{"id":382968,"date":"2020-11-17T09:03:19","date_gmt":"2020-11-17T14:03:19","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=382968"},"modified":"2020-11-17T09:03:19","modified_gmt":"2020-11-17T14:03:19","slug":"onit-acquires-new-zealand-based-mccarthyfinch-to-drive-innovation-with-artificial-intelligence-and-workflow-automation","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/onit-acquires-new-zealand-based-mccarthyfinch-to-drive-innovation-with-artificial-intelligence-and-workflow-automation\/","title":{"rendered":"Onit Acquires New Zealand-based McCarthyFinch to Drive Innovation with Artificial Intelligence and Workflow Automation"},"content":{"rendered":"

\nCompany Builds a Future on Artificial Intelligence Starting with a Platform That Reads, Writes and Reasons like a Lawyer
\n<\/h2>\n
\n

HOUSTON, Nov. 17, 2020 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract lifecycle management and workflow automation, today announced that the company has acquired McCarthyFinch and its artificial intelligence platform that accelerates contract reviews and approvals by up to 70% and increases user productivity by more than 50%.\u00a0<\/p>\n

The acquisition reinforces Onit\u2019s innovation strategy to deliver powerful AI-based workflow and business process automation solutions. The company plans to further its innovation through AI by evolving its product offerings as well as the software provided by its legal operations management software subsidiary SimpleLegal.<\/p>\n

The technology will become an integral component of Onit\u2019s new artificial intelligence platform Precedent<\/a> and the company\u2019s first release on the platform will be ReviewAI<\/a>.<\/p>\n

\u201cOur vision is to build AI into our workflow platform and every product across the Onit and SimpleLegal product portfolios,\u201d stated Eric M. Elfman, Onit CEO and co-founder. \u201cAI will have an active role in everything from enterprise legal management to legal spend management and contract lifecycle management, resulting in continuous efficiencies and cost savings for corporate legal departments. Historically, legal departments have been thought of as black boxes where requests go in and information, decisions or contracts come out with no real transparency. AI has the potential to enhance transparency and contribute to stronger enterprisewide business collaboration in a way that conserves a lawyer\u2019s valuable time.\u201d<\/p>\n

McCarthyFinch\u2019s breadth of AI expertise from lawyers, technologists and data scientists speaks to the ever-evolving needs of the legal profession and Onit customers.<\/p>\n

\u201cAI is a natural extension of our evolution,\u201d continued Elfman. \u201cIn addition to acquiring award-winning technology, we have gained some of the brightest minds in the AI space.\u201d<\/p>\n

Nick Whitehouse, McCarthyFinch\u2019s CEO and co-founder, is now the general manager of the newly rebranded Onit AI Center of Excellence. He has focused on digital innovation and AI for more than 15 years and was recognized in 2019 as the IDC DX Leader of the Year for his advocacy across the legal industry and Australasia. He is joined by McCarthyFinch\u2019s vice president of legal, Jean Yang, who is now vice president of the Onit AI Center of Excellence.<\/p>\n

\u201cMcCarthyFinch has been dedicated to building world-leading AI that augments lawyers and helps automate low-value and time-intensive manual legal processes. Drafting contracts and redlining documents shouldn\u2019t take up 70% of a lawyer\u2019s time, as statistics suggest. There\u2019s a better way to work,\u201d stated Whitehouse. \u201cWith AI, we\u2019ve dramatically changed the contract management lifecycle and enabled businesses to move faster, provide higher-quality services and lower the cost of legal services. We are excited to join the Onit team and apply AI to Onit\u2019s contract lifecycle management solution and expansive product offerings.\u201d<\/p>\n

\n Onit <\/strong>
\n I<\/strong>
\n s <\/strong>
\n AI: <\/strong>
\n Introducing Precedent<\/strong>
\n and ReviewAI<\/strong>\n <\/p>\n

Onit\u2019s new intelligence platform, Precedent,<\/a> is uniquely positioned to complement its existing workflow automation platform, Apptitude<\/a>, and drive AI and digital transformation in the legal market. The Precedent intelligence platform reads, writes and reasons like a lawyer, enabling legal and business professionals to get more work done faster. It combines machine learning and natural language processing so legal teams can automate tasks and processes to make them more efficient, cost-effective and faster.<\/p>\n

The first release on the Precedent intelligence platform, ReviewAI<\/a>, focuses on pre-signature contract review. Law departments need a rapid path through drafting and negotiation to contract closure so they can accelerate the pace of doing business, increase contract compliance and enhance employee productivity. Using ReviewAI, lawyers can streamline intelligent activities like contract creation, redlining, complex negotiations and risk rating contracts on their terms. Through Precedent, ReviewAI learns from the vast inventory of a company\u2019s contracts, leverages the company\u2019s playbook and presents the results in a Microsoft Word plug-in so the legal team can work where it is accustomed to operating. Legal and contract teams can save up to 70% on review time, increase contract compliance and lower company risk.<\/p>\n

To learn more about the acquisition, listen to the Onit podcast<\/a>\u00a0featuring Elfman and Whitehouse and visit us onlin<\/a>e<\/a>.<\/p>\n

\n About Onit<\/strong>\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform the way Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit www.onit.com<\/a> or call 1-800-281-1330.<\/p>\n

\n Media inquiries: <\/strong>
\n
Melanie Brenneman
Onit
(713) 294-7857
Melanie.brenneman@onit.com<\/a><\/p>\n

A video accompanying this announcement is available at\u00a0https:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/445bbe2c-1b26-45b3-bcbc-75177d7e5960<\/a>\u00a0<\/p>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

Company Builds a Future on Artificial Intelligence Starting with a Platform That Reads, Writes and Reasons like a Lawyer HOUSTON, Nov. 17, 2020 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract lifecycle management and workflow automation, today announced that the company has acquired McCarthyFinch and its artificial intelligence platform that accelerates contract reviews and approvals by up to 70% and increases user productivity by more than 50%.\u00a0 The acquisition reinforces Onit\u2019s innovation strategy to deliver powerful AI-based workflow and business process automation solutions. The company plans to further its innovation through AI by evolving its product offerings as well as the software provided by its legal operations management software subsidiary SimpleLegal. … <\/p>\n

Continue reading “Onit Acquires New Zealand-based McCarthyFinch to Drive Innovation with Artificial Intelligence and Workflow Automation”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-382968","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nOnit Acquires New Zealand-based McCarthyFinch to Drive Innovation with Artificial Intelligence and Workflow Automation - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/onit-acquires-new-zealand-based-mccarthyfinch-to-drive-innovation-with-artificial-intelligence-and-workflow-automation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Onit Acquires New Zealand-based McCarthyFinch to Drive Innovation with Artificial Intelligence and Workflow Automation - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Company Builds a Future on Artificial Intelligence Starting with a Platform That Reads, Writes and Reasons like a Lawyer HOUSTON, Nov. 17, 2020 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract lifecycle management and workflow automation, today announced that the company has acquired McCarthyFinch and its artificial intelligence platform that accelerates contract reviews and approvals by up to 70% and increases user productivity by more than 50%.\u00a0 The acquisition reinforces Onit\u2019s innovation strategy to deliver powerful AI-based workflow and business process automation solutions. 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