Ontra leverages million-contract expertise and new AI integrations to supercharge private markets contract negotiation and collaboration.
Ontra, the leader in AI-powered contract automation and intelligence, celebrated its milestone achievement of processing over one million contracts for its customers, while concurrently announcing new GPT-4 enhancements to its Contract Automation platform.
Since its launch in 2014, Ontra’s Contract Automation platform has helped more than a thousand global private markets firms, including 9 of the top 10 PEI-ranked investment firms and nearly 50% of the PEI 300, negotiate routine contracts across a broad range of private capital investment strategies. Contract Automation is also used by dozens of prominent investment banks and offered through partnerships with AM Law 100 firms and service providers. The platform streamlines processes for a variety of M&A and private deal document types, including non-disclosure agreements, non-reliance letters, vendor contracts, and engagement letters, and continues to expand.
Designed to help private capital markets firms accelerate the negotiation of key contracts and dealmaking, Ontra’s Contract Automation offers an end-to-end platform solution that is powered by industry-leading AI. It is an integral part of Ontra’s Legal Operating System, purpose-built to automate legal workflows for the private investment industry.
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Ontra first integrated AI capabilities into Contract Automation in 2016. Adding OpenAI’s GPT-4 will allow Ontra to leverage its deep private markets expertise to accelerate expansion into more document types, and power several new and upcoming features to increase the speed of contract negotiations, including:
- Digital Playbooks: The digital source of truth for negotiation preferences to ensure seamless collaboration across legal and business teams with data-driven insights into positions’ market alignment.
- Markup Builder: AI-enabled markup tool that surfaces precedent, automates redlines, offers side-by-side document comparisons, and generates suggestions at the clause level that are aligned with a customer’s digital playbook, substantially reducing editing time.
- Automated Summaries: Fully automated, AI-generated summaries of key legal and business terms that can also accommodate additional customer-specific requests.
“Reaching our millionth document is an exciting milestone, and one that reflects the deep private markets legal experience embedded across our Legal Operating System,” said Troy Pospisil, Ontra’s CEO and founder. “We’ve saved our customers countless hours to date, and on the heels of this achievement, we are excited to integrate additional AI capabilities that further Ontra’s mission to accelerate routine contract negotiations, reduce friction in the dealmaking process, and expand to additional document types to save our customers even more time.”
“One million contracts processed marks a historic moment for Ontra, and it’s just the beginning,” said Frank Giovinazzo, Ontra’s GM of Contract Automation. “Now, after a decade of handling routine contracts, integrating GPT-4’s advanced capabilities means we can reach the next million exponentially faster and usher in a new era of contract management and collaboration.”
For private investment firms, managing routine contract negotiations in-house stretches the limits of even the most talented and sophisticated legal teams, diverting attention from sourcing deals, managing investments, and operating the business. Contract Automation solves this challenge by combining an innovative and collaborative AI-powered software platform with a global network of highly trained legal professionals so teams can focus on strategic work.
“The ability to move efficiently is key to being competitive in private markets, and NDAs are a critical component of the investing process,” said Jon Korngold, Global Head of Blackstone Growth. “Ontra‘s AI-powered solution has helped us reduce significant friction in our processes — this has given our deal teams leverage so we can focus on conducting diligence, building deeper relationships with founders, and being a trusted partner during the next chapter of their growth journeys.”
SOURCE: PRNewswire
