Enterprise data rooms should not cost $25K per deal.Get the same security. Pay 99% less.
Datasite is built for investment banks running billion-dollar M&A transactions. Peony gives you the same security, better analytics, and AI document intelligence — without the enterprise price tag or weeks-long onboarding.Set up in under 5 minutes.
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Side-by-side comparison
Datasite (formerly Merrill Corporation) is an enterprise virtual data room used by investment banks for large M&A transactions. Peony is a modern virtual data room that delivers the same security at a fraction of the cost.
PeonyWhy teams switch from Datasite to Peony
Datasite was designed for a pre-cloud era. Modern dealmakers demand instant setup, transparent pricing, and AI-powered intelligence — not vendor calls and six-figure invoices.
5-minute setup
Datasite requires sales calls, vendor onboarding, and IT involvement — often taking days or weeks before your data room is live. Peony is self-serve: sign up, upload documents, and share a link in under 5 minutes.
Transparent pricing
Datasite charges $25,000 to $50,000 or more per deal with opaque, negotiated pricing. Peony starts free and scales to $20/admin/mo (Pro) or $40/admin/mo (Business) — you always know what you will pay.
AI document chat
Datasite's only AI feature is Redaction AI — a $2,000 per-deal add-on. Peony includes AI document chat, Smart Q&A, AI Rooms, and auto-indexing on every plan at no extra cost, so buyers get instant answers and due diligence moves faster.
Page-level analytics
Datasite offers basic activity logs. Peony provides page-by-page analytics showing exactly which documents buyers read, how long they spent per page, and what they focused on — giving sellers a real-time read on deal interest.
Pricing comparison
Peony gives you data rooms, page-by-page analytics, screenshot protection, AI document chat, and built-in e-signatures — at a fraction of what Datasite charges for a single deal.
Peony
Free
$0
2 GB storage, unlimited data rooms
Pro
$20/admin/mo
200 GB storage
Business
$40/admin/mo
1 TB storage
Data rooms, analytics, screenshot protection, watermarks, NDA gating, AI chat, and e-signatures included on all plans.
Datasite
No free tier
$0Not available
No self-serve option
Per-deal pricing
$25K–50K+
Per transaction, negotiated
Enterprise
Custom
Annual contracts, volume discounts
No screenshot protection. No page-by-page analytics. No built-in e-signatures. AI redaction is a $2,000 add-on. Pricing not published.
When to use each platform
Datasite is purpose-built for the largest investment banks running billion-dollar transactions. Peony is the modern alternative for everyone else — startups, growth-stage companies, PE firms, and mid-market M&A.
Choose Datasite when you need
A legacy VDR vendor that investment banking compliance teams already approve
Multi-billion-dollar M&A transactions with dozens of counterparties
Dedicated project management and 24/7 phone support from the VDR vendor
Budget is not a constraint and speed is not a priority
Choose Peony when you need
A data room for fundraising, seed to Series D and beyond
Mid-market M&A, PE transactions, or board communications without six-figure VDR bills
Instant self-serve setup — share your data room today, not in two weeks
AI document chat so buyers get answers instantly during due diligence
Page-by-page analytics to understand which documents buyers focus on
Screenshot protection and dynamic watermarks to prevent document leaks
What Peony gives you that Datasite does not
Accelerate due diligence with AI-powered answers
Datasite is a static document repository — buyers read files and send questions by email. Peony's AI document chat lets buyers ask questions about your data room and get instant, accurate answers pulled directly from your documents. Diligence that used to take weeks can happen in days.
See exactly what buyers focus on during diligence
Datasite tells you which files were downloaded. Peony shows you which pages were read, how long each buyer spent per page, and their total engagement across your entire data room. Know which sections raise interest or concern — before the next negotiation call.
Prevent document leaks with screenshot blocking
Datasite relies on watermarks and access logs to deter leaks. Peony goes further: screenshot protection actively blocks screen captures, and dynamic watermarks stamp every page with the viewer's identity. Combined with NDA gating, password protection, 2FA, and link expiry, Peony delivers modern security for sensitive deal documents.
Screenshot protection
Block screen captures of confidential deal documents. Datasite has no screenshot blocking — once a file is viewed, it can be captured freely.
Dynamic watermarks
Every page stamped with the viewer's email and timestamp. If a document leaks, trace it back to the exact person instantly.
Built-in e-signatures
Collect NDA signatures, LOIs, and closing documents without leaving Peony. Datasite requires third-party e-signature integrations, adding cost and complexity.
"Peony is by far the simplest and most intuitive way to populate and share data rooms with investors and partners. All the key analytics and features integrated into a sleek interface!"
Mark Petrov
Head of Financials, Loop
Frequently asked questions
Is Peony a good alternative to Datasite?
Yes. Peony offers the same core data room features as Datasite — secure document sharing, granular permissions, full audit trails, NDA gating, and dynamic watermarks — plus AI document chat, Smart Q&A, AI-powered room setup with completeness scoring, auto-indexing with OCR, screenshot protection, built-in e-signatures, and controlled redaction. Peony starts free and takes under 5 minutes to set up, while Datasite costs $25,000 or more per deal and requires days of onboarding. Mark Petrov, Head of Financials at Loop, describes Peony as the simplest and most intuitive way to populate and share data rooms.
How does Peony pricing compare to Datasite?
Peony starts free ($0) with 2 GB of storage, unlimited data rooms, and unlimited links. Pro is $20 per admin per month (200 GB) and Business is $40 per admin per month (1 TB) — with every feature included and no per-viewer, per-page, or per-deal fees. Datasite uses opaque per-deal pricing that typically ranges from $25,000 to $50,000 or more per transaction, with no self-serve option and no free tier. A mid-market firm running three deals simultaneously could spend over $100,000 a year on Datasite alone.
Can Peony handle M&A due diligence like Datasite?
Yes. Peony provides unlimited data rooms with folder organization, granular access controls, NDA gating with built-in e-signatures, dynamic watermarks, controlled redaction, and full audit trails — all the features required for M&A due diligence. Peony also includes AI document chat so buyers can get instant answers from your data room, Smart Q&A with a structured 4-step workflow for managing counterparty questions at scale, and AI Rooms that score data room completeness and flag missing documents so nothing is overlooked before launch.
How long does it take to set up Peony compared to Datasite?
Peony can be set up in under 5 minutes. Sign up, create a data room, drag and drop your documents, configure security settings, and share a branded link — all self-serve with no sales call required. Datasite typically requires days or weeks of onboarding, vendor calls, contract negotiation, and IT involvement before your data room is live. Peony's intuitive interface means counterparties need zero training to navigate your data room.
Does Peony have the same security features as Datasite?
Peony includes AES-256 encryption at rest, TLS 1.3 in transit, SOC 2-ready, GDPR, CCPA, and HIPAA compliance, screenshot protection, dynamic watermarks, NDA gating with built-in e-signatures, password protection, two-factor authentication, link expiry, revoke access, controlled redaction, granular per-user permissions, and full audit trails — all on every plan, not upsold. Datasite offers strong security but has no screenshot protection, no built-in e-signatures, and no AI-powered leak detection. Peony delivers enterprise-grade security with modern features that Datasite lacks.
Is Peony suitable for investment banking deals?
Yes. Peony's data rooms support the same structured document organization, permission controls, audit trails, and security features that investment banks require. Peony also offers controlled redaction so bankers can permanently black out sensitive details before sharing with counterparties, plus Smart Q&A for managing large volumes of buyer questions with AI-drafted responses. 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.
What is the biggest difference between Peony and Datasite?
The biggest difference is accessibility and AI. Datasite is an enterprise-only platform with opaque pricing, long sales cycles, and complex onboarding — designed for billion-dollar transactions with dedicated project managers. Peony is a modern, self-serve data room that anyone can set up in under 5 minutes with a free plan, AI document chat, Smart Q&A, AI Rooms for completeness scoring, auto-indexing with OCR and full-text search, screenshot protection, and page-by-page analytics — all included on every tier with no per-viewer, per-page, or per-deal fees.
Can I migrate from Datasite to Peony?
Yes. Most teams complete their Datasite-to-Peony migration in a single session. Upload your documents to a Peony data room, configure security settings like NDA gating, watermarks, and permissions, and share a branded link. Peony's intuitive interface means your team and counterparties need zero training — no IT involvement, no vendor onboarding, and no multi-week implementation timelines.
Does Peony have AI features that Datasite lacks?
Yes. Peony includes four AI capabilities that Datasite does not offer: AI document chat that lets buyers ask questions about your data room and get instant, cited answers around the clock, Smart Q&A with a structured 4-step workflow where counterparties submit questions, AI drafts answers from your documents, your team reviews, and approved responses are published, AI Rooms that automatically score data room completeness and flag missing documents with suggested folder templates, and auto-indexing with automatic document classification, OCR, and full-text search. All AI features are included on every Peony plan. Datasite's only AI feature is Redaction AI, which costs $2,000 per deal as an add-on.
Do deal teams actually switch from Datasite to Peony?
Yes. Deal teams switch from Datasite to Peony for four key reasons: a more intuitive UX that both deal teams and counterparties navigate without any training or IT involvement, faster setup that takes under 5 minutes versus days or weeks of vendor onboarding, a leaner and more efficient platform purpose-built for mid-market deals without the enterprise bloat and complexity of a legacy VDR, and dramatically more affordable pricing starting free versus $25,000 or more per deal. Mark Petrov, Head of Financials at Loop, describes Peony as by far the simplest and most intuitive way to populate and share data rooms with investors and partners — with all the key analytics and features integrated into a sleek interface.
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