Drooms to focus on international expansion and Artificial Intelligence

February 13, 2018
  • European market leader strengthens management team for international expansion strategy
  • Development team bolstered to drive development of Artificial Intelligence in Virtual Data Rooms

London – With the appointment of Steffen Schaack as Senior Vice President Real Estate, Drooms, the leading European provider of data room solutions, continues to strengthen its management team.

Schaack brings long-standing management and sales experience to Drooms together with important connections in the real estate industry. Most recently, he was CEO of The eLocations Ltd. in St. Gallen, Switzerland, before which he was Vice President of Corporate Support Sales & Marketing at global software company CompuGroup. Schaack also spent 10 years in the real estate industry at CRM provider FlowFact. Headquartered in Frankfurt, Drooms plans to tap into additional markets in 2018, including Eastern Europe, Turkey, the Middle East and the US, as part of its internationalisation strategy. Drooms already maintains offices across eight European locations serving Germany, Austria, Switzerland, France, the UK, Spain, Benelux and Italy. The international Real Estate Sales Team led by Steffen Schaack, as well as the Corporate Finance Team under Chris Beckmann, will be supported by marketing expert Sven-Olaf Hansen, SVP Global Marketing at Drooms, who has been responsible for driving the company’s marketing activity since 2016. In 2017, Drooms saw a growth of 30% in both the real estate and corporate finance sectors.

Leading market position based on artificial intelligence and innovation

As a pioneer in the digitisation of due diligence in real estate, Drooms is helping to change existing processes by integrating artificial intelligence into its virtual data room.

For 16 years, Drooms has supported companies in the field of real estate, M&A, legal, energy and logistics and supported a variety of transactions. Co-founder and Chairman of Drooms, Jan Hoffmeister, takes the following view regarding the future of due diligence: “In the not so distant future, our data rooms will be able to mechanically create fully automated due diligence reports in 95% of all cases at the touch of a button. The remaining 5% will be managed by specialists. This will significantly improve the entire process, which is currently very long-winded.”

Drooms NXG is a proprietary technology developed by Drooms using its own team of programmers and linguists. Drooms Bulgaria EAD was established at the end of 2017 to further nurture development expertise. The 10 members of the development team at the new Drooms offices in Sofia support the Frankfurt-based development team by concentrating on integrating artificial intelligence into virtual data rooms and developing Drooms’ language competence.

The Findings Manager feature was developed in close collaboration with legal experts. For the first time, this will enable the speeding up of due diligence processes. Within the Drooms NXG data room, the Findings Manager directly recommends a list of initial findings, enabling the risks and opportunities of a deal to be assessed and a financial estimate (value) to be calculated. The new feature was developed based on natural language processing in order to facilitate automated human speech processing.

Drooms employs over 130 staff in 27 countries and is represented internationally by various locations in the most important European markets. In addition to its headquarters in Frankfurt, the SaaS provider operates via offices in London, Munich, Vienna, Paris, Amsterdam, Milan, Madrid and Zug.

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