Onit Acquires New Zealand-based McCarthyFinch to Drive Innovation with Artificial Intelligence and Workflow Automation – GlobeNewswire
The Next Generation of Onit is AI
Onit Acquires McCarthyFinch and Launches Precedent, an AI Legal 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%.
The acquisition reinforces Onits 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.
The technology will become an integral component of Onits new artificial intelligence platform Precedent and the companys first release on the platform will be ReviewAI.
Our vision is to build AI into our workflow platform and every product across the Onit and SimpleLegal product portfolios, stated Eric M. Elfman, Onit CEO and co-founder. AI 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 lawyers valuable time.
McCarthyFinchs breadth of AI expertise from lawyers, technologists and data scientists speaks to the ever-evolving needs of the legal profession and Onit customers.
AI is a natural extension of our evolution, continued Elfman. In addition to acquiring award-winning technology, we have gained some of the brightest minds in the AI space.
Nick Whitehouse, McCarthyFinchs 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 McCarthyFinchs vice president of legal, Jean Yang, who is now vice president of the Onit AI Center of Excellence.
McCarthyFinch 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 shouldnt take up 70% of a lawyers time, as statistics suggest. Theres a better way to work, stated Whitehouse. With AI, weve 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 Onits contract lifecycle management solution and expansive product offerings.
Onit Is AI: Introducing Precedent and ReviewAI
Onits new intelligence platform, Precedent, is uniquely positioned to complement its existing workflow automation platform, Apptitude, 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.
The first release on the Precedent intelligence platform, ReviewAI, 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 companys contracts, leverages the companys 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.
To learn more about the acquisition, listen to the Onit podcastfeaturing Elfman and Whitehouse and visit us online.
About Onit
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 http://www.onit.com or call 1-800-281-1330.
Media inquiries: Melanie BrennemanOnit(713) 294-7857Melanie.brenneman@onit.com
A video accompanying this announcement is available athttps://www.globenewswire.com/NewsRoom/AttachmentNg/445bbe2c-1b26-45b3-bcbc-75177d7e5960
Original post:
Onit Acquires New Zealand-based McCarthyFinch to Drive Innovation with Artificial Intelligence and Workflow Automation - GlobeNewswire
- The Great AI Debate: Will Artificial Intelligence Revolutionize or Ruin Photography? - Fstoppers - October 4th, 2024 [October 4th, 2024]
- The Chief Artificial Intelligence Officer: Leading AI innovation and risk management - CUinsight.com - October 4th, 2024 [October 4th, 2024]
- Metropolis of Korea Marks 20th Anniversary with Conference on Artificial Intelligence - Greek Orthodox Archdiocese of America - October 4th, 2024 [October 4th, 2024]
- The Nobel Prizes will be announced against a backdrop of wars, famine and artificial intelligence - ABC News - October 4th, 2024 [October 4th, 2024]
- The Next Frontier for Artificial Intelligence in 2025 - The National Law Review - October 4th, 2024 [October 4th, 2024]
- Development of an artificial intelligence curriculum design for children in Taiwan and its impact on learning outcomes - Nature.com - October 4th, 2024 [October 4th, 2024]
- 1 Spectacular ETF That Can Help You Capitalize on the Artificial Intelligence (AI) Boom - The Motley Fool - October 4th, 2024 [October 4th, 2024]
- Artificial Intelligence Used for Mass Assassinations in Gaza Julian Assange - Palestine Chronicle - October 4th, 2024 [October 4th, 2024]
- What Is Artificial General Intelligence? The Future of AGI (2024) - Shopify - October 4th, 2024 [October 4th, 2024]
- Meet the Newest Artificial Intelligence (AI) Stock in the S&P 500. Buy It Before It Soars 170%, According to a Wall Street Analyst - The Motley Fool - October 4th, 2024 [October 4th, 2024]
- Will artificial intelligence lead to greater appreciation of working class jobs? - The Spectator World - October 4th, 2024 [October 4th, 2024]
- AI And Conspiracy Theories: Can Artificial Intelligence Help Change Minds? - Forbes - October 4th, 2024 [October 4th, 2024]
- Artificial Intelligence in Education: Revolutionizing Learning - Nerdbot - October 4th, 2024 [October 4th, 2024]
- Artificial Intelligence News for the Week of October 4; Updates from Anaconda, Moveworks, IBM & More - Solutions Review - October 4th, 2024 [October 4th, 2024]
- Writing tool journey from typewriter to artificial intelligence - Good e-Reader - October 4th, 2024 [October 4th, 2024]
- Rockchip Teases the Next Generation Flagship Processor RK3688 for On-Device Artificial Intelligence - Hackster.io - October 4th, 2024 [October 4th, 2024]
- Alternative power, artificial intelligence highlight technological focus of InnoTrans - TRAINS Magazine - October 4th, 2024 [October 4th, 2024]
- Why Nvidia, Micron, Broadcom, and Other Artificial Intelligence (AI) and Semiconductor Stocks Slumped on Tuesday - Yahoo Finance - October 4th, 2024 [October 4th, 2024]
- Holmdel teen wants more girls in artificial intelligence; so she built her own AI company - Asbury Park Press - October 4th, 2024 [October 4th, 2024]
- How to Build A Virtual Cell With Artificial Intelligence - DISCOVER Magazine - October 4th, 2024 [October 4th, 2024]
- Artificial Intelligence - AI Update, October 4, 2024: AI News and Views From the Past Week - MarketingProfs.com - October 4th, 2024 [October 4th, 2024]
- Google announces major AI improvements coming to Search - you cant avoid artificial intelligence anymore - TechRadar - October 4th, 2024 [October 4th, 2024]
- Why Did Google Pay $2.7 Billion to Bring This Artificial Intelligence (AI) Genius Back? - The Motley Fool - October 4th, 2024 [October 4th, 2024]
- Why Nvidia, Micron, Broadcom, and Other Artificial Intelligence (AI) and Semiconductor Stocks Slumped on Tuesday - The Motley Fool - October 4th, 2024 [October 4th, 2024]
- Red Cat and Palladyne AI Partner to Embed Artificial Intelligence into Teal Drones to Enable Autonomous Operation - Business Wire - October 4th, 2024 [October 4th, 2024]
- Review | Artificial Intelligence creates real confusion in McNeal with Robert Downey Jr. - amNY - October 4th, 2024 [October 4th, 2024]
- Jeff Dunham is bringing Artificial Intelligence tour to Richmonds Altria Theater - WRIC ABC 8News - October 4th, 2024 [October 4th, 2024]
- The Ultimate Artificial Intelligence (AI) Stock to Buy Hand Over Fist Right Now (Hint: It's Not Nvidia) - The Motley Fool - October 4th, 2024 [October 4th, 2024]
- 12 Stocks To Profit From The Boom In Data Centers And Artificial Intelligence - Seeking Alpha - October 4th, 2024 [October 4th, 2024]
- Wall Street's Most Anticipated Artificial Intelligence (AI) Stock Split of the 4th Quarter Has Arrived - The Motley Fool - October 4th, 2024 [October 4th, 2024]
- Conference on artificial intelligence inspires and challenges churches use of emerging technologies - World Council of Churches - September 16th, 2024 [September 16th, 2024]
- How Artificial Intelligence (AI) In Cybersecurity is Generating a Billion Dollar Revenue Opportunity for Tech Industry - GlobeNewswire - September 16th, 2024 [September 16th, 2024]
- Around the AEC Industry: Artificial Intelligence, Software, Collaboration - Geo Week News - September 16th, 2024 [September 16th, 2024]
- Artificial intelligence is free speech, lets treat it that way - Washington Examiner - September 16th, 2024 [September 16th, 2024]
- 2 Artificial Intelligence (AI) Stocks That Could Go Parabolic - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- Thermodynamics-inspired explanations of artificial intelligence - Nature.com - September 16th, 2024 [September 16th, 2024]
- Artificial intelligence may boost profit margins 2% over next five years: BofA - CFO Dive - September 16th, 2024 [September 16th, 2024]
- Jim Cramer on NVIDIA Corporation (NVDA): Does anyone care about artificial intelligence anymore? - Yahoo Finance - September 16th, 2024 [September 16th, 2024]
- Artificial Intelligence in Marketing Market Anticipated Size, Growth, and Forecast for 2033 - EIN News - September 16th, 2024 [September 16th, 2024]
- The global geography of artificial intelligence in life science research - Nature.com - September 16th, 2024 [September 16th, 2024]
- 1 Top Artificial Intelligence (AI) Stock That's Not Currently Facing a DOJ or SEC Probe - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- Artificial intelligence experts ready Humanitys Last Exam to stump powerful tech - The Globe and Mail - September 16th, 2024 [September 16th, 2024]
- Tax outrage, journalism with artificial intelligence, and Dizzy Gillespie: Letter from the Editor - cleveland.com - September 16th, 2024 [September 16th, 2024]
- How voters feel artificial intelligence will impact election integrity | Column - Tampa Bay Times - September 16th, 2024 [September 16th, 2024]
- 3 Incredible Artificial Intelligence (AI) Stocks I'm Planning to Buy If the September Sell-Off Continues - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- Ways in which Artificial intelligence can improve reliability of autonomous guided vehicles. - A3 Association for Advancing Automation - September 16th, 2024 [September 16th, 2024]
- Risks and dangers of artificial intelligence - MSN - September 16th, 2024 [September 16th, 2024]
- How to make artificial intelligence more like the human kind - The Economist - September 16th, 2024 [September 16th, 2024]
- Thomas Edison State University and New Jersey State Library Launch Artificial Intelligence Task Force to Drive Strategic Innovation - TrentonDaily... - September 16th, 2024 [September 16th, 2024]
- This Is the Top Artificial Intelligence (AI) Stock Warren Buffett Owns (Hint: It's Not Apple) - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- Why Nvidia, Broadcom, and Other Artificial Intelligence (AI) Stocks Rallied This Week - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- Artificial Intelligence in Banking Market Set for Explosive Growth: 31.7% CAGR to Hit USD 236.70 Billion By 2032 - openPR - September 16th, 2024 [September 16th, 2024]
- 3 Beaten-Down Semiconductor Stocks That Are Crucial to Nvidia's Artificial Intelligence (AI) Growth - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- Apple pivots to artificial intelligence with its new iPhone 16 lineup - NBC News - September 16th, 2024 [September 16th, 2024]
- Is This Artificial Intelligence (AI) Stock a Bargain After Recent Volatility? - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- 'We can't do computer graphics anymore without artificial intelligence. We compute one pixel, we infer the other 32': Jensen thinks AI is integral to... - September 16th, 2024 [September 16th, 2024]
- Opinion: This Is the Most Overlooked Artificial Intelligence (AI) Stock to Buy Right Now - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- Adobe Stock Drops on Disappointing Guidance. Wasn't Artificial Intelligence (AI) Supposed to Boost Its Business? - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- Artificial intelligence and cybersecurity are closely intertwined - Healthcare IT News - September 16th, 2024 [September 16th, 2024]
- Nvidia CEO Shocks the Artificial Intelligence Market After Saying This - The Motley Fool - September 16th, 2024 [September 16th, 2024]
- How Russia is using artificial intelligence to interfere in elections - PBS NewsHour - September 8th, 2024 [September 8th, 2024]
- Artificial intelligence (AI) - The Guardian - September 8th, 2024 [September 8th, 2024]
- Sheldon H. Jacobson: Is artificial intelligence for the birds? More than you may think. - TribLIVE - September 8th, 2024 [September 8th, 2024]
- Expert Explains: What is the responsible use of Artificial Intelligence in war; where India, US and China stand - The Indian Express - September 8th, 2024 [September 8th, 2024]
- The Transformative Power Of Artificial Intelligence On Modern Technology - Harlem World Magazine - September 8th, 2024 [September 8th, 2024]
- Military commanders say harnessing artificial intelligence will secure the future - - NJTODAY.NET - September 8th, 2024 [September 8th, 2024]
- Forget Artificial Intelligence (AI): Here Are 143 Billion Reasons to Buy Nvidia Stock Hand Over Fist - The Motley Fool - September 8th, 2024 [September 8th, 2024]
- 3 Top Artificial Intelligence Stocks to Buy in September - The Motley Fool - September 8th, 2024 [September 8th, 2024]
- Looking to Buy an Artificial Intelligence (AI) ETF? Buy This ETF Instead - The Motley Fool - September 8th, 2024 [September 8th, 2024]
- Artificial intelligence guided screening for cardiomyopathies in an obstetric population: a pragmatic randomized clinical trial - Nature.com - September 8th, 2024 [September 8th, 2024]
- Prediction: This Will Be the Next Artificial Intelligence (AI) Stock Split - The Motley Fool - September 8th, 2024 [September 8th, 2024]
- Department of Energy Announces $68 Million in Funding for Artificial Intelligence for Scientific Research - Newswise - September 8th, 2024 [September 8th, 2024]
- Meet the Artificial Intelligence (AI) Stock That Could Become the Next Palantir, or Even Better - The Motley Fool - September 8th, 2024 [September 8th, 2024]
- The EU Artificial Intelligence Act: AI In The Balance Analysis - Eurasia Review - September 8th, 2024 [September 8th, 2024]
- Looking for the Next Big Growth Opportunity? It Might Not Be in Artificial Intelligence. - The Motley Fool - September 8th, 2024 [September 8th, 2024]
- 1 Stock-Split Artificial Intelligence (AI) Stock to Buy Before It Soars 285%, According to Certain Wall Street Experts - Yahoo Finance - September 8th, 2024 [September 8th, 2024]
- Trust in artificial intelligence paying off, AI summit concludes - Hamburg Invest - September 8th, 2024 [September 8th, 2024]
- Prediction: This Beaten-Down Artificial Intelligence (AI) Stock Is About to Go Parabolic. Here's Why. - The Motley Fool - September 8th, 2024 [September 8th, 2024]
- Growth in artificial intelligence puts pressure on Missouri energy generation - Perryville Republic Monitor - September 8th, 2024 [September 8th, 2024]
- 1 Historically Cheap Artificial Intelligence (AI) Stock to Buy Hand Over Fist in September, and 1 to Avoid Like the Plague (and It's Not Nvidia) - The... - September 8th, 2024 [September 8th, 2024]