Firmex charges $5K+ per project.Peony offers a free plan.
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. Modern deal teams need instant setup, transparent pricing, and AI-powered intelligence built into the platform.
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 starts free and scales to $20 per admin per month for Pro — no hidden fees, no surprise invoices.
Instant self-serve setup
Firmex requires a sales call and multi-step onboarding before you can create a data room. With Peony, you sign up, upload your documents, and share a secure link — all in under 5 minutes, no sales team involved.
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
Free
$0
2 GB storage, unlimited links
Pro
$20/admin/mo
200 GB storage
Business
$40/admin/mo
1 TB storage
Analytics on every plan. Pro adds e-signatures. Business adds data rooms, screenshot protection, watermarks, NDA gating, and AI chat.
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
Is Peony a good Firmex alternative for M&A advisory and law firms?
Yes. Investment banks running sell-side mandates and law firms managing due diligence both get full data room capabilities on Peony. Every plan includes page-by-page analytics, AES-256 encryption, and 2FA. The Pro plan ($20/admin/mo) adds password protection and e-signatures. The Business plan ($40/admin/mo) adds data rooms, screenshot protection, dynamic watermarks, NDA gating, controlled redaction, AI document chat, Smart Q&A, AI-powered room setup, and auto-indexing with OCR — with no per-viewer, per-page, or per-link limits. Firmex charges project-based fees starting at $5,000 or more, requires a sales call to get started, and has no AI features or screenshot protection.
How does Peony pricing compare to Firmex for mid-market deal teams?
Peony starts free ($0) with 2 GB of storage and per-page analytics. Pro is $20 per admin per month (200 GB) and adds password protection and e-signatures. Business is $40 per admin per month (1 TB) and adds data rooms, screenshot protection, dynamic watermarks, NDA gating, and AI document chat — with unlimited links and no per-viewer fees. Firmex uses opaque project-based pricing that typically ranges from $5,000 to $20,000 or more per deal, with no free tier and no self-serve signup. For an M&A advisor juggling multiple mandates or a law firm with overlapping matters, Peony delivers transparent, predictable per-admin pricing with no per-project fees, no storage overages, and no hidden costs.
Can an IB analyst or associate set up a Peony data room without a sales call?
Yes. Peony is fully self-serve — a junior banker or paralegal can spin up a data room in under 5 minutes without contacting a sales team. Drag and drop your CIM, financial model, or legal exhibits, configure security settings like watermarks and NDA gating, and share a single branded link with bidders or counsel. Peony's intuitive interface means your deal team and counterparties need zero training. Firmex requires you to contact their sales team and go through a multi-step onboarding process before you can get started.
Does Peony match Firmex on security for confidential M&A and legal materials?
Peony matches and exceeds Firmex on security — critical when sharing confidential information memoranda, purchase agreements, or privileged legal documents. Every plan includes AES-256 encryption at rest, TLS 1.3 in transit, SOC 2-ready, GDPR, CCPA, and HIPAA compliance, link expiry, 2FA, and per-page analytics. Pro adds password protection and e-signatures. Business ($40/admin/mo) adds screenshot protection, dynamic watermarks, NDA gating, granular per-user permissions, controlled redaction, and full audit trails. Firmex does not offer screenshot protection, AI-powered leak detection, or controlled redaction.
Is Peony suitable for sell-side M&A due diligence the way Firmex is?
Absolutely. Peony is built for sell-side and buy-side due diligence, fundraising, and investor relations — the same workflows investment banks and transactional law firms run daily. The Business plan ($40/admin/mo) includes unlimited data rooms with folder hierarchies, granular permissions, dynamic watermarks, NDA gating, full audit trails, and controlled redaction. Peony also includes auto-indexing with automatic document classification, OCR, and full-text search so deal teams can find any clause instantly, plus AI Rooms that score data room completeness and flag missing documents. Michael Hui, Managing Director at Piton Partners, describes Peony as a standout for data rooms and gated file sharing — intuitive, secure, and beautifully designed, with AI that actually adds value.
Does Peony offer AI features for M&A and legal workflows that Firmex lacks?
Yes. Peony includes four AI capabilities that Firmex does not offer: AI document chat that lets bidders or counsel ask questions about your data room and get instant answers pulled from your files, Smart Q&A with a structured 4-step workflow where counterparties submit diligence questions, AI drafts responses, your team reviews, and approved answers are published, AI Rooms that automatically score data room completeness and suggest folder structures with missing document flags, and auto-indexing with OCR and full-text search across every document. All AI features are included on the Business plan ($40/admin/mo) — not sold as add-ons.
Can investment bankers and lawyers track buyer engagement in Peony?
Yes. Peony provides page-by-page analytics showing exactly which pages bidders or legal reviewers read, how long they spent on each page, their scroll depth, and total viewing time — with no per-viewer tracking limits and real-time notifications when someone opens your data room. This is far more granular than Firmex's standard activity logs and helps deal teams and M&A counsel prioritize follow-ups based on real engagement data rather than guesswork.
Can a law firm or advisory team migrate from Firmex to Peony easily?
Yes. Peony is designed for quick setup — a paralegal or analyst can create a data room and upload a full document set in under 5 minutes. Drag and drop your files, configure folder structure and security settings, and share a branded link with counterparties. Peony's intuitive interface means opposing counsel and buy-side teams need zero training to navigate your data room. Most advisory and legal teams complete their Firmex-to-Peony migration in a single session without any sales calls or onboarding delays.
Does Peony charge per-deal fees like Firmex does for M&A mandates?
No. Peony has no per-deal, per-project, per-viewer, per-page, or per-link fees on any plan. You pay a simple per-admin monthly price — Free ($0), Pro ($20/admin/month), or Business ($40/admin/month). Business includes unlimited data rooms for as many mandates or matters as you need, plus screenshot protection, dynamic watermarks, NDA gating, and AI document chat. Firmex charges $5,000 to $20,000 or more per project, meaning an advisory firm or law practice running multiple deals simultaneously can spend six figures a year on data room costs alone.
Do M&A advisors and transactional lawyers actually switch from Firmex to Peony?
Yes. Deal teams at boutique investment banks and mid-market law firms switch from Firmex to Peony for four key reasons: a more intuitive UX that bankers, lawyers, and counterparties can navigate without any training, faster setup that takes under 5 minutes versus days of sales calls and onboarding, a leaner platform built for mid-market mandates and legal matters without the overhead of legacy enterprise VDR processes, and dramatically more affordable pricing starting free versus $5,000 or more per project. Michael Hui, Managing Director at Piton Partners, describes Peony as a standout for data rooms and gated file sharing — intuitive, secure, and beautifully designed, with AI that actually adds value. Most teams complete their migration in minutes and immediately benefit from page-by-page analytics, AI document chat, and screenshot protection that Firmex does not offer.
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