One group is trusted daily by Goldman Sachs, JPMorgan, Kirkland Ellis, and every major private equity firm. The other group is used by people who still think “password-protected Dropbox” is acceptable.
Here is the unfiltered hierarchy of providers that matter when real money, reputations, and regulatory exposure are at stake.
Tier S – The Untouchable Gold Standard
Datasite Still the undisputed king for any transaction above $500 million and every public-company process. Its dynamic watermarks are the most sophisticated on earth (multi-layer, invisible to de-watermarking tools, and survive professional screen-capture software). Page-by-page and Excel-cell-level permissions are flawless, remote wipe actually works on downloaded files, and the audit trail is accepted without question in Delaware Chancery Court. Deployment in under 30 minutes, 24/7 phone support that picks up in seconds. Price is high, but when a single leak can cost nine figures, nobody negotiates.
Intralinks The preferred choice for complex cross-border MA and debt restructurings. Slightly slower UI than Datasite but unmatched in enterprise integrations and geographic compliance (perfect for deals touching China, Middle East, or strict EU data-residency rules). Its Information Rights Management (IRM) on downloaded PDFs remains industry-leading — once the deal closes, those files become unreadable bricks on day 91 if you want.
Tier A – Trusted by Sophisticated Mid-Market and PE/VC
Ansarada The fastest-growing player globally and for good reason. Australian-born, now dominant in Europe and APAC. Setup speed is ridiculous (under 20 minutes), AI pathways predict what bidders actually want to see next, and the watermarking + behavioral monitoring rival Datasite at half the price. Mid-market investment banks and competitive auction processes have almost universally switched to Ansarada in 2024–2025.
Firmex The quiet workhorse of North American private equity and law firms. Extremely fair pricing, rock-solid security, and the simplest interface most general counsels have ever used. Not as flashy as the top three, but zero meaningful breaches in 15+ years speaks louder than marketing.
Dealroom (by DealPotential) The breakout star of venture and growth-equity fundraising. Top-tier VCs (Sequoia, a16z, Tiger) now mandate it for their portfolio companies. Cell-level Excel hiding, beautiful mobile experience, and pricing that doesn’t punish Series B founders. Security is now on par with Firmex; only the very largest MA processes still look elsewhere.
Tier B – Acceptable Only for Low-Risk or Budget Deals
CapLinked, Donnelley Venue, and a few others can get the job done for sub-$20 million rounds or internal board sharing, but they lack true remote wipe, sophisticated watermarking, or court-ready forensics. Fine when the downside of a leak is measured in hundreds of thousands, not tens of millions.
The “Do Not Touch” Category (2025 Edition)
- Anything built on Box, SharePoint, Google Drive, or Dropbox
- iDeals (persistent watermark glitches never fully fixed)
- SecureDocs / SecureVault (viewer stuck in 2016)
- Any provider still charging per-page or per-GB overage (extortion disguised as pricing)
The New 2025 Decision Rule
Ask yourself one question: “If this exact document set leaked tomorrow, would my board, my LPs, or a regulator accept the excuse that we chose the cheaper provider?”
If the honest answer data room providers is no, then your choice is limited to Datasite, Intralinks, Ansarada, Firmex, or Dealroom — in that order, depending on deal size, geography, and budget.
Everything else is noise.
In 2025, picking the right secure data room is no longer an administrative decision. It is a fiduciary one. Choose accordingly.
