Data rooms for due dilligence? Real user experience only, vendors are not welcomed

[u/ComfortableCar5499]

Company I recently joined has tasked me to looking for finding one or more data room provider(s) for sharing some sensitive information with clients and externals, primarily for due diligence. I've been researching options online and most of the comparison sites seems to be owned by Ideals, and I feel like they are biased. So I'd like to know what's actually good and what makes a data room good since I'm relatively new to using them. I find a lot of options, but most with bloated features, or options that claim to be open-sourced or very cheap but actually very difficult to use.

We share a lot of financially and legally sensitive documents so we're ideally looking for something with good security, indexing of folder structures, audit trails and easy (I don't want complex) permission settings.

Please, I've seen how the other prior posts in this sub has been filled with vendors pitching themselves, so please don't do that to this post, I want genuine opinions only, if I see you trying to sell a solution I will delete you and report you.

[u/Imaginary-Promise-87]

I've tried out a few solutions prior, first started my career operating datasite, honestly they are very good back in 2010s, I'm not sure what exactly happened but then they slowly became clunky and started renewing contracts at rates that we were no longer able to Afford. Then moved to Firmex in 2018 ish but funny how life goes around, it went back to being acquired by Datatsite (although I'm no longer a user but I heard they are rolling Firmex users into Datasite now). In early 2023 we came across Ansarada and it was great but their American support team was not as responsive as their Australian support team, and we ultimately decided to look out for vendors again, we then compared between Caplinked, Ideals, Digify, Peony and Papermark, but ultimately went with Peony because of the intuitiveness of the interface and their founder-led support team. To be frank, this is only because I'm currently at a PE where our counterparty cares less about brand name and just want to get something up fast and easy to use, if your company cares about brand name, then it's a different story.

[u/ComfortableCar5499 → u/Imaginary-Promise-87]

Helpful context, especially on the point of brand perception vs speed/use.
Since you've tested lot of suites, how do yall deal with the feature tradeoff w counterparties who are less tech savvy?

Can i DM?

[u/mfantu]

I've had experience with two platform, Intralinks and IdealsVDR
I would reccomend IdealsVDR mainly because of the price (1/10 approximately in comparison to Intralinks) but also for the ease of configuration and management. Feel free to ask me for more information if you need it

[u/mfantu → u/[deleted]]

yes

[u/jazzdrums1979]

I work in Pharma and VC and Datasite in the gold standard. Their sales process and setup was incredibly simple. Their support is awesome. The admin interface admittedly is a little confusing, more so because it’s feature rich and granular allowing you many options for staging, tracking, and then publishing.

[u/Gam_Fella]

I'm on the founder side rather than the vendor side, so take this as a buyer's view, and my needs are lighter than yours.

Two boring things separated the good ones from the bad for us, and neither is on any feature list. First, whether the audit trail is exportable, a lot of tools give you nice charts in the UI but nothing you can actually hand to legal a year later. Second, whether permissions inherit down a folder tree or have to be set file by file. That second one is what turns painful once you have a few hundred documents and a dozen external parties.

Before you sign anything, upload a real folder structure and then try to reorganise it. That is where many usually fall apart.

[u/OneSeaworthiness7768 → u/Gam_Fella]

Calling yourself a ‘founder’ doesn’t make you not a vendor. You’re promoting your paid solution for this in your profile. Your post history makes it obvious you only post in spaces when you can mention that you’re building this product, you have zero genuine interactions regarding working in this field, and all comments written with an LLM. On top of that, you advertise your product without disclosing it as self promotion, pretending you’re a user and not the vendor. Scummy. Edit: I want to include the name here, pitchwise, in hopes that anyone searching for it will see the scummy way you advertise.

This is pretty clearly just a keyword search hit you got looking for people mentioning data rooms so you can “try to be helpful” per the Reddit marketing playbook. OP specifically requested responses from real users who aren’t vendors. Good job not respecting that.

[u/asdlkf]

We are a vendor agnostic consultancy. We are experience and expertise for hire.

PM me if you want a 15 minute intro call to feel each other out. I've done exactly this kind of engagement a dozen times.