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.
No credit card required
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 the Business plan at $40/admin/mo, 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, per-page analytics
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.
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 viable Datasite alternative for sell-side M&A advisory?
Yes. Peony offers the same core data room features sell-side advisors rely on — secure diligence material sharing, granular per-bidder 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 for a mid-market deal team running multiple transactions?
Peony starts free ($0) with 2 GB of storage and unlimited links. Pro is $20 per admin per month (200 GB) with e-signatures and password protection. Business is $40 per admin per month (1 TB) with data rooms, AI document chat, Smart Q&A, AI Rooms, auto-indexing, dynamic watermarks, screenshot protection, NDA gating, and custom branding — no per-bidder, per-page, or per-deal fees on any tier. 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 deal team running three mandates simultaneously could spend over $100,000 a year on Datasite alone.
Can Peony support a competitive auction with 20+ bidders the way Datasite does?
Yes. Peony provides unlimited data rooms with folder organization, granular per-bidder access controls, NDA gating with built-in e-signatures, dynamic watermarks, controlled redaction, and full audit trails — all the features required to run a competitive auction process. Peony also includes AI document chat so bidders can get instant answers from CIMs, financial models, and other diligence materials around the clock, Smart Q&A with a structured 4-step workflow for managing buyer questions at scale, and AI Rooms that score data room completeness and flag missing diligence materials so nothing is overlooked before process launch.
How quickly can a PE deal team set up Peony compared to Datasite's onboarding process?
Peony can be set up in under 5 minutes. Sign up, create a data room, drag and drop your CIMs, financial models, and diligence materials, 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 bidders and their counsel need zero training to navigate your data room.
Does Peony match Datasite's security for confidential PE portfolio exits?
Peony includes AES-256 encryption at rest, TLS 1.3 in transit, SOC 2-ready, GDPR, CCPA, and HIPAA compliance, two-factor authentication, link expiry, and revoke access on every plan. Pro adds password protection and e-signatures. Business adds screenshot protection, dynamic watermarks, NDA gating, controlled redaction, granular per-bidder permissions, and full audit trails that document every action by every counterparty. Datasite offers strong security but has no screenshot protection, no built-in e-signatures, and no AI-powered leak detection. Peony delivers the security PE sponsors and sell-side advisors require for confidential portfolio exits, with modern features that Datasite lacks.
Can sell-side bankers use Peony for managing buyer diligence on a live mandate?
Yes. Peony's data rooms support the same structured diligence material organization, per-bidder permission controls, audit trails, and security features that investment banks require for live mandates. Peony also offers controlled redaction so sell-side bankers can permanently black out sensitive financials and customer data before sharing with buyer counsel, plus Smart Q&A for managing large volumes of counterparty 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 for mid-market M&A?
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 any mid-market deal team can set up in under 5 minutes with a free plan. The Business plan at $40/admin/mo includes AI document chat, Smart Q&A, AI Rooms for completeness scoring, auto-indexing with OCR and full-text search, screenshot protection, data rooms, and page-by-page analytics showing exactly which diligence materials each bidder reviewed — with no per-bidder, per-page, or per-deal fees.
How do PE firms migrate an active portfolio exit from Datasite to Peony?
Most PE deal teams complete their Datasite-to-Peony migration in a single session. Upload your CIMs, financial models, and diligence materials to a Peony data room, configure security settings like NDA gating, watermarks, and per-bidder permissions, and share a branded link. Peony's intuitive interface means your investment bankers and counterparty counsel need zero training — no IT involvement, no vendor onboarding, and no multi-week implementation timelines.
Does Peony offer AI capabilities for M&A diligence that Datasite does not?
Yes. Peony includes four AI capabilities that Datasite does not offer: AI document chat that lets bidders ask questions about CIMs, financial models, and diligence materials and get instant, cited answers around the clock, Smart Q&A with a structured 4-step workflow where counterparties submit diligence questions, AI drafts answers from your deal materials, your sell-side team reviews, and approved responses are published, AI Rooms that automatically score data room completeness and flag missing diligence materials with suggested folder templates, and auto-indexing with automatic document classification, OCR, and full-text search. All AI features are included on the Business plan ($40/admin/mo). Datasite's only AI feature is Redaction AI, which costs $2,000 per deal as an add-on.
Do investment banks and PE sponsors actually switch from Datasite to Peony?
Yes. Investment bankers and PE sponsors switch from Datasite to Peony for four key reasons: a more intuitive UX that both sell-side advisors and buyer counsel 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 mandates 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.
Compare other data room providers
Looking for the best data room for private equity? Read our complete PE data room comparison, or explore our PE data room solutions.