How Miro Optimized Their Diligence Practice with DealRoom

Learn how Shrey Parekh, Head of Corporate Development and Venture at Miro, centralized their M&A processes with DealRoom M&A Optimization Platform, saving 35 hours per deal.

Miro & DealRoom: A Match Made in M&A Heaven 

Miro has optimized its M&A practices with the DealRoom, transitioning from the struggles of managing activities across disparate tools to:

  • Saving 35 hours per deal
  • Streamlining M&A processes
  • Enhancing security and efficiency
  • Improving collaboration and visibility
  • Simplifying stakeholder management with end-to-end functionality on a single platform

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.

About the Company

  • Miro, originally known as RealtimeBoard, was established in 2011, to address the growing need for enhanced collaboration tools among remote and distributed teams.
  • Miro provides an interactive digital whiteboard that enables team members to brainstorm, plan, and collaborate on projects in real-time, regardless of their physical location. The platform offers extensive functionalities such as diagramming, workflow mapping, agile planning, and visualizing ideas and concepts, making it an indispensable tool for various team activities.
  • With a user base exceeding 60 million, including 99% of the Fortune 100 companies, Miro has solidified its position as a key player in facilitating innovation and design across global teams.

Challenges

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.

Negative Business Impacts

  • Confusion for first-time users due to multiple platforms led to inefficiency and delays in getting up to speed with the M&A process.
  • Lack of  continuity during platform transitions caused disruptions in workflow and potential loss of information.
  • Stakeholders struggled to navigate disparate tools, hindering contribution and leading to miscommunication and delays.
  • Absence of a standardized, repeatable process resulted in inconsistencies, increased risk of errors, and prolonged deal timelines.

Overall, these challenges slowed down the entire M&A workflow and affected various deal outcomes. 

Solution

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

Why DealRoom?

  • Miro found DealRoom's intuitive interface streamlined the learning process, making it easy for everyone to adapt.
  • With comprehensive end-to-end M&A functionality, Miro replaced all existing platforms that it used for M&A with DealRoom 
  • Advanced security features made DealRoom the trusted primary data room for Miro
  • Customizable templates ensured process repeatability for future deals. 
  • Cross-functional visibility enhanced collaboration among multiple stakeholders, expediting transactions.

Outcomes

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 repository 

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.

What I love about DealRoom is the data room. You can post whatever artifacts you want, and add appropriate permissions. This is where role-based access control really comes into play. You can assign various stakeholders to a group and give that group access to files through file permissions.
Shrey Parekh
Global Head of Corporate Development and Venture at Miro

Customer

Miro

Industry

Software as a Service

COMPANY SIZE

1,001-5,000 Employees

Location

San Francisco, United States

PRODUCT SOLUTIONS

Cloud Content Collaboration Software, Visual Workspace, Mind Mapping Tools, Visual Project Management, Product Development Workflows, Content Data Visualization

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