7 Best Merrill Datasite Alternatives for Data Rooms in 2025
Merrill Datasite remains expensive ($1,000-$5,000+/month) with complex interfaces designed for $1B+ transactions, making it overkill for most M&A deals. Meanwhile, Capterra reviews show 68% of users seek simpler, more affordable alternatives with modern features.
Peony provides enterprise data room capabilities at startup pricing: unlimited data rooms, AI-powered organization, custom branding, complete analytics, and comprehensive security—starting at $40/month. Purpose-built for modern M&A.
Here are the 7 best Merrill Datasite alternatives for 2025.
Quick Comparison
| Feature | Peony | Intralinks | Firmex | Ansarada | Box | SecureDocs | ShareVault |
|---|---|---|---|---|---|---|---|
| Unlimited data rooms | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ |
| User access control | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Custom domains | ✅ | ✅ | ❌ | ✅ | ❌ | ❌ | ✅ |
| Free plan | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ |
| Starting price | $0 | $$$$ | $$$$ | $$$$ | $$ | $$$ | $$$$ |
| Setup time | 15 min | 2-4 weeks | 1-2 weeks | 2-3 weeks | 1 day | 1 week | 1-2 weeks |
Do You Need Specialized Data Room Software?
You DON'T necessarily need specialized software if:
- Simple file sharing sufficient (internal docs)
- No security or compliance requirements
- Small number of documents
- No tracking needed
- Budget extremely constrained
You DO need specialized software if:
- Enhanced security required: Advanced encryption, watermarks, access controls
- Compliance necessary: GDPR, HIPAA, SOC 2, industry regulations
- Analytics important: Track engagement, identify interested parties
- Professional presentation matters: Custom branding, investor-ready appearance
- M&A or fundraising: Due diligence, investor materials, confidential data
Bottom line: For high-stakes deals, specialized data rooms reduce risk and accelerate transactions.
1. Peony - Best Modern Alternative
Website: peony.ink
Best for: Startups to mid-market companies needing professional data rooms without enterprise pricing
Key advantages:
Unlimited data rooms:
- Create unlimited rooms (no restrictions)
- No per-room pricing
- Quick setup (15 minutes)
- AI-powered organization
Modern features:
- Page-level analytics
- Real-time notifications
- AI document classification
- Intelligent search
- Mobile-optimized
Security:
- AES-256 encryption
- Dynamic watermarking
- Screenshot protection
- Two-factor authentication
- Complete audit trails
- Email verification
- Link expiration
- Download controls
Professional presentation:
- Custom branded domains (yourcompany.peony.ink)
- White-label experience
- Professional appearance
- Fast page loads
Pricing:
- Free: Full features, unlimited data rooms
- Pro: $25/month - Advanced analytics
- Business: $40/month - Custom branding, unlimited everything
- Enterprise: Custom - white-label
Why it leads: Modern interface, comprehensive features, 90% cost savings vs. legacy providers.
2. Intralinks - Best for Large M&A
Website: intralinks.com
Best for: $100M+ transactions, Fortune 500 M&A
Key features:
- Advanced security and encryption
- Comprehensive Q&A management
- Customizable permissions
- Extensive audit trails
- Deal workflow automation
- Handles $30T+ deal volume annually
Limitations:
- Very expensive ($1,000-$3,000+/month)
- Complex interface
- Long setup time (2-4 weeks)
- Overkill for smaller deals
Pricing: Contact for custom quote (expensive)
Best use case: Large investment banks, $1B+ transactions.
3. Firmex - Best for Enterprise Security
Website: firmex.com
Best for: Security-conscious enterprises, regulated industries
Key features:
- SOC 2 Type II certified
- Granular permissions
- Detailed activity tracking
- 24/7 support
- Drag-and-drop interface
- Document watermarking
Limitations:
- Expensive (contact for pricing)
- Per-project licensing
- Setup complexity
- Limited integrations
Pricing: Custom (typically $500-1,500/month)
Best use case: Healthcare, financial services with strict compliance.
4. Ansarada - Best for AI Features
Website: ansarada.com
Best for: Companies wanting AI-powered due diligence
Key features:
- AI document organization
- Automated Q&A suggestions
- Risk insights and recommendations
- Deal prediction scores
- Advanced security
- Integration capabilities
Limitations:
- Expensive (contact for pricing)
- AI accuracy varies
- Vendor lock-in concerns
- Complex pricing structure
Pricing: Custom (typically $1,000-$2,000+/month)
Best use case: Large companies wanting AI assistance with complex deals.
5. Box - Best for Enterprise Collaboration
Website: box.com
Best for: Enterprises heavily using Box for general file sharing
Key features:
- Enterprise-grade security
- Collaboration tools
- Good integration ecosystem
- Familiar interface
- Mobile apps
- HIPAA/GDPR compliant
Limitations:
- Not purpose-built for data rooms
- Limited VDR-specific features
- Per-user pricing adds up
- Basic analytics
Pricing:
- Business: $20/user/month
- Business Plus: $33/user/month
- Enterprise: Custom
Best use case: Companies already using Box ecosystem wanting basic data room functionality.
6. SecureDocs - Best Simple VDR
Website: securedocs.com
Best for: First-time VDR users, simple deals
Key features:
- Flat-rate pricing
- Simple interface
- Fast setup
- Basic security features
- Unlimited users
- Standard support
Limitations:
- Very basic features
- No AI capabilities
- Limited analytics
- Dated interface
- Minimal customization
Pricing: $250/month flat rate
Best use case: Small M&A deals, straightforward due diligence under $10M.
7. ShareVault - Best for Secure Sharing
Website: sharevault.com
Best for: Companies prioritizing security over features
Key features:
- Strong encryption
- Detailed permissions
- Custom branding options
- Compliance features
- Audit reports
- 24/7 support
Limitations:
- Limited modern features
- Higher cost
- Slower interface
- Basic analytics
Pricing: Contact for quote (typically $500-1,000/month)
Best use case: Regulated industries, government contractors.
Feature Comparison Table
| Feature | Peony | Intralinks | Firmex | Ansarada | Box | SecureDocs | ShareVault |
|---|---|---|---|---|---|---|---|
| Document sharing | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Data room creation | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Activity tracking | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Custom branding | ✅ Full | ✅ Full | ❌ | ✅ Limited | ❌ | ❌ | ✅ Limited |
| Free plan | ✅ | ❌ | ❌ | ❌ | ❌ | ❌ | ❌ |
| AI features | ✅ | ❌ | ❌ | ✅ | ❌ | ❌ | ❌ |
| Mobile apps | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ | ✅ |
| Q&A management | ✅ | ✅ | ✅ | ✅ | ❌ | ❌ | ✅ |
| Watermarking | ✅ Dynamic | ✅ Basic | ✅ | ✅ | ❌ | ✅ | ✅ |
| Screenshot block | ✅ | ❌ | ❌ | ⚠️ Fence | ❌ | ❌ | ❌ |
| Page analytics | ✅ Full | ⚠️ Basic | ⚠️ Basic | ⚠️ Basic | ❌ | ⚠️ Basic | ⚠️ Basic |
Pricing Comparison
Annual costs (typical mid-market deal):
| Provider | Setup | Monthly | Annual Total | Users Included |
|---|---|---|---|---|
| Peony | $0 | $40 | $480 | Unlimited |
| SecureDocs | $500 | $250 | $3,500 | Unlimited |
| Box | $0 | $100 | $1,200 | 5 users |
| Firmex | $1,000 | $750 | $10,000 | Per project |
| Ansarada | $2,000 | $1,200 | $16,400 | 10 users |
| Intralinks | $3,000 | $2,000 | $27,000 | 15 users |
| ShareVault | $1,000 | $600 | $8,200 | Per project |
Savings with Peony: $3,020-$26,520/year (84-98% reduction)
Selection Guide
Choose Peony if:
- Startup to mid-market company
- Need unlimited data rooms
- Want modern features and AI
- Budget-conscious
- Value ease of use
- Quick setup required
Choose Intralinks if:
- $100M+ transaction value
- Fortune 500 buyer/seller
- Complex multi-party deals
- Established brand requirement
- Budget unlimited
Choose Firmex if:
- Healthcare or financial services
- Strict compliance requirements
- Need 24/7 white-glove support
- Single large deal focus
Choose Ansarada if:
- Want AI-powered features
- Large enterprise deals
- Willing to pay premium
- Need procurement features
Choose Box if:
- Already using Box extensively
- Simple data room needs
- Team collaboration priority
- Not security-sensitive
Choose SecureDocs if:
- First-time VDR user
- Simple, small deals
- Flat-rate pricing preference
- Basic features sufficient
Choose ShareVault if:
- Government or defense contracts
- Maximum security priority
- Compliance-heavy industry
- Features secondary to security
Migration from Merrill Datasite
How to switch to Peony:
Week 1:
- Export documents from Datasite
- Organize file structure
- Set up Peony account
- Configure branding
Week 2:
- Upload documents to Peony
- AI organizes automatically
- Set permissions
- Test with internal team
Week 3:
- Grant external access
- Train team on new platform
- Monitor adoption
- Gather feedback
Result: Save $10,000-$50,000/year with better features.
Conclusion
While Merrill Datasite serves large enterprise transactions, most companies find better value in modern alternatives. Peony offers the best combination of features, security, and cost—providing unlimited data rooms, AI-powered organization, custom branding, and comprehensive analytics at 90% cost savings.
Whether you're managing M&A due diligence, fundraising, or other confidential transactions, the right data room alternative balances security, usability, and cost for your specific needs.
Modern data room alternative: Try Peony