# A data room for due diligence and M&A, for a small company

> A small company can run due diligence or a sell-side M&A process in ArtifactSend for free. You get a free data room with NDA and watermark, folders, verified buyers, Q and A, and a record of which buyer read which document.

Updated November 2, 2026. By Vela Partners. https://artifactsend.com/guides/due-diligence-data-room-small-business

## The short answer

You do not need Datasite or Intralinks for a small deal. ArtifactSend data rooms are free, hold up to 300 documents each, and have what a buyer's diligence team expects. That means folders, an NDA accepted before viewing, a watermark with each reader's email, downloads off by default, and Q and A.

You see which buyer opened which document and for how long, so you know who is serious before the next call.

## What a diligence room needs, and what you get free

| Need | In ArtifactSend |
| --- | --- |
| Folders by workstream | Yes, such as Financials, Legal, Customers, HR and IP |
| Only the right buyers | Email code or Google sign-in, and an allow list of emails or domains |
| NDA first | Readers accept it before they read, with a record of who agreed and when |
| Leak deterrence | Watermark with each reader's email, downloads off by default, screenshot protection |
| Different access per buyer | Folders per person or per domain |
| Q and A | Buyers ask, you answer, and you choose when to share an answer with the room |
| Activity | Which buyer read which document, for how long, and who came back |
| Many files at once | Drop dozens of PDF, Word, Excel and PowerPoint files in one go |

## Set up a diligence room in 15 minutes

1. Sign in at artifactsend.com and create a data room.
2. Make folders for each workstream and drop in the files.
3. Turn on the NDA, the watermark and an email code door.
4. Allow the buyer's domain, or give each buyer their own access.
5. Send the link, and see which documents each buyer studies.

## What it costs next to paid rooms

- ArtifactSend. Free, for any number of rooms and team members.
- Peony. Data Room plan at $52 per admin a month billed yearly.
- Papermark. Data Rooms plan at 99 euros a month billed yearly, for 3 users.
- DocSend. Advanced Data Rooms at $180 a month billed yearly.
- Datasite and Intralinks. Priced per deal on request.

Prices from each vendor's pricing page, checked November 2, 2026.

## When to pay for an enterprise room

Pick Datasite or Intralinks for a large auction with many bidders, a legal team that requires their audit reports, or built-in redaction. For a small business sale, a startup round's diligence, or a partnership review, a free room covers it.

## What ArtifactSend does not do yet

- eSignatures. DocSend includes them on paid plans, and Peony gives 3 a month free.
- Your own domain. Links on your domain instead of artifactsend.com.

## Questions

**What is the cheapest virtual data room for due diligence?**

ArtifactSend is free, with folders, an NDA, a watermark, verified buyers and Q and A.

**Can I use it for a sell-side M&A process?**

Yes. Give each buyer their own access, require the NDA, and see which documents each buyer reads.

**How many documents can a room hold?**

Up to 300 documents per room, and you can make as many rooms as you need.

**Can buyers download files?**

Downloads are off by default. Turn them on per room, and each download is recorded.

## Sources

- [Peony pricing](https://www.peony.ink/pricing)
- [Papermark pricing](https://www.papermark.com/pricing)
- [DocSend pricing](https://www.docsend.com/pricing/)