Miro has optimized its M&A practices with the DealRoom, transitioning from the struggles of managing activities across disparate tools to:
Explore the transformative impact of DealRoom with Shrey Parekh, the Corporate Development and Partnerships Executive at Miro, in our Office Hours video, or keep reading to learn more.
‍
Initially, Miro managed M&A deals using disparate tools like Asana, Coda, Notion, Box, and Google Drive, each serving different stages of the M&A lifecycle. However, this lack of consistency hindered Miro's ability to seamlessly transition leads across teams and stages, impacting its growth objectives and causing delays in deal closures. With multiple targets engaged weekly, the process became tedious and inefficient. Introducing 5+ platforms to stakeholders, including individuals from target companies, bankers, legal council, and several others, added complexity to the process. Recognizing the need for a unified approach, they knew they needed a single platform that could serve as their source of truth, and optimize the way they do M&A.
Overall, these challenges slowed down the entire M&A workflow and affected various deal outcomes.Â
Recognizing the need to consolidate their platforms, Miro sought a long-term partner to optimize their M&A practice. During their RFP process, they evaluated several tools, with the DealRoom M&A Optimization Platform emerging as the standout choice. Instead of having to operate across disparate tools, the DealRoom platform seamlessly combined their M&A processes into one user-friendly platform, streamlining their M&A operations. However, what truly distinguished DealRoom was its dedicated support team, offering assistance from template to customization to responsive guidance throughout.
"DealRoom has been fantastic. The capabilities and the function are amazing. It's the people and the partnership that has really stood out to me from DealRoom. From the time we closed to the time we're working with the whole customer success team at DealRoom, really getting the most value out of the platform. You have DealRoom’s team that's going to be holding your hand each step of the way."
- Shrey Parekh
Today, DealRoom has become synonymous with M&A and Corporate Development activities at Miro. Key benefits include:
1. End-to-end Deal Management: Miro no longer stores any deal information on other platforms and conducts their entire M&A activities within DealRoom from start to finish.
2. Ease of Transition: Stakeholders are now more comfortable joining deals midway and easily finding what they need without stress and anxiety.
3. 25-35 Hour Time Savings: Miro has realized significant time savings, estimated at 25-35 hours per deal.
4. Centralized Document Storage: No more files are getting lost due to maintaining them across various platforms, as now every document is stored in one repositoryÂ
5. Enhanced Efficiency and Security: Role-based access control ensures secure sharing of sensitive information and efficient management of over 100 stakeholders.
6. Smoother Post-Acquisition Process: With DealRoom, Miro initiates integration planning immediately after signing the LOI, ensuring no hurdles during the post-acquisition process.