Drooms launches Online Archive solution to bring secure, sustainable convenience to post transaction processes
Frankfurt am Main, 18 June 2024 – Drooms, the leading virtual data room provider for the European property, legal and corporate finance markets, is pleased to announce the launch of Drooms Online Archive; a secure and sustainable cloud-based solution to post-transaction data storage. The digital preservation and protection of documents compiled in the due diligence and transaction phases of a deal, replaces traditional, physical data carriers like USB sticks, eliminating the inconvenience and security risks associated with physical storage. Experience the one-click convenience of gaining full access to the documents in the future when they are ready to be shared and reviewed again.
With more than two decades of experience providing due diligence, deal preparation and transaction data room solutions, the Online Archive brings sustainability and convenience to the way transactions are finalised using Drooms holistic platform. Data is preserved and protected following the completion of a real estate transaction. Unlike a USB stick, that can be passed around, copied, edited and often lost, the owner of a Drooms data room can track who has requested access to the contents of their transaction documentation, managing viewing access and easily unlocking access to any sealed data once the legally compliant storage of it is no longer necessary. By eliminating the ability to edit, remove or add documents to the online archive, transaction documentation is preserved for all future transactions or in the event of a legal dispute, removing the risk of security breaches and data leaks associated with physical storage.
“Despite years of discussion about the need for more digitalisation within the real estate sector, USB sticks stored in fireproof safes are still the standard practice after transactions have completed. With our digital Online Archive, our customers as well as lawyers and notaries will save money and increase efficiency in the future. The next transaction will then be just a click away, with all data stored according to the highest security standards and transaction times significantly reduced,” explains Alexandre Grellier, Co-Founder and CEO of Drooms.
According to Informationsdienst Wissenschaft, around 866,000 property transactions took place in Germany in 2022. Assuming that at least two data carriers were used for each transaction, more than 1.5 million USB sticks could have been prevented from reaching landfill by switching to the Drooms Online Archive last year alone. Josephine Jakub, Senior Vice President, Global Marketing at Drooms explains; “Physical data carriers such as USB sticks typically contain plastic and often contain environmentally harmful mercury. In addition to a welcome reduction in CO2 emissions, switching to the Drooms Online Archive to complete post-transaction processes creates significant savings of potentially 15 tonnes of electronic waste and environmentally harmful materials in Germany every year. And similar potential savings and reductions in CO2 emissions can also be enjoyed by other countries in the future.”
About Drooms
Drooms offers security for every deal. The company operates virtual data rooms for the European property, legal and corporate finance markets – for straightforward, simple and reliable deal preparation and transactions. The sophisticated platform is based on two decades of experience in asset lifecycle transaction management: all data can be carefully structured, checked and updated at all stages of the complex and demanding buy-hold-sell transaction cycle. Drooms’ powerful platform simplifies the closing process and ensures transaction capability, as all transaction-relevant data is located at a centralised and secure access point. This ensures the secure exchange of even large amounts of information with all internal and external parties.
Drooms guarantees data security and GDPR compliance with its private, geo-redundant servers in Switzerland and Germany. State-of-the-art technologies and internally developed AI solutions facilitate seamless collaboration for all stakeholders by controlling the data flow in all phases of the asset lifecycle and accelerating deal processing. With the Drooms Online Archive, all transaction data is permanently digitised and immediately available for new transactions.
More than 40,000 companies worldwide rely on the Drooms platform and its customised services, including Fortune 100 companies and leading corporations such as METRO GROUP, Evonik, JLL, JP Morgan, CBRE, REWE and UBS Blackstone, KKR, Prada, AXA, Siemens, Volkswagen, Orange and Amadeus. Drooms has already handled transactions worth more than 500 billion euros.
Further information can be found at https://drooms.com/online-archive/