London – Drooms, Europe’s leading provider of virtual data rooms, is expanding its M&A team internationally. Alexander Groß (40) who joins the Corporate Finance and M&A team will look after German M&A market customers as well as operating at an international level in Eastern Europe, Turkey, the Middle East and North Africa. Alexander Groß began his career at Thomson Reuters before working for an American data room provider for 10 years.
According to Allen & Overy’s M&A Insights report for Q3 2017, global M&A activities remain stable despite global economic uncertainties and have increased significantly in comparison with the previous year. Drooms is also expecting decisive market changes in line with the new EU General Data Protection Regulation (GDPR) coming into force in May 2018. Drooms already guarantees online due diligence processes that comply with the GDPR.
Drooms’ virtual data room addresses the M&A sector’s heightened need for automated workflows and increased efficiency for the quick processing of online due diligence. For the first time, repetitive processes within due diligence are being accelerated with Drooms’ Findings Manager. The new feature, developed based on natural language processing, instantly suggests a list of initial findings for due diligence in the Drooms NXG virtual data room and filters content according to potentially relevant documents, which can then be assessed and qualified individually by the user.
The Drooms NXG data room software is a proprietary technology developed by Drooms’ own team of programmers and linguists. Drooms NXG enables direct translation of users’ documents in the data room. This boosts efficiency in M&A transactions with large numbers of international participants. Due to direct translation available in the data room, documents never have to leave the high-security environment.
The expansion of Drooms’ international M&A team is the next stage in the company’s growth path. Drooms now employs over 120 staff in 27 countries and is represented internationally in the most important European markets. In addition to the company’s presence in London, the secure cloud provider operates via offices in Frankfurt, Munich, Vienna, Paris, Amsterdam, Milan, Madrid and Zug. Over 25,000 companies worldwide have carried out confidential processes using Drooms’ virtual data rooms – the total value of these transactions amounts to over EUR 300 billion.