Intralinks vs Firmex - which VDR wins for M&A, due diligence, and fundraising?

You're comparing Intralinks and Firmex. Both are serious virtual data room platforms built for M&A due diligence and secure document sharing. People compare them for good reason: they occupy a similar space but serve different deal profiles and budgets.

This guide breaks down what actually separates them - features, pricing, AI capabilities, support, and the specific scenarios where one wins over the other. No fluff. We'll also introduce Ellty as a third option if neither fits your situation.

What this comparison covers:

• Quick overview of each tool
• Key differences in purpose, pricing, and AI features
• Detailed feature-by-feature breakdown
• When to choose Intralinks vs Firmex vs Ellty
• A decision framework with budgets, team sizes, and use cases
• FAQs people actually search for

Both are good platforms. The right choice depends on deal size, budget, how much AI tooling matters to you, and whether you need a one-time project room or an unlimited subscription. Let's get into it.

Quick overview

Intralinks (SS&C Intralinks)

What it is: Intralinks is an enterprise-grade virtual data room and secure collaboration platform. Founded in 1996 and acquired by SS&C Technologies in 2018 for $1.5B, it's widely credited as the company that pioneered the first VDR. It's used primarily for large M&A transactions, capital raising, and fund management.

• Founded: 1996, acquired by SS&C Technologies in 2018
• Core focus: Enterprise M&A, fundraising, capital markets, AI-powered deal management
• Best for: Large enterprise deals, investment banks, PE firms, Fortune 1000 corporations
• Starting price: Custom quote only - estimated $10,000+ annually for small implementations, $50,000-$200,000+ for mid-market deals
• Key strength: Industry-first AI tooling (bulk redaction, DealCentre AI), ISO 27701 certified, global scale with 24/7 support in 8+ languages

Firmex

What it is: Firmex is a virtual data room focused on secure document sharing for M&A, due diligence, compliance, and litigation. Founded in 2006 in Toronto and acquired by Datasite in 2021, it emphasizes transparent pricing, ease of use, and strong customer support. It opens over 20,000 new data rooms annually.

• Founded: 2006 (Toronto), acquired by Datasite in 2021
• Core focus: Mid-market M&A, due diligence, compliance, legal document sharing
• Best for: Investment bankers, lawyers, mid-market deal teams, SMBs running multiple projects
• Starting price: Custom quote - estimated $2,500+ per project, $7,800 average annual spend
• Key strength: Unlimited-use subscription model (unlimited data rooms, users, projects for a flat annual fee), strong onboarding, 4.8/5 on Capterra (351 reviews)

Intralinks vs Firmex at a glance

The key difference

Intralinks is built for enterprise-scale deals with extensive AI tooling and global compliance infrastructure. Firmex is built for reliability, transparency, and ease of use at mid-market price points - particularly attractive if you run multiple deals a year and want a flat-cost subscription.

Key differences between Intralinks and Firmex

Both platforms do the same core job: secure document sharing with access controls, watermarking, and analytics. But several meaningful differences will push you toward one or the other depending on your situation.

1. Enterprise scale vs mid-market focus

Intralinks: Designed from the ground up for the largest, most complex financial transactions. It serves 99% of Fortune 1000 companies and has processed $35+ trillion in transactions. Multi-deal management, global compliance, and 24/7 support in 8+ languages are core to the product.

Firmex: Purpose-built for mid-market. It serves 223,000+ companies in 180+ countries but targets the transaction sizes that investment banks and law firms run day-to-day. It's a trusted, reliable workhorse rather than an enterprise flagship.

What this means for you: If you're coordinating a billion-dollar M&A deal with multiple buyers, international parties, and complex workflows, Intralinks is built for that. For a clean mid-market deal room at a predictable cost, Firmex gets it done without the enterprise overhead.

2. AI capabilities

Intralinks: Has invested $200M+ in R&D over five years. Its AI suite includes DealCentre AI (automated Q&A answers, document summaries), bulk AI redaction (up to 100 PDFs at once), AI Ask Link (chat interface for deal documents), and a Deal Flow Predictor for M&A forecasting. These are genuinely useful tools that save hours on large deals.

Firmex: No AI features currently. It offers standard VDR tools very well - bulk upload, auto-indexing, redaction (manual), activity tracking, Q&A workflow - but doesn't yet have AI-assisted anything.

What this means for you: If AI-powered redaction or document Q&A would materially speed up your process, Intralinks is the clear winner here. If you don't need AI and just want a solid, secure VDR, Firmex's absence of AI isn't a problem.

3. Pricing model and transparency

Intralinks: Opaque pricing. Custom quote only, no published rates. Per-user and per-project restrictions apply, which means costs escalate with deal size. Industry estimates put small implementations at $10,000+ annually and mid-market at $50,000-$200,000+. You need a sales call to get a number.

Firmex: Also custom pricing, but with an important differentiator: a flat-fee unlimited subscription model. One annual price gets you unlimited users, unlimited data rooms, unlimited projects. This is significantly better value for teams running more than one or two deals a year. Still no published price list, but the subscription structure is more predictable.

What this means for you: Intralinks per-user and per-project pricing can get expensive fast. Firmex's unlimited subscription is genuinely better value for active deal teams. Both require sales conversations, so budget time for that.

4. Setup and ease of use

Intralinks: Feature-rich, which means steeper learning curve. Setup can take days to weeks for enterprise implementations, often involving SS&C's managed services team. Users consistently note the interface is powerful but not always intuitive. G2 rating is lower than Firmex (4.1 vs 4.8 on Capterra).

Firmex: Consistently praised for ease of use. You can get a data room live quickly. The platform is designed to be picked up by non-technical users. Customer support is available 24/7/365 and is frequently mentioned in positive reviews as the standout differentiator.

What this means for you: Time-sensitive deals favor Firmex's simpler, faster setup. Complex enterprise deals where you need deep customization and managed services may justify Intralinks' steeper onboarding.

5. Security and compliance depth

Intralinks: Both platforms are strong here. Intralinks edges ahead with ISO 27701 certification (data privacy - the first VDR to achieve this), plus SOC 2, HIPAA, GDPR, SSO, MFA, and post-download information rights management (IRM) that lets you revoke access to a document even after it's been downloaded.

Firmex: Solid compliance stack: SOC 2 Type II, HIPAA, GDPR, SSO, MFA, AES-256 encryption. Data storage options in Canada, the US, and Germany (EU). Strong for regulated industries but doesn't match Intralinks' breadth of certifications.

What this means for you: For most M&A and due diligence work, Firmex's compliance stack is more than adequate. If you're in a highly regulated industry or need ISO 27701 data privacy certification specifically, Intralinks has the edge.

6. Support model

Intralinks: 24/7 support in 8+ languages, dedicated customer success managers for enterprise, managed deal services team. Full white-glove experience on higher-tier contracts.

Firmex: 24/7/365 support (phone, email, chat). Dedicated customer success manager included with subscription plans. Rated extremely highly in user reviews for responsiveness and helpfulness. The support is often cited as the reason people stay on Firmex.

What this means for you: Both have strong support. Firmex is more consistently praised at the individual reviewer level. Intralinks has more language coverage and managed services depth for global enterprise.

7. Analytics and reporting

Intralinks: Advanced deal analytics via the Insights Dashboard. You can compare buyer groups by activity, rank bidders based on document engagement, and track deal trends over time. DealCentre AI adds another layer of insight into deal progress.

Firmex: Standard VDR reporting: document activity by user, time in room, document views, download logs. Excel export available. Solid for due diligence tracking, not designed for competitive buyer analysis.

What this means for you: If competitive buyer intelligence is important (knowing which bidder is most engaged, tracking LOI progression), Intralinks' analytics are genuinely better. For standard due diligence visibility, Firmex delivers what you need.

In short:

• Intralinks = enterprise-grade, AI-heavy, expensive, complex, best for the largest cross-border deals
• Firmex = mid-market reliable, simpler setup, unlimited subscription model, outstanding support, better value for active deal teams
• Your deal size, AI needs, and budget determine the right fit.

Detailed feature comparison

Here is a full feature-by-feature breakdown across all major categories. Use this to identify gaps that matter for your specific workflow.

Feature comparison summary

Where Intralinks wins:

• AI capabilities (bulk redaction, DealCentre AI, Ask Link, deal summaries)
• ISO 27701 data privacy certification (first and only VDR with this)
• Post-download Information Rights Management (IRM)
• Multi-project management for enterprise deal teams
• Global scale and language support
• M&A deal flow analytics and buyer engagement scoring

Where Firmex wins:

• Unlimited subscription model (unlimited users, rooms, projects - flat fee)
• Ease of use and faster setup
• User satisfaction ratings (4.8 Capterra vs 4.1 for Intralinks)
• Transparent pricing process (quote-based but more predictable structure)
• Customer support quality at individual deal level
• Better value for teams running multiple projects per year

Where they're similar:

• Both require custom quotes - no published pricing
• Both offer SOC 2, HIPAA, GDPR, SSO, MFA, AES-256 encryption
• Both support drag-and-drop upload, auto-indexing, NDA workflows
• Both lack document creation or e-signature natively
• Both have 24/7 support
• Both are primarily VDR tools, not pitch deck or sales document platforms

When to choose Intralinks

Intralinks is the right call when you're operating at enterprise scale and need features that justify its premium pricing. Here are the specific scenarios where it wins.

Choose Intralinks if:

• You're running large cross-border M&A deals where global compliance (ISO 27701, GDPR, multi-jurisdiction) is non-negotiable. Intralinks was built for this and has 25+ years of track record with Fortune 1000 companies.
• You need AI-powered redaction at scale. If you're dealing with hundreds of PDFs requiring PII redaction before sharing with bidders, Intralinks' bulk AI redaction (up to 100 PDFs per run) saves significant time and cost versus manual or outsourced redaction.
• Deal Q&A management is a major workload. DealCentre AI can automatically suggest answers to buyer questions based on documents in the room. For large deals with hundreds of Q&A items, this matters.
• Your buyers or counterparties expect Intralinks specifically. In some investment banking circles, Intralinks is the expected standard. If your clients or sell-side advisors have strong preferences, that context matters.
• You need post-download Information Rights Management. The ability to revoke access to a document after it's been downloaded is unique to Intralinks and matters in sensitive deals where you can't fully trust who has what file.
• Your deal team manages multiple simultaneous large deals. The multi-project management interface and centralized deal oversight tools are genuinely better for enterprise advisors running parallel processes.
• You're a fund manager or alternatives investor. FundCentre AI and the broader SS&C integration make Intralinks particularly strong for investor reporting, fund communications, and LP data rooms.

When to choose Firmex

Firmex is the right pick when you need a reliable, well-supported VDR without enterprise pricing complexity. It outperforms Intralinks on value for mid-market deal teams.

Choose Firmex if:

• You run more than one or two deals per year. Firmex's unlimited subscription model gives you unlimited data rooms, users, and projects for a single flat annual fee. Once you're running 3+ deals annually, this becomes significantly better value than per-project pricing.
• You need a VDR that non-technical users can pick up quickly. Law firms, accounting firms, and corporate development teams consistently praise Firmex's ease of use. There's less training overhead compared to Intralinks.
• Customer support quality is a top priority. Firmex's 24/7/365 support team is frequently cited as the best in the VDR space at user review sites. For time-sensitive deals where you need a live person quickly, this matters.
• You're in investment banking, legal, real estate, or renewable energy at mid-market scale. Firmex has deep penetration in these verticals and understands their workflows well.
• You want data stored in a specific region (Canada, US, or Germany). Firmex gives you explicit data residency control, which matters for GDPR compliance or client requirements around where data lives.
• You don't need AI features and want a no-frills, battle-tested VDR. Not every team needs AI. If you want a secure, reliable data room that does exactly what a VDR should do without unnecessary complexity, Firmex is harder to beat at its price point.
• You want to test before committing. Firmex offers a two-week free trial. Intralinks requires a sales demo to even see pricing. If you want to evaluate hands-on, Firmex gives you that option.

When to choose Ellty (a third option)

Intralinks and Firmex are serious enterprise VDR tools with serious enterprise pricing. If you're a startup founder, early-stage team, or small business that needs secure document sharing with analytics - but not a full M&A data room suite - Ellty is worth looking at.

Ellty is a pitch deck sharing and analytics platform with virtual data room functionality. It lets you share documents via trackable links, see exactly who viewed what and for how long, control access, and organize multi-document sharing in a secure data room. It's not trying to replace Intralinks or Firmex. It's a different tool for a different audience.

What Ellty offers

Ellty provides:

• Secure document sharing with trackable links - share a pitch deck, financial model, or any document and know who opened it
• Engagement analytics - views, time spent per document, page-by-page tracking, real-time notifications when someone opens your link
• Access controls - password protection, email verification before viewing, NDA requirements
• Virtual data room - organize multiple documents in a structured, secure room for due diligence or investor sharing
• Download controls - restrict or allow downloads on a per-document basis
• Link expiration - set links to expire after a date or number of views

Ellty pricing

• Starter: $0/month (free plan available)
• Pro: $24/month
• Business: $50/month (flat rate, not per-user)

The flat-rate Business plan at $50/month means a 5-person team pays the same as a solo founder. That's the core value proposition versus per-user pricing at legacy VDRs.

What Ellty doesn't do

• Not as deep on analytics as Intralinks (no AI-powered deal insights, no buyer group comparison, no deal flow forecasting)
• Not a full enterprise VDR like Firmex (no AI redaction, no bulk document management at scale, not designed for large M&A processes with hundreds of users)
• No document creation, no e-signature
• Not certified for the compliance standards that regulated M&A requires (ISO 27701, SOC 2 Type II)
• Not designed for Fortune 1000 enterprise workflows

Scenarios where Ellty makes sense

• You're a startup founder sharing pitch decks with investors and want to know which investors actually read your deck, how long they spent on financials, and whether they forwarded it to a partner.
• You're raising a seed or Series A round and need a lightweight data room to share your financials, cap table, and legal docs with potential investors - without paying $10,000+ for an enterprise VDR.
• Your team is 1-5 people and you don't need enterprise-grade infrastructure for what's essentially secure file sharing with decent analytics.
• You need quick setup. Minutes, not days. No sales call, no contract negotiation, no onboarding process.
• Budget is real. $50/month for the full Business plan is a different conversation than $10,000+ annually.
• You're sharing a single deal or set of documents and don't run multiple M&A transactions per year.
• You want a free tier to test before committing. Ellty has a free Starter plan. You can share documents and see analytics before spending anything.

Intralinks vs Firmex vs Ellty: three-way comparison

When Ellty isn't the right choice

• You need a full M&A VDR with enterprise compliance, AI redaction, and managed services - that's Intralinks
• You run multiple deals per year and need unlimited data rooms at a predictable annual cost - that's Firmex
• Your counterparties or clients expect an established VDR platform with a known brand
• Regulatory requirements mandate SOC 2 Type II or specific certifications that Ellty doesn't currently hold

Try Ellty if: you're a founder sharing pitch decks, running a small deal, or need basic secure document analytics without enterprise pricing. Free plan available at ellty.com - no sales call required.

Which one is right for you?

Use this framework to narrow down your choice based on what you actually need.

Start with your primary need

"I need enterprise AI for complex deal management"

Go to Intralinks.

• AI-powered Q&A, bulk redaction, and deal analytics justify the premium
• Large cross-border M&A, capital raising, or fund management
• Fortune 1000 clients who expect enterprise-grade infrastructure
• Budget is not the primary constraint

"I need a reliable, easy-to-use VDR for mid-market deals"

Go to Firmex.

• Running multiple deals per year - unlimited subscription saves money
• Fast setup and strong support matter more than AI features
• Investment banking, legal, real estate at mid-market scale
• Want to test the platform before committing (free trial available)

"I need basic secure sharing with analytics at a founder-friendly price"

Consider Ellty.

• Sharing pitch decks, financial docs, or due diligence materials with investors
• Small team, no need for enterprise compliance infrastructure
• Budget is under $100/month
• Want setup in minutes and a free tier to start

Consider your budget

• Under $100/month: Ellty (Business plan at $50/month flat rate)
• $2,500-10,000 for a single project: Firmex per-project pricing
• $7,500-15,000/year for multiple deals: Firmex unlimited subscription
• $50,000-$200,000+/year: Intralinks mid-market to enterprise

Consider your team size

• Solo or 2-3 people: Ellty (flat rate, no per-user cost)
• 4-10 people: Firmex (unlimited users included) or Ellty Business
• 11-50 people: Firmex subscription (unlimited, predictable cost)
• 50+ people, enterprise: Intralinks (built for this scale)

Consider your use case

• Fundraising (pitch decks + light due diligence): Ellty is often enough. Intralinks if it's a large institutional fundraise.
• M&A due diligence (mid-market): Firmex. Reliable, well-supported, good value.
• M&A due diligence (large enterprise, cross-border): Intralinks.
• Legal compliance and litigation document sharing: Firmex. Strong in legal vertical with good pricing.
• Real estate due diligence: Firmex (popular in this vertical) or Intralinks for large portfolios.
• Investor reporting and fund management: Intralinks (FundCentre AI is purpose-built).
• Startup founder sharing docs with angels/VCs: Ellty. Don't pay enterprise VDR prices for this.

Quick decision tree

Need AI-powered document features (redaction, Q&A automation)?

• Yes - go to Intralinks
• No - continue below

Running 2+ deals per year and want unlimited rooms on a flat fee?

• Yes - Firmex subscription
• No - continue below

Budget under $100/month and mainly sharing pitch decks or startup due diligence materials?

• Yes - Ellty
• No - evaluate Firmex per-project or Intralinks based on deal size

Decision framework table

Can't decide? Try before you commit

• Firmex: 2-week free trial available - test with real documents
• Ellty: free Starter plan - no credit card needed
• Intralinks: demo via sales team (no self-serve trial)

Use your actual documents and your real workflow. The friction you encounter in the first 30 minutes usually tells you more than any feature list.

Conclusion

Intralinks and Firmex are both credible, well-established virtual data room platforms. They serve overlapping use cases but appeal to different customer profiles.

Intralinks is the enterprise choice: deep AI capabilities, extensive compliance certifications, and the infrastructure for billion-dollar cross-border deals. The cost reflects that. If you're at that scale and AI-powered redaction and deal analytics matter, the premium is justified.

Firmex is the mid-market workhorse: easier to use, better value for active deal teams, an unlimited subscription model that actually saves money if you run multiple deals, and customer support that users consistently rate as exceptional. If you don't need Intralinks' AI suite, Firmex delivers what a VDR needs to deliver at a more predictable cost.

Ellty sits in a different category: not a full enterprise VDR, but a solid pitch deck sharing and document analytics tool with virtual data room functionality. If you're a startup founder, early-stage team, or someone who just needs trackable secure links and basic access controls without the enterprise price tag, Ellty deserves consideration.

Final recommendation

• Enterprise M&A, AI features, Fortune 1000 deals - Intralinks
• Mid-market M&A, due diligence, multiple deals per year - Firmex
• Startup fundraising, pitch deck sharing, basic secure data room - Ellty

Evaluate based on your actual deal size, budget, and how much AI tooling matters to your workflow. The right tool fits your situation, not the other way around.

Call to action

• Test Intralinks: request a demo at intralinks.com
• Test Firmex: free trial available at firmex.com
• Test Ellty: free plan at ellty.com - no credit card needed

Frequently asked questions

Is Intralinks or Firmex better for M&A due diligence?

Depends on deal size. For large enterprise or cross-border M&A with complex AI-assisted Q&A, bidder analytics, and massive document volumes, Intralinks is better. For mid-market M&A where reliability, support, and cost-efficiency matter more than AI features, Firmex wins. Both are purpose-built for M&A.

How much does Intralinks cost?

Intralinks doesn't publish pricing. Custom quotes only. Industry estimates suggest small implementations start around $10,000 annually, mid-market deals run $50,000-$200,000+, and large enterprise implementations can exceed that significantly. Budget for a sales process before you get a number.

How much does Firmex cost?

Firmex also uses custom pricing. Per-project rooms are estimated from $2,500+. Annual subscriptions average around $7,800 based on transaction data from Vendr. The unlimited subscription model - one annual fee for unlimited rooms and users - tends to be better value for teams running 3+ deals per year.

Does Firmex have a free trial?

Yes. Firmex offers a two-week free trial. Intralinks requires a sales demo with no self-serve trial. If you want to test before committing, Firmex gives you that option.

Which VDR is easier to use, Intralinks or Firmex?

Firmex consistently wins on ease of use. User reviews on G2 and Capterra rate Firmex more highly for usability (4.8 on Capterra vs 4.1 for Intralinks). Intralinks is more powerful but has a steeper learning curve. Firmex is the better pick for teams that need quick setup and minimal training.

Does Intralinks have AI features?

Yes, and they're substantial. Intralinks has invested heavily in AI: bulk AI redaction (up to 100 PDFs at once), DealCentre AI for automated Q&A answers, AI document summaries (Ask Link), and a Deal Flow Predictor for M&A activity forecasting. Firmex has no AI features currently.

Is Firmex HIPAA compliant?

Yes. Firmex is SOC 2 Type II, HIPAA, and GDPR compliant. Intralinks is also HIPAA compliant and additionally holds ISO 27701 certification (the highest data privacy standard) that Firmex does not currently hold.

Which VDR is better for law firms?

Firmex is widely used by law firms and legal professionals. Its straightforward permissions model, strong compliance stack, easy guest access, and cost-efficient unlimited subscription make it a practical choice for legal due diligence and litigation support. Intralinks works fine for legal too but is often overkill and overpriced for typical legal VDR use cases.

Can I use Ellty instead of Intralinks or Firmex for fundraising?

If you're a startup raising from angels or VCs and need to share a pitch deck, financial model, and due diligence documents securely - yes, Ellty is a reasonable alternative. It's not a full M&A VDR and doesn't have the same compliance certifications, but for startup fundraising at a fraction of the cost, it covers the core needs: trackable sharing, page analytics, access controls, and a lightweight data room structure.

Who owns Intralinks?

SS&C Technologies acquired Intralinks in September 2018 for approximately $1.5 billion. It's now branded as SS&C Intralinks. SS&C is a large financial technology company headquartered in Windsor, Connecticut.

Who owns Firmex?

Firmex was acquired by Datasite in July 2021. Datasite is a global deal management platform. Firmex continues to operate as its own brand under Datasite ownership, maintaining its existing product and support team.

What's the difference between Intralinks VDRPro and Intralinks VIA?

VDRPro is Intralinks' flagship M&A virtual data room product - designed for deal management, due diligence, and large transaction workflows. VIA is Intralinks' secure file sharing and collaboration platform for general enterprise use outside of formal M&A processes. Most of the comparison in this article refers to VDRPro.

Is there a free virtual data room option?

Intralinks and Firmex don't have free plans (Firmex has a free trial). Ellty offers a free Starter plan that lets you share documents with basic tracking and access controls. For founders or small teams testing the waters before investing in an enterprise VDR, Ellty's free plan is worth starting with.

Which VDR is better for real estate transactions?

Both work for real estate. Firmex is widely used in real estate and renewable energy transactions. Intralinks has a specific real estate product with support for CAD files and architectural documents, which is relevant for large commercial real estate or portfolio transactions. For mid-market real estate M&A or land transactions, Firmex is usually the more practical and cost-effective choice.

What's the alternative to Intralinks and Firmex for startups?

Ellty is the most directly comparable option for startup use cases: pitch deck sharing with analytics, investor data rooms, and secure document tracking at startup-friendly pricing ($0-$50/month flat rate). Other alternatives in the broader document sharing space include Docsend and Papermark, depending on your specific needs.