InCloudCounsel, a specialist in contract automation and intelligence, has secured $ 200 million in Series B funding in a Blackstone-managed fund round involving existing investor Battery Ventures and board member Mike Paulus.

Blackstone’s investment was made through Blackstone Growth (BXG), the company’s growth stock business. Paul Morrissey, Managing Director at Blackstone, has joined the company’s board of directors as part of the transaction. Funding to date includes a $ 40 million Series A round from Battery Ventures in July 2019.

In connection with its financial news, the company also announced that it has been renamed Ontra – a name derived from the company’s place at the heart of contracts. Ontra represents the company’s mission to make contracts more efficient and give companies and lawyers the opportunity to focus on effective, engaging work.

The new round of funding will support Ontra’s focus on leading an emerging category in legal technology: contract automation and intelligence. Contract automation is the combination of artificial intelligence and software with a global network of talented lawyers to provide companies with a complete solution for large-volume, routine contracts. The result is a high quality, affordable and scalable solution for negotiating and tracking contracts. Contract intelligence is the transformation of contracts into actionable data and insights that enable companies to make better decisions and maintain better relationships with business partners and regulators by easily tracking, tracking and reporting their commitments as well as benchmarks and trends in theirs Compare and recognize contracts.

To date, Ontra has processed over 500,000 contracts and 15,000 NDAs monthly for more than 500 corporate clients, including many of the world’s leading financial services companies such as AllianceBernstein, Warburg Pincus, Houlihan Lokey, Silver Lake and Blackstone itself. Through this funding, Ontra will aim to build on its strong Building momentum – including significant growth in sales, customers and headcount – and will support further investment in R&D to help the company execute its innovative and exciting technology roadmap.

“We are proud to expand our partnership with the Ontra team. As a client and now as an investor, we believe the company is uniquely positioned to play a critical role in transforming the legal industry, ”said Morrissey. “Ontra addresses the long-standing need of the market for a comprehensive, technology-oriented solution for routine procurement.”

“This significant Series B funding round from our long-standing customer validates the quality and value of the solutions we deliver to companies and legal departments around the world,” said Troy Pospisil, Founder and CEO of Ontra. “Blackstone’s investment also reinforces our belief in the value of automating and improving contract processes through the combination of the best software, artificial intelligence and a unique work model. By focusing our efforts on contract automation and intelligence, we will continue to innovate and develop new technologies that will revolutionize the way companies manage contracts and improve the experience of lawyers working on our platform. “

Ref: http://www.privateequitywire.co.uk