Firmex Introduces New Q&A Module to Its Virtual Data Room Offering

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Firmex announces new Q&A functionality as part of its enhanced virtual data room offering for deal professionals.

Bidders get their questions answered in an organized and timely fashion. For sell-side companies, that’s hugely important, because it helps maintain deal momentum.

Firmex virtual data rooms are used by over 44,000 companies worldwide, including all Top 10 investment banks, to securely share confidential documents during M&A due diligence, joint ventures, fund raising and procurement. More than 7,500 data rooms have been managed on Firmex over the past 12 months, supporting hundreds of deals, worth hundreds of millions of dollars.

An integral part of the deal process involves Q&A. Complex M&A transactions and procurement projects can often attract hundreds of questions from bidder groups. Traditionally, deal professionals have relied on spreadsheets and email to manage the Q&A process, both of which can cause confusion, lengthy delays, and ultimately cost deals.    

Firmex’s new built-in Q&A module allows users to easily manage, route and answer large volumes of questions relating to a deal using Firmex. By managing the Q&A process within the virtual data room, Firmex users enjoy a smoother deal process, get access to advanced deal analytics, and have a full audit trail of all Q&A correspondence for legal and regulatory purposes.

“Our Q&A module is valuable for sell-side companies that want to maintain control over the Q&A process,” explained Joel Lessem, CEO of Firmex. “It’s also essential for companies running procurement projects, which need to maintain transparency throughout the bidding process.”

With Firmex’s Q&A module, sell-side companies and procurement teams can handle multiple bidder groups, categorize questions by priority, and assign questions to Subject Matter Experts. In addition, they can view valuable analytics into which bidder groups are most engaged in the process, and which documents are generating the most questions, to gain a competitive edge in deal negotiations.

“By having better structure around Q&A, bidders get their questions answered in an organized and timely fashion,” said Mr. Lessem. “For sell-side companies, that’s hugely important, because it helps maintain deal momentum.”

Firmex’s Q&A module also maintains an unalterable audit trail of all activity, including questions asked, when they were answered, and by whom.

“The audit trail is essential for procurement projects, where regulatory requirements dictate the need for transparency and neutrality,” explained Mr. Lessem.

Firmex’s new Q&A module integrates the same simple, user-friendly design Firmex users are accustomed to.

“At this critical stage of the deal, we know that deal makers can’t afford to waste time figuring out a complicated Q&A tool. Your potential buyer or bidder needs to get their questions answered quickly, without any technological hurdles,” explained Elizabeth Caley, VP Product Management at Firmex. “That’s why we’ve given great thought to the usability of our Q&A offering, and the feedback from our early adopters has been overwhelmingly positive,” she added.

Firmex’s Q&A module is now available as an add-on feature to all Firmex users.

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