Firmex charges $5K+ per project.Peony delivers AI-powered data rooms for $40/admin/month.
Firmex is a legacy data room built for mid-market M&A with project-based pricing and sales-gated onboarding. Peony gives you the same data room security plus AI document chat, page-by-page analytics, and screenshot protection — with instant self-serve setup.Set up in under 5 minutes.
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Side-by-side comparison
Firmex is a Canadian virtual data room provider focused on M&A and due diligence with project-based pricing. Peony is a next-generation virtual data room with transparent per-admin pricing, instant self-serve setup, and built-in AI intelligence.
PeonyWhy teams switch from Firmex to Peony
Firmex was built for a world where data rooms meant six-figure contracts and weeks of onboarding. Its product has not kept pace — no AI features, no screenshot protection, and an interface that has barely changed in years. Modern deal teams need instant setup, transparent pricing, and AI-powered intelligence.
Transparent pricing
Firmex charges project-based fees of $5,000 to $20,000 or more per deal with custom quotes you cannot see upfront. Peony Business is $40/admin/month with AI, analytics, and full security — no per-deal fees or surprise invoices.
Modern UX that ships fast
Firmex's interface has not meaningfully changed in years — no AI, no page-level analytics, no screenshot protection. Peony ships new features monthly with a modern interface your bidders and counsel navigate without training. Setup takes under 5 minutes, no sales call required.
AI document chat
Firmex has no AI capabilities. Peony lets investors and buyers ask questions about your data room documents and get instant AI-powered answers around the clock — removing information bottlenecks that slow down deals.
Screenshot protection
Firmex does not block screen captures. Peony includes screenshot protection on the Business plan, preventing unauthorized captures of confidential deal documents. Combined with dynamic watermarks and NDA gating, your data room stays locked down.
Pricing comparison
Peony gives you page-by-page analytics on every plan. The Business plan ($40/admin/mo) adds data rooms, screenshot protection, and AI document chat — at a fraction of what Firmex charges for a single project.
Peony
Business
$40/admin/mo
1 TB — data rooms, AI, full security
Pro
$20/admin/mo
200 GB — e-signatures included
Free
$0
2 GB — for evaluation
Business includes data rooms, AI chat, screenshot protection, watermarks, NDA gating, and custom branding. Analytics on all plans.
Firmex
Project-based
$5K+
Per project, custom quote required
Mid-market deals
$10K–$20K+
Typical M&A and due diligence projects
Enterprise
Custom
Contact sales for volume pricing
No free tier. No self-serve signup. No AI features. No screenshot protection. No page-by-page analytics.
When to use each platform
Firmex is a traditional VDR built for large mid-market M&A deals with dedicated project managers. Peony is the better choice when you need the same security with modern AI features, self-serve setup, and predictable pricing.
Choose Firmex when you need
A legacy VDR provider with a long track record in Canadian mid-market M&A
Dedicated project management and hands-on onboarding for large-scale due diligence
High-touch support for deal teams who prefer managed service over self-serve
Budget is not a constraint and project-based pricing is acceptable
Choose Peony when you need
A secure data room for fundraising, M&A, or due diligence without spending $5K+ upfront
Instant self-serve setup — create a data room in under 5 minutes without a sales call
Page-by-page analytics to see exactly which documents buyers or investors spend time on
Screenshot protection, dynamic watermarks, and NDA gating to keep deal documents confidential
AI document chat so deal parties get instant answers without waiting for your team
Transparent per-admin pricing that scales with your team instead of per-project fees
What Peony gives you that Firmex does not
Block unauthorized screenshots of confidential deal documents
Firmex does not block screen captures — anyone reviewing your data room can screenshot and forward documents freely. Peony blocks screen captures and stamps every page with the viewer's identity and timestamp, so if a document leaks you know exactly who shared it.
Screenshot protection
Block screen captures of sensitive M&A documents and financial models. Firmex has no equivalent — once a document is viewed, it can be screenshotted freely.
Dynamic watermarks
Every page stamped with the viewer's email and timestamp. Trace the source of any leak instantly — Firmex only offers static watermarks without viewer-specific identification.
NDA-gated access
Require buyers or investors to sign an NDA before they see a single page. Built-in e-signatures make it seamless — no separate signing tool needed like with Firmex.
See exactly which documents buyers care about most
Firmex provides standard activity logs showing who accessed which files. Peony goes further with page-by-page analytics showing exactly which pages were read, how long each buyer or investor spent per page, and their total viewing time. Prioritize your follow-up calls based on real engagement data.
Let deal parties ask questions and get instant answers
Firmex has no AI capabilities — every question from a buyer or investor must be routed through your deal team manually. Peony's AI document chat lets deal parties ask questions about your data room and receive instant, accurate answers pulled directly from your documents — 24 hours a day, 7 days a week. Close deals faster by removing information bottlenecks.
"Peony is a standout for data rooms and gated file sharing — intuitive, secure, and beautifully designed. The AI actually adds value, not just a checkbox feature. Highly recommend."
Michael Hui
Managing Director, Piton Partners
Frequently asked questions
I'm at a mid-market law firm managing 8 active matters averaging $40M-$100M each — is Peony a good Firmex alternative?
Yes. For your $40M-$100M matters, Peony Business ($40/admin/month) gives your firm data rooms with AI document chat, Smart Q&A, screenshot protection, dynamic watermarks, NDA gating, controlled redaction, and auto-indexing with OCR — with no per-viewer, per-page, or per-project limits. Firmex charges $5,000+ per project, requires a sales call, and has no AI features or screenshot protection. For your 8 concurrent matters, that is a single flat per-admin fee on Peony versus $40,000+ per year on Firmex — with more capabilities, not fewer.
Our 3-person advisory firm spends $15,000 per deal on Firmex across four $50M-$150M mandates — how does Peony pricing compare?
Peony Business is $40/admin/month — so your 3-person team pays $120/month for unlimited data rooms with AI document chat, screenshot protection, dynamic watermarks, NDA gating, and Smart Q&A. That is $1,440/year versus your current $60,000/year on Firmex across four mandates — a 97.6% cost reduction. Firmex uses opaque project-based pricing ($5,000-$20,000+ per deal) with no self-serve signup. For your four concurrent $50M-$150M mandates, Peony eliminates per-project fees entirely while adding AI features Firmex does not offer at any price.
I'm a first-year IB analyst staffed on two live $75M deals — can I set up a Peony data room without a sales call?
Yes. Your Peony data room is live in under 5 minutes — drag and drop your CIM, financial model, and legal exhibits, configure NDA gating and watermarks, and share a branded link with your bidders. No sales call, no contract negotiation. For your two $75M mandates, Peony Business ($40/admin/month) gives you AI document chat so your bidders get instant answers, and page-level analytics showing which counterparties actually read your materials. Firmex requires your team to contact sales and go through multi-step onboarding before you can share a single document — not viable when your MD needs a room live by Friday.
Our firm handles privileged legal documents across 12 concurrent matters in the $30M-$200M range — does Peony match Firmex on security?
Peony matches and exceeds Firmex on security for your $30M-$200M matters. Business ($40/admin/month) includes AES-256 encryption, TLS 1.3, SOC 2-ready infrastructure with GDPR, CCPA, and HIPAA compliance, screenshot protection that blocks screen captures of your privileged documents, dynamic watermarks stamped with each reviewer's identity, NDA-gated access, controlled redaction for sensitive deal terms, and full audit trails documenting every action. Firmex does not offer screenshot protection, AI-powered leak detection, or controlled redaction on any tier — critical gaps when your firm handles confidential CIMs, purchase agreements, and privileged legal exhibits.
We run sell-side mandates with 10-15 bidders on $80M-$200M processes — is Peony suitable for M&A due diligence the way Firmex is?
Yes. For your $80M-$200M sell-side processes, Peony Business ($40/admin/month) provides unlimited data rooms with granular per-bidder permissions, NDA gating with built-in e-signatures, dynamic watermarks, controlled redaction, and full audit trails. Your bidders also get AI document chat for instant answers from your CIMs and financial models, and AI Rooms that score your data room's completeness before you launch the process. Firmex handles the same workflow but charges $5,000-$20,000 per project and does not offer AI features, screenshot protection, or page-level engagement analytics on any tier.
Our 4-person deal team fields 40+ diligence questions per week from buyer counsel on a $90M mandate — does Peony have AI that Firmex lacks?
Yes. For your $90M mandate, Peony Business ($40/admin/month) includes four AI capabilities Firmex does not offer: AI document chat that lets your bidders' counsel ask questions about your data room and get instant, cited answers, Smart Q&A with a structured workflow where your counterparties submit diligence questions and AI drafts responses for your team to approve, AI Rooms that score your data room's completeness and flag missing materials, and auto-indexing with OCR and full-text search across every document. Your team's 40+ weekly questions go from a manual email burden to a streamlined AI-assisted process — something Firmex cannot replicate at any price.
My team tracks engagement from 12+ bidders on a $120M auction and I report metrics to my MD every Friday — can Peony match Firmex's analytics?
Peony exceeds Firmex on analytics. For your $120M auction with 12+ bidders, Peony provides page-by-page analytics showing exactly which pages each bidder read, how long they spent on each section, their scroll depth, and total viewing time — with real-time notifications when someone opens your data room. This is far more granular than Firmex's standard activity logs, which track document-level opens and downloads but not page-level engagement. Your Friday MD report gets specific data: which bidders read the full financial model versus which skimmed the executive summary.
Our law firm has 6 active data rooms on Firmex across $30M-$100M matters — can we migrate to Peony easily?
Yes. Your team can create a Peony data room and upload a full document set in under 5 minutes per room. Drag and drop your files, replicate your folder structure, configure NDA gating and watermarks, and share branded links with your counterparties. For your six $30M-$100M matters, Peony's bulk upload and intuitive interface mean opposing counsel and buy-side teams need zero training. Most firms complete their Firmex-to-Peony migration in a single session — no sales calls, no onboarding delays, no disruption to your live matters.
We juggle 5 concurrent mandates averaging $60M each and Firmex charges us per project — does Peony charge per-deal fees too?
No. Peony Business is $40/admin/month with unlimited data rooms — no per-deal, per-project, per-viewer, or per-page fees. For your five concurrent $60M mandates, your team pays the same flat per-admin rate whether you have one room or fifteen. Firmex charges $5,000-$20,000 per project, meaning your five simultaneous mandates could cost $25,000-$100,000 per year on Firmex versus $480-$960/year on Peony (for 1-2 admins). That is a 95%+ cost reduction with AI features, screenshot protection, and page-level analytics that Firmex does not include at any price.
Our boutique IB has used Firmex for 3 years on $40M-$150M mandates — do mid-market deal teams actually switch to Peony?
Yes. Mid-market investment banks and law firms switch from Firmex to Peony because Firmex has stopped innovating — no AI features, no screenshot protection, no page-level analytics, and an interface that has not meaningfully changed in years. Your deal team and your bidders notice the difference immediately. Peony Business ($40/admin/month) gives you AI document chat, Smart Q&A, screenshot protection, dynamic watermarks, and page-level engagement data — capabilities Firmex does not offer on any tier and shows no signs of building. For your $40M-$150M mandates, that is a 95%+ cost reduction with a modern platform that ships new features monthly versus a legacy VDR coasting on its installed base.
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