Drooms introduces the first self-learning software into due diligence processes with its new virtual data room “Drooms NXG”
Zug/Frankfurt, 5th October 2016 – Drooms, Europe’s leading provider of virtual data rooms, is presenting its new virtual data room, Drooms NXG. The new platform introduces intuitiveness to transactions in addition to increased automation of due diligence processes, for example within the framework of mergers and acquisitions, real estate transactions and IPOs. As digitisation rises so too does the potential for individual users to benefit from underlying working processes. The new virtual data room facilitates real-time document translation directly in the data room in addition to carrying out an automatic red flag analysis.
Automated data analysis to minimise risks
A key objective of due diligence is identifying major risks. These are known as “red flags”. With the initial release of an auto red flag feature, Drooms NXG’s algorithms are able to independently analyse the content of a data room and filter out the relevant information to enable user-based assessment. An overview of the results, known as “findings”, facilitates a rapid evaluation of potential risks and opportunities and further processing of information. This feature introduces self-learning software into due diligence processes for the first time.
Digitisation supports user-centric processes
In order to benefit from digitisation in terms of saving time and increasing profitability, it is vital that further technical developments place users and their workflow at the heart of processes. Drooms, an owner-operated company, can boast a market experience of 15 years. Drooms called upon this experience in addition to client-based feedback during the two-year development phase of the new platform. The focus of features included in Drooms NXG is on the user, ensuring efficient workflows and a high degree of user-friendliness.
International transaction business
On account of the increasingly international nature of transactions, it is often the case that transaction parties speak different languages. Translating documents into different languages takes up a lot of time and costs for language specialists are high, even for less relevant documentation. Drooms NXG facilitates a direct machine-based translation of documents uploaded to the data room. In order to find the most important information contained in the data flow, a comprehensive search function is indispensable. By entering the desired search term, an OCR (Optical Character Recognition) search of all index descriptions and document content is carried out in the data room for this key word, any synonyms and similar search terms. Any hits are then flagged up to users.
More than 25,000 companies around the world count on the support of Drooms’ secure platform during complex transactions, for example mergers and acquisitions, commercial real estate transactions, fund-raising initiatives and IPOs. Drooms is headquartered in Zug, Switzerland and maintains a presence in Frankfurt, London, Paris, Amsterdam, Vienna, Madrid and Milan.