Drooms is a simple yet effective solution for processes that involve documents. This provider is suitable not just for basic due diligence and Mergers and Acquisitions, but for IPOs, real estate, NPL, and even lifecycle asset management.
Drooms data rooms are divided into two categories: Drooms TRANSACTION and Drooms PORTFOLIO. The first option is made for processes that include due diligence, and the second one is related to lifecycle asset management.
Drooms TRANSACTION is enhanced with blockchain technology to make the data room even more reliable. This provider processes documents very quickly and keeps them up to date and always accessible. All the authorized users will be able to work with files from any location at any moment. They won’t even need to install additional software – Drooms can be accessed via a web browser.
To ensure additional security, Drooms data room has two-factor authentication that will require the user to enter the code sent to their phone via an SMS. It protects sensitive information from unauthorized users and lowers the chances of a data leak.
Users can add notes and highlights to a specific part of the text, a page, or even a whole file. Also, the administrator can set different rights for invited parties deciding who can edit and who just can view the papers. Drooms doesn’t offer such precise, granular document permissions like iDeals. But you will be able to have control over who can change anything about files.
The administrator will also see which folders are accessed more often thanks to the Folder Heatmap feature. It shows the popularity of different folders visually. This data can help businesses understand what third-parties are interested in and decide what to do next.
Of course, Data room Drooms has a Q&A feature that is rather advanced. It includes different types of activities and even several levels of approvals. Although it’s useful, some people might get confused with this Q&A section. The good news is that the support team is quite easy to reach.
Drooms PORTFOLIO is made to make the assets management easier. Instead of making you keep all your assets in one VDR, Drooms offers a dedicated data room for each asset. All the data rooms are kept within one platform and are easy to reach. While PORTFOLIO is similar to TRANSACTION, the Drooms data room dedicated to assets management is more focused on making your business look good.
You can add not only papers but images, maps, and descriptions to each asset. Thus, your proposal will look appealing to potential investors. You will also have control over each user group at the asset level.
To help businesses make better decisions, Drooms offers analytics on the user activity and history of each project. These reports can give entrepreneurs useful insights and help improve asset management in the future.
Drooms might lack some advanced features iDeals have. But in general, it is a decent data room that will support your company through the deals and other document-related business processes.