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Digitisation in the Deal Business: Drooms Revolutionises Q&A Process for Transactions

February 16, 2017
  • Launch of the next generation Q&A offers intuitive workflows to handle question and answer processes for the first time
  • Survey: 70% of Drooms’ customers believe that intuitive use is the most important aspect of Q&A

Frankfurt/Zug, 14th of February 2017– The question and answer process between involved parties is an important part of due diligence in transactions (real estate, M&A and NPL transactions or growth financing). With the launch of its new Q&A tool, Drooms is taking the process that much further. For the first time, an intuitive drag and drop tool allows users to set up complex processes. The main goal of this initiative has been to make the setup of the Q&A process possible for any degree of user expertise. The user experience aims to be intuitive, playful, and inspired by the touch functionalities typical of the gaming industry. According to a recent survey of all Drooms users, almost 70% believe that intuitiveness is the most important aspect of a Q&A process. An innovative display concept allows for an overview of the entire process, including group creation and rights allocation. Everything from asking, assigning and reviewing questions, to answering and approving them, is immediately visible.

The platform also introduces self-learning algorithms to transaction processes and ensures increased automation of due diligence. Encompassing everything from questioning and checking questions, to assigning questions to a specialist team and replying and publishing answers, the tool is one of a kind. The configuration can be adapted individually due to corresponding teams and user roles. A large range of editing functions allows for an adaptable workflow, even at the very start of a project.

Efficient Q&A procedure despite level of complexity

 According to Jan Hoffmeister, CEO and Co-founder of Drooms “generally, the Q&A cycle lasts somewhere between two weeks and three months, depending on the number of participants and questions. A structured process facilitates an efficient and transparent procedure despite the highly complex nature of the job at hand”. A seamless, confidential and efficient Q&A process is divided into five parts: configuration, implementation, monitoring the question and answer process, updating the data room and publication in the sales and purchase agreement (SPA). Accordingly, a well-structured Q&A management platform significantly affects the processing speed, which can in turn shorten the transaction period.

Automating processes for a faster Q&A

Automation of the answer process by assigning specialist teams to various data room index points, shortens the coordination process and avoids a situation whereby those responsible must be sought out during the due diligence process. According to Hoffmeister, the implementation phase is the most intensive in a Q&A process. With the aid of clearly defined processes, thousands of questions can be managed in a structured and effective way. Each question is automatically assigned to the corresponding index point. Customers are also able to add documents or links from the data room to their answers. Additionally, the tool gives the option of limiting the number of questions per day and across the length of the whole process. It is also possible to establish start and end dates for the process. In order to satisfy SPA disclosure requirements, all questions and answers must be included in the reporting. The Q&A tool integrated into Drooms NXG, logs all questions and answers and gives the option of exporting after the process has been completed forming the basis of a compliant procedure. This is something which cannot be guaranteed when exchanging questions via email.

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