The problem of storing and exchanging confidential documents has always been the most acute one for doing business. Security is one of the main components of any transaction, but it is also the most difficult aspect to achieve. Virtual data rooms are unique spaces, which provide the most favorable conditions for storage and exchange of documents, having the highest reliability indicators and other useful features which contribute to accelerating and simplifying business operations and also increase their efficiency. In this article, we will talk about Firmex Virtual Data, one of the leading VDR vendors, and look at its features.
Firmex Virtual Data – General Features
Firmex is one of the best virtual data room service providers in Canada. The company was founded in 2006 in Toronto and has made a big coup that has changed the traditional way of doing things. Firmex is a unique tool that specializes in many transactions and industries and is therefore great for mergers and acquisitions, fundraisers, IPOs, and bankruptcy and restructurings.
You have the option of ordering an unlimited subscription if you do any transactions frequently, and if you don’t, you’ll find a great rate to help you save money, such as a pay-per-transaction plan. That way, your data room will be on-demand. The provider uses transparent schemes to set rates so that you don’t expect any further surprises at the time of payment. VDR itself has positioned itself as a simple and user-friendly program with a clear interface, and a responsive support team.
Key Features of Firmex Virtual Data Room
- Document Organization
Although the provider claims that the interface is its main strength, it is very easy to keep your stuff in order if you don’t have anything to create a mess. The provider is very popular with many companies around the world, although some consider it outdated because of the lack of artificial intelligence in its system. However, VDR offers only the most reliable features, and many have realized and appreciated this.
For example, the provider offers you drag-and-drop and bulk download features, for fast document transfer, as well as instant automatic indexing of all folders and documents that enter the space. The upload speed is very fast, and VDR has document version control features, which speeds up your collaboration because it saves you the time of searching for a specific version of a document.
- Collaboration Features
A quality data room should provide collaboration features to help both parties reach mutual agreement, understanding, and advance their work, even remotely. Firmex Virtual Data Room has a question and answers feature so that any misunderstandings about data can be resolved as soon as they arise. Firmex only provides services for iOS users, android users, unfortunately, do not have access to it.
Firmex VDR provides strong security features with HIPAA, SOC 1, and SSAE 16 security certifications. In addition, the program also provides login protection in the form of dual authentication, permanent data backup, the ability to set access expiration dates, and IP address restrictions. VDR administrators can set detailed permissions for document access. You can prohibit and allow document downloading and copying, editing, and forwarding. Set watermarks and keep track of the document even outside the program. Encrypt data even when no one is using the documents. Set group permissions for an individual group of people as well. VDR provides the ability to track the activities of all users within the program and provide automatic reports on them.