After vetting a few different data room solutions, Sterr-Kölln & Partner came across Drooms. Unlike other providers, Drooms could handle the vast amounts of data and complex document structure this project required. Sterr-Kölln & Partner was particularly impressed with the level of customer support Drooms could offer. The Drooms Customer Success team managed the full set-up of a data room, including document upload and file organisation. Drooms handled everything from start to finish. The result was a wellstructured and polished data room, ready to
be shared with buyers. Another benefit that immediately stood out was Drooms’ powerful Q&A tool. Traditionally, Q&A in dealmaking is carried out either by email or using Excel, making it prone to security risks and inefficiencies. With Drooms,
questions from bidders can be diverted to subject matter experts in the team and all answers can be reviewed by specific team members before they are released. All questions and answers are therefore managed within the platform. This streamlines the process and eliminates the potential for human error, multiple conversation threads, duplicated work, or breaches of security or confidentiality.
The deal was completed in only 51
days, despite the large amount of data and
the number of actors involved. In addition to
17 participants from Sterr-Kölln & Partner and
OSTWIND, more than 400 external users from
the various interested parties were active on
the Drooms platform. More than 2,600
questions were asked and answered in the
Q&A process. In total, more than one million
pages were uploaded to the data room.
Drooms’ offering is particularly impressive due
to its user-friendliness. Even without prior
technical knowledge, the user interface was
simple-to-use and intuitive. In addition,
Drooms’ Customer Success team was
available around the clock throughout the
entire process to clarify any questions, and
provide support.
“Drooms is so user friendly and anyone can
start working with the tool without the need
for excessive training” – Julia Braun, Partner at
Sterr-Kölln & Partner.
Since the transaction process was timecritical, the onboarding and implementation of Drooms had to be fast. All data was integrated into the new data room in less than a week. This involved storing the data on hard drives, sending it to Drooms and then having the Customer Success team upload it directly into the new data room. In most cases, the customer uploads their documents directly to their data room. Due to the large volume of documentation and the time constraints of
this project, the Drooms Customer Success team took over this process. From the moment the data was sent to Drooms, the process was completely automated for the customer, without SterrKölln & Partner having to invest any further resources. A limiting data pre-selection was unnecessary, as Drooms provided sufficient storage space for all data. This meant that in the later process, stakeholders could decide which documents they wanted to access. Drooms offered excellent customer service – from initial contact to data room deployment, and the process ran smoothly and quickly. The Q&A process was also enabled swiftly. The Customer Success team set up workflows that would direct certain questions to the right
contact person or responsible department, and answers would go through a final approval process before being released. Drooms is the only solution on the market that offers a Q&A tool with this level of functionality. Considering the large number of parties involved in this process, this tool proved crucial to Sterr-Kölln & Partner. “The Customer Success team provided us with exemplary support. This meant we could focus our time and attention on other important tasks in the transaction process. The Drooms team was very responsive – anytime we needed a question answering, they were just a phone call or email away.” – Julia Braun, Partner at Sterr-Kölln & Partner.
Without Drooms, the successful completion of
the transaction managed by Sterr-Kölln &
Partner would not have been possible in such
a short time. Drooms helped the firm to
manage large amounts of data and structure
it in a simple and accessible way on its
platform. In setting up its solution, Sterr-Kölln
& Partner leaned on Drooms’ Customer
Success team to help organise and upload its
documents – and they were supported every
step of the way. The team also set-up Q&A
workflows that enabled the firm to manage
the large volume of questions from interested
parties. The Sterr-Kölln & Partner team was
able to funnel questions to the relevant matter
experts and answer them quickly to keep the
interest of potential buyers high. The end
result was a smooth and quick sale of
OSTWIND.
