(PRWEB) July 13, 2009
Over the last 12 months, Firmex has signed up more than 200 legal and financial advisory firms to its unlimited virtual data room service. These firms are running multiple mandates or matters more efficiently because Firmex's pricing model does not put limits on the number of users, pages or data rooms. Firmex's secure, web-based, collaborative environment reduces the time and cost required to initiate and complete transactions. Over the last year, Firmex clients have worked on more than 1,500 transactions and the system has hosted over 25,000 users.
M&A advisors choose Firmex because it is far more convenient to have their own private label electronic data room. Because there is no incremental cost per transaction or project, advisors can initiate new virtual data rooms to manage documents throughout the entire engagement: business valuation, strategic review, deal marketing, due diligence review, and transaction closing. Firmex clients no longer have to worry about negotiating data room costs with third parties and dealing with cost uncertainty.
For example, when a sell side M&A transaction is marketed, the process often begins with collecting business information from the seller to create a "deal book" or confidential information memorandum (CIM). The CIM is often a compilation of financial statements, asset descriptions, tax summaries etc. CIMs are then distributed to interested parties, which can be anywhere from 20 to 100 potential buyers. This process was traditionally done using printed materials and couriers. In general, the process is prone to administrative head aches, security breaches and delays. Alternatively, books are distributed via email, which is highly unsecure and liable to breaches in confidentiality.
With Firmex, physical CIMs are no longer created and digital CIMs are more secure. After a digital copy is uploaded to a Firmex deal room, any number of buyers can be selected to review the information online and access can be granted immediately via email with a user name and password. The seller can track who is reviewing the CIM or other marketing information, thus helping their advisor identify and focus on the most interested parties.
Firmex's licensing model includes an unlimited number of users, online documents, engagements (data rooms), and invites to buyers. This translates into significant cost savings and greater convenience for everyone involved.
In addition to marketing transactions, Firmex's unlimited use model allows a firm to be cost effective throughout the deal lifecycle, including the execution of NDAs, LOIs, sharing and reviewing due diligence documents and exchanging closing drafts. Add full digital rights management (DRM) security capabilities, strategic reporting tools, audit trails, easy access from any location, and 24/7 service and support, and you have a tool that is now a critical part of a firm's business.
It's not surprising that so many legal and financial advisory firms have subscribed to Firmex during tough economic times. These firms are realizing the efficiencies of online document collaboration, and are able to provide faster, more efficient, profitable and cost effective service to their clients.
Firmex™ is a secure, collaborative, and branded virtual data room environment for conducting due diligence, reviewing transaction drafts, closing deals and providing document libraries online. Firmex is licensed to organizations that seek to enhance and streamline their transactional and document exchange processes.