Ontra accelerates investment in its contract intelligence platform and deepens bench of leadership talent following a $200M raise led by Blackstone and Battery Ventures
Ontra, the leading provider of contract automation and intelligence for the world’s most prominent asset management firms, today announced 91% revenue growth and 72% customer growth in 2021. 2021 also marked significant growth for Ontra’s global business. Its European leg grew by 137% and its Asia Pacific business grew by 192%.
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Ontra’s momentum is fueled by last October’s $200 million Series B funding round led by Blackstone Growth (BXG) and Battery Ventures. The company is leveraging the funds to increase investment in the artificial intelligence that powers Insight, its newest offering for fund obligation management. In conjunction with the fundraise, Paul Morrissey, Managing Director at Blackstone, and Mike Paulus, founder of Assurance, joined Ontra’s board of directors.
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“2021 was a momentous year for Ontra as we experienced growth across every aspect of the business—revenue, customers, employees and product lines,” said Troy Pospisil, Founder and CEO of Ontra. “In 2022, we will double down on our investment in AI, add more fuel to global market expansion and strengthen our position as the de facto standard for contract automation and intelligence in the financial services industry.”
Empowering Businesses with Human-in-the-Loop Technology
Ontra tailors its solution to address the specific needs of private asset management firms where speed and efficiency are critical. With its AI-based SaaS offering and a global network of 500+ highly-trained lawyers, Ontra dramatically reduces the time and expense required to negotiate NDAs and other routine documents. Utilizing an innovative combination of subject matter experts and machine learning, Ontra is leading an emerging human-in-the-loop (HITL) trend. According to Gartner, HITL will account for 30% of new legal tech by 2025.
