Ontra Synapse automates and optimizes contract negotiation to deliver superior outcomes faster and less expensively
SAN FRANCISCO – May 15, 2023 – Ontra, the leader in contract automation and intelligence, today announced the availability of Ontra Synapse, an AI solution that automates the most critical legal workflows for private markets firms. Key capabilities include:
- Assessing the complexity of an agreement to optimize negotiations for speed, cost, and outcomes
- Surfacing relevant precedent to expedite negotiations and ensure consistency across contracts
- Summarizing contracts and analyzing terms to deliver data-driven insights and reports
- Native integration with Ontra’s Legal Operating System, a suite of SaaS applications that streamline fund formation, fund operation, and portfolio investment
Ontra Contract Automation, powered by Ontra Synapse, accelerates contract negotiation by up to 50% and decreases associated costs by up to 68%.
Automating contract negotiations for private markets agreements has been notoriously difficult to do well. Given nuanced contract language, industry-specific processes, and risks associated with mistakes, firms can’t afford to embrace technology that gets it “mostly right.” Ontra Synapse overcomes this challenge by combining the world’s leading repository of industry-specific contract data with an innovative combination of technology and human expertise. Ontra has processed over 800,000 agreements for private markets firms. Ontra Synapse anonymizes and aggregates this data and then feeds it into a series of proprietary AI models that Ontra has fine-tuned to perform tasks specific to the private funds industry.
Since perfection matters in legal work, Ontra validates all AI-generated outputs using a global network of highly trained lawyers and paralegals. These “humans-in-the-loop” can accept or override AI suggestions. Ontra Synapse models train on human responses to deliver increasing levels of speed and precision that eclipse alternatives. Leading AI authorities agree that combining machine learning with subject matter experts yields the best results. In a recent opinion piece by Dr. Usama Fayyad, Executive Director of the Institute of Experiential AI at Northeastern University, he notes, “Most successful AI applications, in fact, depend on soliciting human input and feedback to ensure accuracy.”
“In our industry, firms don’t want wild promises. They want responsible vendors, real technology, and proven impact,” noted Gianluca Rossi, Ontra’s Director of Machine Learning. “We’re able to deliver across all of those fronts thanks to our massive data set and proprietary models. Our experience comes from nearly a million negotiations involving the world’s most sophisticated global financial institutions. And our models are built on incredibly detailed contract anatomies that encompass every potential clause that a document may contain.”
While Ontra Synapse relies on an aggregated, anonymized data set derived from a broad range of firms, it also takes into account customer-specific preferences. For example, Ontra enables each firm to build a detailed playbook and precedent library to develop a tailored and unique approach to negotiating future contracts. Additionally, Ontra Synapse adheres to rigorous security and confidentiality standards, enforcing encryption protocols at all levels and meeting the SOC 2 Trust Services Criteria for Security.
“In the three years we’ve partnered with Ontra, their Insight solution has helped to ensure we’re in compliance with all of our contract obligations,” said Neal Kalechofsky, VP of Alternatives at AllianceBernstein. “We’re incredibly pleased with Ontra’s use of cutting-edge technology to deliver legal solutions optimized for quality, speed, and low cost. Adding AI into the mix with Ontra Synapse is another win for a company with a long track record of innovation.”
Ontra Synapse has been integrated into Ontra’s Legal Operating System and is now a native component of Ontra Contract Automation and Insight. For more information about how Ontra Synapse can automate your essential legal workflows, visit www.ontra.ai.
Ontra is the global leader in contract automation and intelligence for private asset management firms. Ontra’s legal operating system combines AI-enabled software with a worldwide network of highly trained lawyers to digitally transform recurring legal workflows. Ontra’s solutions improve the contract lifecycle — from contract negotiation and processing to tracking complex agreement obligations. Ontra works with the world’s leading investment banks, private equity and venture capital firms, and direct lenders to reduce the time, expense, and risk associated with contract management.
Ontra is headquartered in San Francisco, with global operations across North America, Europe, and Asia. Learn more at www.ontra.ai.