Firmex Data Room Review
Firmex data is the room is quick and easy to set up and has a simple to use interface. However, it remains unclear if it will be able to handle complex projects such as M&A transactions and due diligence. After all, such projects require advanced collaboration features such as a live discussion, granular access to threads and question statuses. These really facilitate the project and allow you to get everything done in a shorter amount of time. However, such features are absent from the Firmex data room. Due diligence and M&A transaction require a lot of organization since there are a lot of documents involved and it does not offer the level of organization necessary to conduct such transactions.
Security is very much a priority for Firmex since they go to great detail to list all of the security features. However, granular access permissions are not satisfactory. Today’s data rooms require more granularity than simply administrator and user. It requires breaking it down even further to allow users to see certain documents or spreadsheets but not any calculations that were involved. Also, if the information is very valuable to hackers they will go to great lengths to get their hands on it, which includes simply taking a picture of a document with their phone. Therefore, there needs to be something that serves as a barrier between the user and the document.
The Firmex VDR can be accessed from mobile devices but only on iOS devices. The app does not seem complete. You cannot add users right at a meeting or upload documents from email or other apps. It does not offline access available which is not convenient if you enjoy working on the road or you simply have no internet access at the moment, but if this is not too much of a hassle, the app otherwise is fine. The interface is simple and allows you to perform the same functions that you can do on a desktop computer.
The Firmex data is trusted by some of the biggest names in the industry. It has managed to win over a lot of users with its simplicity and intuitive interface. However, think about if you can manage your project without having advanced communication features that do not exist in the Firmex data room. You do not want to begin a complex project such as an M&A transaction or due diligence and then realize that you do not have all of the tools necessary to complete the project.