Press release
Published on Oct 27, 2020
Oodrive simplifies and expedites due diligence procedures with its smart virtual data room solution

Oodrive simplifies and expedites due diligence procedures with its smart virtual data room solution

Paris, March 9, 2020 – Following the strategic partnership signed in 2019 with Drooms, the publisher of an innovative virtual data room solution, oodrive, Europe’s leader in sensitive data management, announced the launch of this unique technology on the French market. Easy to use, multifunctional and completely secure, this technology provides the necessary level of security to confidently protect due diligence procedures.

Oodrive provides French businesses with a unique negotiation solution

A mergers and acquisition negotiation, the sale of a subsidiary or real estate asset—these require the participation of multiple stakeholders (clients, suppliers, partners, employees, and consulting firms, to name just a few), as well as the sharing of a large number of confidential documents. These sensitive operations make businesses particularly vulnerable to hacking and information theft. To conduct these negotiations, the German-based Drooms solution, now distributed by oodrive in France, stands out as the most intuitive and trustworthy in Europe.

Easy to use, Drooms is aimed at particularly vulnerable markets, including real estate, corporate and finance, mergers and acquisitions, and biotechnology, and brings together all of the necessary documents and participants for completely secure due diligence procedures. 100% based in Europe, subject to GDPR, this virtual data room has the most advanced data confidentiality certifications, with servers and support staff in France and Germany to guarantee data sovereignty.

A highly intuitive platform to maintain control

This data room has multiple functionalities that make it particularly easy to use and quick to master, even for true beginners. It has a clear indexing system, as well as a smart search engine, the Findings Manager, which allows an automated analysis of documents’ content, and therefore the evaluation of a transaction’s potential risks and opportunities.

To add documents to the platform, users simply drag and drop files. Users can also instantly view files without downloading them, and translate them automatically into six languages. The document sender maintains absolute control over the files stored in their data room, and can control the rights to access, copy, or print them. They can see who consulted what and when, almost down to the second! A question/answer interface, along with a proofreading, approval, and publication process, ensures clear communication between contacts.

Unrivaled personalization and support

The oodrive Data Room also offers advanced functionalities including dashboards, notifications when new files are added, and the option to mask certain parts of a document depending on the reader. On the user side, the data room can be viewed on a computer, but also from a tablet or smartphone. Logging in requires a secure password and multi-factor authentication.

Though made for short-term use, the oodrive data room archives files indefinitely, maintaining its legal validity even after it has been closed, including the question/answer interface. Lastly, another key strength of the Drooms-oodrive solution is the project team based in Frankfurt. Available 24/7 to assist clients in eight languages, they help them to identify their needs, and to configure and manage their data rooms, and throughout the negotiation process. This simple and transparent management of due diligence operations is especially suitable for establishing a climate of trust among different stakeholders, allowing them to carry out their projects as quickly and efficiently as possible.