London-based Drooms, which is one of the biggest European providers of virtual data rooms, is utilising artificial intelligence (AI) and natural language processing to support its international expansion into new markets.
The firm has revealed that it is has been adopting the nascent technology to automate some of its services and increase its efficiencies as part of its global expansion.
Drooms provides virtual data rooms which provide a secure and controlled way for individuals to view documents, most commonly for due diligence processes during M&A transactions.
The sector has expanded significantly in recent decades, replacing the traditional physical data room that was normally utilised for such processes as the technology has improved, driving down costs in the process.
Now, like much of the tech world, the firm is rolling out AI to help optimise its processes and automate its risk analysis efforts, something which Drooms Co-Founder and Chairman Jan Hoffmeister claims is helping to drive interest among its clients.
He said: “Over the past few years, we have continually increased sales and expanded our market share. We see a lot more potential in international markets.
“In using AI in data rooms and developing automated transaction processes, we are stimulating great interest among many industry experts, thereby diversifying our operations.”
The company, which has a presence in London as well as in regional centres in cities such as Frankfurt, Milan and Madrid amongst others, was founded back in 2001 by M&A and legal experts.
Since then, Drooms has grown headcount to over 100 staff with a presence in 23 countries as the demand for virtual data rooms has ballooned in recent years, and has now assisted over 25,000 companies carry out confidential processes through its system.
As part of its international expansion plans, the firm opened its Spanish subsidiary back in March to support its growth in both Spain and Portugal. Drooms is also planning a tilt at the Benelux market after opening an office in Amsterdam in April, and recently expanded headcount at its Munich team.