virtual data room. FirmRoom offers reports with graphic data representation, as well as PDF and Excel compatibility. You can also get detailed analytics by email.

User management 

  • Individual and bulk invitations. You can invite users to the virtual data room individually or in bulk. The latter option is especially useful for big corporations, where many people are usually involved in the due diligence process.
  • Customized notifications. Thanks to this feature, virtual data room administrators or assigned parties get notifications about any user activity promptly.

Document security

  • Dynamic and static watermarking. With the help of the watermark feature, you secure yourself from unwanted downloading and printing of your sensitive documents. 
  • Bulk download restriction. This feature restricts users from bulk downloading documents that are highly confidential. 

Access security

  • User activity tracker. Using this option, virtual data room admins can see what actions and to what documents users perform. 
  • Access permissions management. The FirmRoom virtual data room allows admins to manage user permissions so that all parties involved in the due diligence process will have access only to the files they’re required to review.

Pros and cons

Based on the clients’ feedback, there are some common things users like and dislike about the FirmRoom data room.

Pros

  • Easy and quick setup. The FirmRoom’s setup process is fairly intuitive and most users experience zero troubles with it, no matter their technological background.
  • Focus on M&A deals. Compared to other virtual data rooms, FirmRoom caters to the needs of the financial sector specifically, thus offering only the essential features.
  • Ease of use. FirmRoom provides various tools to simplify document management. For example, with the help of drag-n-drop and bulk upload, you easily upload large volumes of files in seconds. And the spreadsheet viewer allows you to securely view .xls files right in the virtual data room.
  • Free trial. All new clients get a chance to use a 30-day free trial to test the data room before purchasing a subscription.
  • Fair pricing. All pricing details are stated on the official site so that potential subscribers can decide what plan fits their needs the best.
  • Knowledgeable customer support. Most users indicate they’ve got effective assistance when reaching customer support. If you have any troubles with document naming and room organization, feel free to contact the support team in chat, by phone, or via the request form.
  • Enhanced security measures. FirmRoom ensures all users’ confidential information and sensitive files are safe with the help of 256-bit encryption of data, multi-factor authentication, and password protection. FirmRoom is also SOC 2/HIPAA/FINRA/SEC compliant and ISO 27001 certified.

Cons

  • Invite letters in the spam folder. Some clients state that invitation letters often go to the spam folder, which greatly influences the due diligence process duration.
  • Lack of integrations. FirmRoom is missing Outlook and any other email integrations, which would make the collaboration even more effective.
  • Lack of additional key features. Lots of users indicate that FirmRoom lacks some valuable features. They find little things like adjusting file paths to fit the max length or the need to manually update file names that are over the max length tiresome. 

Integration options 

FirmRoom supports its clients in their desire to make the processes inside the company even more efficient. 

With that in mind, FirmRoom provides Slack integration. It allows for seamless collaboration between the parties that are involved in the due diligence.

FirmRoom data centers 

FirmRoom is powered by Amazon Web Service Data Centers. By utilizing its security measures, FirmRoom ensures its customers get first-rate protection.

Data centers are located in the United States and the European Union.

FirmRoom is also SOC 1, 2, 3 compliant and ISO 27001 certified. It means third-party examination reports are conducted regularly, and offline security of data is guaranteed by pin codes, biometric hand scans, and key cards.

FirmRoom’s pricing plans  

FirmRoom offers a flat-rate pricing model. There are three subscription plans that differ in available feature set, storage capacity, and cost, but all include unlimited administrative licenses and unlimited users.

StandardProEnterprise
Billed monthly$650 per month$1000 per monthQuote-based
Billed annually$500 per month$800 per monthQuote-based

Standard, Pro, and Enterprise plans imply different storage volume — 10 GB, 50 GB, and 25+ GB respectively. Every extra GB will cost $100.

All new potential subscribers get a 30-day free trial to test the functionality of FirmRoom before purchasing a subscription.

The FirmRoom’s pricing model is pretty affordable compared to other popular virtual data rooms.