Building a Future on Artificial Intelligence in Contracts: Onit Acquires McCarthyFinch By Onit November 17, 2020 Artificial Intelligence,Company News and Events,Contract Lifecycle Management 3 Minute Read Hear Onit’s CEO and the GM of the Onit AI Center of Excellence Discuss the Acquisition of McCarthyFinch and the Evolution of the Company in Our Latest Podcast Today, we launched the next generation of Onit – one powered by artificial intelligence in contracts and a plaftorm. Onit has acquired McCarthyFinch, a New Zealand-based company with an artificial intelligence platform. With this technology, legal professionals can accelerate contract reviews and approvals by up to 70% and increase productivity by more than 50%. According to Onit’s CEO and co-founder, Eric M. Elfman, “AI is a natural extension of our evolution. Our vision is to build AI into our workflow platform and every product across the Onit and SimpleLegal product portfolios. In addition to acquiring award-winning technology, we have gained some of the brightest minds in the AI space.” The Next Generation of Onit McCarthyFinch is now the Onit AI Center of Excellence dedicated to AI innovation for contract lifecycle management, enterprise legal management and more. Nick Whitehouse, CEO and co-founder of McCarthyFinch, will serve as General Manager of the Onit AI Center of Excellence. For more than 15 years, he has consistently delivered technological innovation with extensive experience in artificial intelligence and digital transformation. He is joined by Jean Yang, who is now Vice President of the Onit AI Center of Excellence. Introducing Precedent and ReviewAI The technology from the McCarthyFinch acquisition powers two new AI-based products from Onit. Precedent is Onit’s intelligence platform that reads, writes and reasons like a lawyer. It joins Onit’s workflow automation platform Apptitude, making Onit the first in its space with two platforms. ReviewAI is the first release on Precedent. It brings AI to pre-signature contract review, streamlining intelligent activities like contract creation, redlining, complex negotiations and risk rating contracts. “Drafting contracts and redlining documents shouldn’t take up 70% of a lawyer’s time, as statistics suggest. There’s a better way to work,” says Whitehouse. “With AI, we’ve 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’s contract lifecycle management solution and expansive product offerings.” Listen to the Podcast In this podcast, Elfman and Whitehouse discuss the acquisition, the new platform and products and their vision for Onit and artificial intelligence in contracts. Register for the Webinar and Find More Information If you would like additional ways to learn more about the acquisition, consider these options: View the launch video. Read more about Precedent and ReviewAI. Read the press release. Register for the webinar on December 10 to see a demo of the AI Precedent platform and ReviewAI. Today's Popular Resources Webinar Accelerate Time to Revenue with AI Contract Management Read More Infographic Enterprise Legal Report Infographic – UK Read More Case Study Transforming Service Delivery Case Study Read More Subscribe Today Sign up for updates on new posts from our blog. Related Readings Business Process Management The Need for Speed: 3 Ways Legal Can Elevate Efficiency Read More Enterprise Legal Management The Ultimate Guide For Legal Departments to Directly Influence Business Materiality, Growth and Efficiency Read More Enterprise Legal Management The ROI of Legal Operations: Measuring Success and Demonstrating Value with Legal KPIs Read More Thank you for subscribing!