Announcing o11's backing from Y Combinator.
Datasite vs Firmex vs iDeals: Best Data Room for Middle Market PE
Virtual Data Rooms (VDRs) are the vaults of the private equity world. Datasite, Firmex, and iDeals are the heavyweights, securely holding the Gigabytes of PDFs, spreadsheets, and contracts that make up a deal.
But if you are a PE associate or an Investment Banker, you know the truth: The VDR is where you go to wait.
You wait for uploads. You wait for downloads. You wait for the “Index” to update.
This post compares the top VDRs for 2026, but more importantly, it introduces the strategy that Top-Tier firms are using to work faster than the VDR can index.
The VDR Landscape
1. Datasite (formerly Merrill)
The Enterprise Standard. Datasite is the Ferrari of VDRs. It’s expensive, powerful, and comes with a 24/7 concierge service that will practically drive the car for you.
- Best for: $1B+ mega-deals, cross-border M&A, and scenarios where “cost is no object.”
- Killer Feature: The “Redaction” tool is AI-powered and industry-leading.
2. Firmex
The Workhorse. Firmex is ubiquitous in the middle market. It’s reliable, reasonably priced, and handles high-volume transactions well.
- Best for: Middle-market PE, serial acquirers, and firms running multiple processes simultaneously.
- Killer Feature: “Email-in” functionality for streamlined uploads.
3. iDeals
The User Favorite. iDeals consistently ranks highest in user satisfaction. It’s incredibly intuitive, fast to set up (literally minutes), and the UI feels like modern software, not a legacy bank vault.
- Best for: Agile deal teams, smaller transactions, and users who hate clunky software.
- Killer Feature: Instant setup and “Fence View” security.
The “Storage vs. Creation” Gap
Here is the problem. These tools are all excellent Storage Layers. They are secure lockers for your files.
But your job isn’t to store files. Your job is to read them, analyze them, and write new ones.
The typical workflow:
- Download 50 PDFs from Datasite.
- Open them one by one.
- Manually type data into your Excel LBO model.
- Summarize findings in your Word Investment Committee memo.
- Upload the new memo back to Datasite.
The bottleneck is steps 2, 3, and 4. The “Creation Phase.”
Accelerating the Deal with o11
o11 is the Creation Layer that pairs with your VDR.
While Datasite secures the documents, o11 reads them—instantly.
The “VDR to Excellence” Workflow
Bulk Analysis: Don’t open 50 PDFs manually. Select the folder you just downloaded from Firmex. Tell o11: “Analyze these 50 leases. Create a summary table in Excel listing the Tenant Name, Monthly Rent, Expiration Date, and any Change of Control provisions.”
Result: A fully populated Excel schedule in 30 seconds.
Instant Memo Drafting: Need to write the “Risks & Mitigants” section of your IC memo based on the VDR’s “Legal” folder? Ask o11: “Review these 10 uploaded vendor contracts. Draft a risk summary for our Investment Committee focusing on termination clauses.”
Q&A Automation: VDR Q&A tools manage the process of questions. o11 manages the answers. Paste a buyer’s question into o11, point it at the data room files, and ask: “Draft a response to this inquiry about the 2023 EBITDA adjustment.”
Conclusion
- Pick Datasite if you are running a multi-billion dollar auction.
- Pick Firmex for reliable middle-market volume.
- Pick iDeals for speed and ease of use.
But whichever vault you choose, bring o11 to do the work inside it.
Don’t let the data room slow you down. Equip your team with o11.
