Intralinks dominates enterprise M&A, but for many deals, it's overkill. Here's an honest assessment of when Intralinks makes sense—and when you should look elsewhere.
Intralinks has been the gold standard for enterprise virtual data rooms for over two decades. Banks, law firms, and Fortune 500 companies trust it for their most sensitive transactions.
But here's what the marketing won't tell you: Intralinks isn't the right choice for every deal.
After analyzing hundreds of transactions, I've identified clear patterns for when Intralinks makes sense—and when you're better off with alternatives. This isn't about whether Intralinks is a good product (it is). It's about whether it's the right product for your specific situation.
Let's start with the positive. Intralinks genuinely excels in specific scenarios:
For billion-dollar transactions, Intralinks is battle-tested. The platform has handled some of the largest deals in history, and that track record matters when:
Some PE firms and strategic acquirers specify Intralinks (or Datasite) as a requirement. They've standardized on these platforms, trained their teams, and integrated them into workflows. Fighting this requirement rarely makes sense—the cost of the VDR is noise on a large transaction.
Intralinks has data centers worldwide, 24/7 support in multiple languages, and decades of experience with international regulatory requirements. For deals spanning multiple jurisdictions with different data protection laws, this infrastructure matters.
Banks, insurance companies, and other regulated financial institutions often have procurement policies that effectively require enterprise VDRs. Intralinks' compliance certifications and security posture satisfy these requirements.
Now for the honest part. Here are situations where Intralinks is likely the wrong choice:
The Reality: Raising a seed or Series A round? Intralinks is massive overkill.
Better Option: Papermark, DocSend, or similar founder-friendly tools that cost $0-100/month instead of $10,000+.
The Reality: For smaller transactions, enterprise VDR costs eat into deal economics disproportionately.
Better Option: iDeals, Ansarada, or Papermark offer professional-grade features at price points that make sense for the deal size.
The Reality: Not every transaction is a complex carve-out. Selling a small business or portfolio company with straightforward documentation doesn't require enterprise infrastructure.
Better Option: Any modern VDR with basic security and tracking. The simplicity of modern platforms may actually improve the buyer experience.
The Reality: Some companies consider Intralinks for board portals or internal sensitive document management. This is using a sledgehammer to hang a picture.
Better Option: Board portal software, secure collaboration tools, or self-hosted document management systems.
The Reality: Intralinks has been around since 1996. While they've modernized, the platform reflects its enterprise heritage—comprehensive but complex.
Better Option: If your deal team or counterparties value modern, intuitive interfaces, newer platforms like Papermark or Dealroom offer significantly better user experiences.
The Reality: Intralinks pricing is opaque and negotiation-dependent, but it's not cheap. If you're watching every dollar:
Better Option: Platforms with transparent, predictable pricing. Papermark offers unlimited documents from $79/month with no per-page charges.
Ask yourself these questions:
Yes → Use Intralinks. Don't fight procurement requirements. No → Continue evaluating.
Yes → Intralinks is a safe, defensible choice. No → Consider whether enterprise features are necessary.
Yes → Enterprise platforms excel here. No → Modern alternatives handle basic Q&A fine.
Yes → Evaluate Intralinks' global infrastructure vs. alternatives. No → Geographic complexity isn't a factor.
Yes → Intralinks is probably not your answer. No → Consider Intralinks alongside alternatives.
Depending on your scenario, these alternatives may be better fits:
| Alternative | Best For | Price Range |
|---|---|---|
| Papermark | Startups, SMB deals, cost-conscious | $0-79/month |
| iDeals | Mid-market M&A, European deals | Contact for pricing |
| Ansarada | AI-assisted diligence, process automation | Contact for pricing |
| Datasite | Large M&A (Intralinks' main competitor) | Contact for pricing |
| Dealroom | Mid-market, modern UX priority | £1,200+/month |
If you've been defaulting to Intralinks and realize an alternative makes more sense:
Intralinks is an excellent enterprise VDR that's genuinely the best choice for certain transactions. But "enterprise" doesn't mean "best for everyone."
For startups, lower middle market deals, simple transactions, and cost-conscious buyers, modern alternatives offer the same security and professionalism at a fraction of the cost and complexity.
Choose the right tool for your specific job, not the tool with the biggest brand.