The per-deal room is the wrong unit
A data room is provisioned when a mandate is signed and torn down when the deal
closes. That matches the billing model and nothing else. The documents that went
into it — disclosure schedules, code deposit, patent file, board pack — stay
sensitive for as long as they remain true, which is usually years after the room
has been decommissioned.
The mismatch shows in the category’s own churn figures. Much of what data-room
vendors record as churn is not dissatisfaction; it is the transaction ending.
Those customers were never going to renew, because what they bought was a
three-month object. The renewable base is board governance, audit and repeat
acquirers — the buyers whose need did not stop when the deal did.
Vault treats a room as a cheap, permanent object: one for a transaction, one for
a supplier under NDA, one for a diligence request that lasted a fortnight, one
for the board. Rooms cost nothing to create and nothing to keep, so what ends at
completion is the access rather than the room. The difference arrives eighteen
months later, when a regulator, a claimant or your own auditor asks a question
and the trail is still there — instead of a support ticket asking a vendor
whether the archive was kept, and in what format.
That timing is the whole argument. The FCA’s Primary Market Bulletin 54, in
March 2025, set the expectation that a leak investigation is conducted quickly
by independent experts, with working papers retained and produced on request.
Quickly is not a word that survives an archive restore.
What a browser viewer enforces, and what it does not
The recurring failure of enterprise DRM is the agent on the recipient’s device.
Outside counsel will not install it. A bidder’s analyst cannot install it. A
supplier’s engineer has a locked machine and a helpdesk three time zones away.
The control fails at exactly the third-party boundary it was bought to protect,
and the renewal conversation becomes “we never really rolled it out”.
Vault enforces in the browser. A document is rendered server-side into the
viewer: the file is not delivered and then policed, it is not delivered. No
plugin, no Reader integration key, no certified-mode exception to argue through
somebody else’s security team. Browser-native enforcement is where this part of
the market is heading — Vitrium’s web viewer and FileOpen’s browser work, as
their published materials read in September 2026 — and the coverage is narrow,
which is why we built on it rather than beside it.
What that enforces:
- Who. Whether this identity, with these attributes, may open this document
at all, resolved at the moment of the request.
- For how long. Grant and room expiry, applied to sessions already running
at the next page request rather than at the next sign-in.
- What leaves. Whether printing is permitted, whether an original may be
downloaded at all, and what the page shows while it is read.
What it does not enforce is anything on the far side of the glass. A phone
camera is outside the system, and so, largely, is a determined screen capture on
a laptop you do not manage. We say so plainly because the alternative costs
more: buyers who purchase on an implied promise, leak through a camera and
conclude the category does not work churn to nothing rather than to a
competitor. The honest next question is attribution, and attribution after the
fact is Nocturne Trace rather than this.
Policy written against attributes, not against names
Ask a data-room administrator what the access policy is and you will usually be
handed a permission grid: names down one side, folders across the top, ticks in
the middle. It is entirely accurate on the day it is made. Then somebody moves
teams, a firm is replaced, a second bidder enters and the first is narrowed to a
subset of the commercial schedules. Each of those is a manual edit against a
list, made under deadline by whoever is nearest, and the errors are silent in
both directions: access that should have ended does not, and access that should
have been granted is not, which at least produces a phone call.
This is a named cause of death in the category rather than a theoretical worry.
Products binding policy to named users and groups instead of attributes generate
sprawl and manual upkeep as the organisation changes, and the upkeep inflates
running cost past whatever business case bought them.
A Vault policy is an expression over attributes: role on the deal, counterparty,
clearance level, employing entity, jurisdiction. “Counsel to the buyer, cleared
for commercial terms, not resident in the United States” is a sentence, and it
is also the enforcement. When the attributes change — in your directory, in the
counterparty register — the answer changes with them at the next request. Named
grants still exist, because reality includes one person who needs one document
for one afternoon, but they carry a mandatory expiry and are recorded as
exceptions rather than as policy. Vault counts the grants still standing whose
subject no longer satisfies the clause that produced them, and hands you that
list rather than assuming it is empty.
There is an evidentiary side to this. In May 2026 US prosecutors charged thirty
people over the exploitation of confidential M&A access, including lawyers — one
alleged to have viewed confidential material through his own firm’s document
management system while on leave. “They still had access because nobody removed
it” is not a position anyone wants to defend. Attribute policy removes access
because the attribute changed, which is a fact about your directory rather than
a fact about somebody’s memory.
What happens when the deal ends
Close-out is where the per-deal model is least honest, and where the unpleasant
surprises live: archive fees, export formats that are not quite the thing you
had, retention periods that turn out to be a clause in a contract signed nine
months earlier by somebody who has since left.
The access ends, the room does not. Grants derived from the deal attribute
lapse together, because the attribute is what they were written against. The
documents stay. The trail stays complete and append-only.
The export is complete. Documents, every revision, the full activity trail,
the policy history, and the record of who accepted which version of which terms
— in a documented format that reimports into a clean instance. Not a
professional-services engagement, and not priced as one.
Retention is yours. Set it per room. Vault deletes on the schedule you gave
it and records that it did. It will not quietly extend retention because storage
is cheap, or quietly shorten it because a plan changed underneath you.
The clocks are why this matters. DORA has applied to EU financial entities
since 17 January 2025, and 2026 is its first real supervisory cycle; its
threat-led penetration testing runs on a three-year cycle. NIS2 applied from
18 October 2024, and its compliance calendar reaches its October 2026 milestone
— the implementing regulation for sectoral requirements applies from 17 October
2026 — with the 24-hour early warning, the 72-hour report and the final report
inside a month already standing duties. Under the Market Abuse Regulation as
amended by the Listing Act, in force since 5 June 2026, only the final event in
a protracted process is
disclosed, but the intermediate steps remain inside information — so insider
lists and leak response stay live throughout. Every one of those clocks starts
before anyone has time to request a restore.
This market is PDF-shaped. As at September 2026, Intralinks’ published rights
management covers PDF and Office; FileOpen lists CAD on a roadmap rather than
in a release. Microsoft’s dynamic watermarking reached general availability for
Word, Excel and PowerPoint, and PDF support is not officially documented — an
odd place for the industry’s default answer to be standing. Seclore is the
honourable exception, with real neutral CAD coverage and the procurement
profile to match.
Meanwhile the diligence that actually turns on non-PDF material keeps growing.
Manufacturing and semiconductor transactions disclose drawings. IP licensing
discloses drawings. A supplier qualification pack is drawings with a covering
letter. Those buyers are asked to accept the document security of a market that
never had them in mind, and the usual workaround — flatten the model to PDF —
destroys the thing the counterparty came to inspect.
Vault renders neutral CAD in the same browser viewer as everything else: STEP,
IGES, JT, DWG and DXF, under the same attribute policy, with the same session
overlay and the same activity trail as a share purchase agreement. Office
documents and common image formats likewise. A room does not change behaviour
according to what you put in it, which is the property that makes a policy
reviewable in the first place.
Two caveats we would rather state than have discovered. We render for review and
not for engineering work: a viewer is not a CAD seat, and controlled
distribution does not make it one. And a visible overlay on a rotatable 3D view
is weaker deterrence than on a page of text, because the reader chooses the
frame they photograph.
What the largest deployments oblige us to
The top tier is not a bigger licence. The software is the same software; the
policy engine, the viewer and the trail do not improve because the contract is
larger. What changes is what we are obliged to, in writing, in the words below —
and the composition of those obligations is the whole reason a deployment of
this kind costs what it costs. Where an obligation belongs to the platform
rather than to this product, it says so. A shared promise billed three times is
a shared promise billed twice too often, and a procurement reviewer who spots
one is entitled to stop reading.
Named engineers, and a fifteen-minute clock. A named engineer in the
Americas, in EMEA and in APAC — known to you by name, reachable on a published
telephone line rather than a web form. Fifteen minutes to a first substantive
response on a business-stopping incident, 24 hours a day, every day of the year;
escalation to a named incident manager at sixty minutes; a quarterly review at
which you may refuse any of them. This obligation has a market price and it is
published: Salesforce sells a fifteen-minute Severity 1 response only in
Signature, on top of a mandatory Premier tier, and the UK government catalogue
prints the ladder at £149,100 to £663,075 a year for a single Org. The rota is
shared across Nocturne — one duty line covers Vault, Trace and Entropy, and we
allocate it across the three rather than charging each of them for a whole one.
Service credits that accrue without you asking. 25% of the monthly fee for
every hour of unplanned unavailability, calculated from our own monitoring and
applied to the next invoice without a claim; not your sole and exclusive remedy,
and not subject to an aggregate ceiling. Each of those three is a departure from
the norm, which is why credits usually go unclaimed: Cloudflare’s enterprise SLA
states both the six-month aggregate cap and the sole-remedy clause in terms, AWS
requires a claim by the end of the second billing cycle, and a review sample
found 60% to 80% of earned credits were never requested because the process was
manual. Now the part we would rather say than have put to us: a credit is
measured against what you pay us and never against what the outage cost you.
Uptime Institute found 57% of respondents priced their last major outage above
USD 100,000, and one in five above USD 1 million. Against those numbers a
service credit is a signal of seriousness, not a remedy, and you should read it
as one. The rate and the absence of a cap are published here; what counts as
unplanned and where the hour starts are defined in the contract — a credit whose
trigger only we could read would be the old trick in new clothes.
A 3x cap where confidentiality is the product. General liability stays at
one year’s fees. Confidentiality, data security, privacy and infringement of a
third party’s IP move to three times, and your documents sit outside the general
cap in terms rather than being quietly returned to it by a carve-back. Against
the market that is rare rather than generous: Common Paper’s 2026 benchmark,
across 16,140 signed agreements from 2,223 companies, finds 99% carry a
multiplier and 96% set it at 1x. And the honest qualification — a cap is a
number in a contract, not insurance. It costs us nothing at all until there is a
claim, and a buyer reading it as cover has misread it.
The trail, as evidence, on your regulator’s clock. Append-only is a property
of the product and belongs in the capabilities above, not here. What the top
tier adds is that we stand behind it: a named window in which we answer your
supervisor’s questions about it, attendance at your audits, and an expert
witness available to explain how the trail is written and why no operation
exists to edit it, including for us. What that is worth is visible in the one
place a regulator publishes its arithmetic. The ICO’s penalty on British Airways
was £20 million against a £183 million notice of intent, and the published
calculation credits a 20% mitigation reduction for co-operation, prompt
notification and the evidence produced. The trap inside that figure, before
somebody else finds it: the 20% was applied to the ICO’s starting-point penalty
of £30 million, not to the headline, and most of the fall happened before
mitigation was scored at all.
Deployment inside your perimeter, including with the cable pulled out.
Air-gapped operation as a delivery obligation rather than a supported
configuration: a separate release train, updates shipped offline with a signed
integrity manifest you can verify independently of us, telemetry that never
leaves your perimeter in any form, and diagnosis performed against offline dumps
because there is no other way to do it. The nearest published price for the
posture itself is Google’s air-gapped Distributed Cloud at USD 300,000 a month,
on a system that can run on as few as four racks; Azure prices the
government-perimeter premium openly at roughly 25%, $6.06 against $4.85 an hour
for Dedicated HSM. Where you also run Trace or Entropy, this is one release
train for the Nocturne platform, not three. The second and third deployments
cost us environments rather than a programme, and they are priced that way.
An attestation on the model question, renewed annually. Vault does not put
document content through a model unless you switch it on for a named room. At
the top tier that stops being a setting and becomes a deliverable: an annual
attestation by an independent auditor that no content was used to train anything
— ours, a sub-processor’s or an upstream provider’s — and an undertaking not to
introduce model processing by update without your written consent. What we will
not do is dress a promise not to build something as a warranty and put a reserve
behind it. A vendor warranting that it will never ship a feature it has never
built is selling you its own intentions. The attestation is the part that costs
real money and the only part you can check.
The DORA paperwork as standard, not as a negotiated annex. A
register-of-information feed we emit in the ESAs’ xBRL-CSV taxonomy rather than
a template you populate; unrestricted rights of access, inspection and audit for
you, your representative, your competent authority and a Lead Overseer, with
copying on site; contracted participation in your threat-led penetration testing
on the Article 26 three-year cycle; tested continuity plans with the evidence of the exercises attached.
This is a property of the vendor, not a line against this product. The feed
is emitted once and covers everything you buy from us. If it appears twice on a
quotation, you have been charged twice for one taxonomy, and you should say so.
Escrow, verified, and counted once. Source deposited with a named agent,
verified annually at Independent Build & Replicate level with the report handed
to you, and release triggers drafted by your counsel rather than ours:
insolvency, cessation of support, a security fix missed inside the agreed
window, acquisition by a named competitor. Alongside it, a documented versioned
export format with a path that opens your archive without us, tested every year
— for Vault that includes the neutral CAD formats as a contractual obligation
rather than a described feature. Escrow is a portfolio property too. The
agreement layer is small and published — EscrowTech charges $1,595 a year per
beneficiary plus $995 once, Codekeeper $139 a month per application on annual
terms plus $249 to set up — and a single verified deposit covers everything of
ours that you run. An escrow line charged per product is one deposit billed nine
times.
Fixed for the term. No annual uplift, no CPI index, no true-up against
actual volume, no charge for an additional deployment — and, symmetrically, no
clause preventing the figure from falling when your perimeter shrinks. The norm
we are declining is 5% to 8% a year. Microsoft raised E5 from $57.00 to $60.00
with effect from 1 July 2026 and withdrew the EA volume discount levels B to D
in November 2025, so a hundred thousand seats no longer earn an automatic
discount from the largest vendor in this market.
Two things are deliberately absent from that list. Server-side rendering, the
append-only trail and keeping the viewer working on the browsers your
counterparties actually have are not obligations we bill for: they are what the
product is, and a vendor charging separately for its own regression discipline
is charging you for its QA. And none of the above is worth buying unless you
clear one of the thresholds in the fact strip — a million documents past your
perimeter in a year, revenue above USD 50 billion, or residency requirements in
ten or more jurisdictions. Below all three, the ordinary self-hosted deployment
does the same job and this tier is dead weight. We will say so before you ask.
How it is priced, and why
One documented case should settle the shape of the problem. A quote of roughly
$3,800 became an invoice of roughly $38,168, through storage overage, deal
extensions and add-ons. That is a factor of ten, and it is less an outlier than
the mechanism working as intended. Hidden fees adding twenty to fifty per cent
over a quoted figure are unremarkable here.
The structure that produces it is per-page billing. Around $0.60 per page
uploaded is a commonly cited rate, with re-uploads counted again, scans and
images counted as “special media”, and extensions billed against a quote written
on a three-month assumption. Deals now run about 8.6 months on average. You are
quoted for three and you pay for nine, and the difference lands at the point in
the process where nobody has attention to spare for arguing about it.
Vault’s unit is one deployment for the organisation. Pages are not counted,
re-uploads are not counted, gigabytes are not counted, external viewers are not
counted, and extensions do not exist as a billing concept because nothing was
scheduled to expire commercially. What an unmetered price buys is the ability to
do the safe thing without a budget conversation: open a room for a small
supplier exchange, keep a closed room for its full retention period, re-upload a
corrected schedule four times in a week. A metered model taxes each of those
quietly, and the tax is paid in people deciding to use email instead.
What this page no longer does is print a figure, and the reason is not
coyness. An individual, a thirty-person firm and a global bank running this
across ten jurisdictions pay amounts two orders of magnitude apart. One number
on a web page is a lie at one end of that distribution and an insult at the
other. So we publish the unit, the list of what is never metered and the
threshold at which the obligation tier starts to make sense, and we leave the
figure to the conversation. Roughly half this market declines to publish
anything at all; on the figure we are now in that half, on the unit and the
meter we are not, and the second half is the part a buyer can actually use.
The harder admission belongs here rather than in a meeting, because a
procurement reviewer reaches it within the hour. No published price exists
anywhere in this category at the level the largest deployments are contracted
at. Vendr’s marketplace data puts the median Intralinks deal at $13,950 a year
and Datasite at $25,555; the highest figure observed anywhere in the category is
$150,803. Nothing in document security publishes an order of magnitude above
that, and we will not pretend a rate card exists where there is none. A top-tier
Vault contract is priced on the obligations in the section above and on what
your document estate is worth to you. If those obligations are not worth it, no
arithmetic rescues the conversation, and both of us would rather find that out
early.
What does establish that the category is bought at this level is federal and
checkable by anyone. Box Enterprise Plus cost NASA $2,886,240.00 for exactly
one year under PIID 80TECH25FA055, and the US Forest Service $3,427,900.00
for exactly one year under 12760426F0005 — for controlled document
distribution with no server-side rendering, no attribute-based policy, no
neutral CAD and no append-only trail. Microsoft Purview Suite at $12.00 per user
per month is $14,400,000 a year across a hundred thousand staff, in someone
else’s cloud. Now the distinction we will draw against ourselves, because it is
the one that matters: those contracts prove what the category costs. They do not
prove that we are paid at that level, and as things stand we could not win
either of them. Hlebourg is a UAE company; the UAE is not a Trade Agreements Act
designated country; the WTO GPA threshold is $174,000, which a contract of that
size clears sixteen times over. US federal work of this shape is largely closed
to us until there is a US entity and a documented country of origin. We would
rather write that here than have it read back to us in a review.
One more thing we would rather volunteer than be caught holding. Our own
research carries an unreconciled hundredfold disagreement about how many
documents an organisation of this kind actually pushes past its perimeter in a
year: the working figure behind Vault and the one behind Trace differ by two
orders of magnitude for the same named buyer. We have not resolved it. The
consequence for you is a rule rather than an excuse — the estate is measured at
your end, on your systems, before anybody names a number, and never
reconstructed afterwards from a total somebody wanted to reach. A volume nobody
measured is a volume that moves the first time somebody does.
We are also not the cheapest option and will not pretend to be. The open-source
floor of this category sits near €99 a month, and for a single fundraise it may
well be the right answer.
The same reasoning governs the AI question. Vault does not run document content
through a model unless you switch it on for a specific room, and the no-training
clause covers sub-processors and upstream model providers rather than only us.
Reviewers have started treating an assistant with reach across every diligence
document as an exposure in its own right, and they are correct. Off by default
is not a shortcoming we are apologising for; it is the answer to the question
your security review will ask anyway.