US M&A Data-Room Activity Rises 49%, Led by Major Deal Hubs
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New York, California and Florida recorded the strongest increases in secure transaction activity.
Corporate data-room activity across the selected US markets increased by approximately 84% during the analyzed 2026 period, according to an analysis of anonymized virtual data-room usage.
The figures were adjusted to remove the effect of changes in platform adoption, providing a clearer picture of underlying growth.
The findings suggest that demand for secure document-sharing environments is strengthening across several major US financial and technology markets. Virtual data rooms are commonly used to organize and review sensitive documents during mergers and acquisitions, fundraising rounds, financial due diligence and other corporate transactions.
The increase coincides with stronger activity across parts of the broader US deal market. PwC reported that US M&A deal value reached $1.2 trillion during the first five months of 2026, nearly double the $603 billion recorded during the same period in 2025. Deal volume declined by 4%, indicating that much of the increase in value was concentrated among larger transactions.
Similarly, EY’s analysis of transactions valued at $100 million or more found that US deal volume increased by 29% and deal value by 88% from April through June 2026 compared with the same period in 2025.
California dominates overall activity
California remained the largest source of activity among the selected states and recorded growth of approximately 91%, reinforcing its central role in US dealmaking.
New York recorded the fastest growth, with activity increasing by approximately 245%, while Florida also posted a strong increase of approximately 85%.
Texas moved in the opposite direction, declining by approximately 13% during the same comparison.
The geographic concentration around California and New York is consistent with their established roles in financial services, technology investment, venture capital and corporate transactions. S&P Global Market Intelligence has identified California and New York among the leading states for private equity and venture capital-backed companies, while also highlighting substantial private equity-backed technology activity in Florida and Texas.
The broader pattern indicates that overall activity remained anchored in California’s large deal base, even as growth rates varied considerably between states.
US deal activity maintains momentum
The regional findings broadly align with a more active, but uneven US transaction environment.
EY-Parthenon forecasts that US deal volume for transactions exceeding $100 million will increase by 8% in 2026, with corporate M&A expected to outperform private equity deal activity.
This environment may increase demand for secure systems that allow companies, investors and advisers to organize and review confidential transaction documents.
Secure workflows become part of transaction preparation
During an M&A process, companies may need to provide prospective buyers, advisers and legal teams with access to financial statements, contracts, intellectual property records and other confidential information.
Virtual data rooms allow these documents to be shared through a controlled environment where access can be restricted, monitored or revoked. Their use may begin before a transaction is formally announced and continue through due diligence, negotiation and closing.
The scale of document review involved can be significant. McKinsey notes that virtual data rooms may contain thousands of due-diligence files that need to be searched, organized and analyzed.
The observed growth therefore provides an indication of increased secure transaction preparation and document collaboration.
Methodology
The analysis is based on anonymized corporate activity observed through the Orangedox platform during the analyzed periods in 2025 and 2026. It uses data from California, Florida, New York and Texas.
The comparison uses a projected 2026 baseline calculated from the 2025 activity. Growth rates were then normalized to remove the influence of changes in platform adoption.
The figures measure observed corporate users rather than unique M&A transactions. Some activity may relate to fundraising, audits, corporate document sharing or other workflows. The findings describe activity within the analyzed Orangedox dataset and should not be treated as representative of the entire US M&A market.
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