Drooms has launched its new virtual data room Drooms NXG, an intuitive platform designed to increase 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.
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.
Drooms NXG facilitates a direct machine-based translation of documents uploaded to the data room.
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.