Ontra Announces Strong Momentum for 2021 as the Company Tackles Increased Volume and Complexity in Legal Contracts
First quarter wrapped up with key additions to leadership, a strong product roadmap, and global expansion, contributing to a massive year for the legal tech company
April 20, 2021 08:00 AM Eastern Daylight Time
SAN FRANCISCO–(BUSINESS WIRE)– Ontra, the leading technology and services provider of contract automation and intelligence for many of the world’s biggest and most innovative companies, today announced tremendous momentum as the company wrapped up its first quarter of 2021, highlighted by a large increase in recurring revenue and customer growth, key hires across the organization, and global expansion in the Asia Pacific region. The first quarter also marked the historic launch of Insight, the first software solution purpose-built for fund obligation management, which kicks off an aggressive product roadmap dedicated to advancements in legal technology that automate and streamline repetitive legal activities. Since the launch, more than a dozen marquee asset managers from leading firms like Silverlake, AllianceBernstein, and Battery Ventures have brought Insight into their businesses.
“This human-in-the-loop system means that over time our process will continue to be better, faster, and cheaper than any alternative so that our customers have the freedom to focus on the higher value aspects of their jobs that require creative human attention.”
Key Leadership and Employee Additions Further Company Growth
Ontra is in the midst of impressive growth in revenue, customers, and headcount. To support this rapid growth, the company bolstered its leadership team with the strategic appointments of Luke Ruse as General Counsel, Nani Shaffer as VP of Marketing, and Laura Veith as VP of People. Ruse, who serves as Ontra’s first general counsel, manages the day-to-day legal operations and is preparing the company for its next stage of growth. Ruse joined Ontra with over a decade of legal experience, most recently as partner with Kirkland & Ellis. Shaffer was tapped to lead the marketing department after various leadership roles at DemandBase, and Veith will focus on maintaining an outstanding company culture after holding key positions at AOL, Gawker, and Etsy.
In addition to reinforcing its leadership team, InCloudCounsel continues to bring in top-notch talent across all departments. The company doubled employee headcount in 2020 and is on track to continue this trend by again doubling in size by the end of this year. A large portion of the hires have been in R&D to support an aggressive and innovative technology roadmap—hiring includes roles focused on machine learning, UX, data, dev ops, product management, and engineering.
“This is an exciting time for InCloudCounsel and I’m thrilled to welcome so many kind, hard working, and curious people to the team,” said Troy Pospisil, CEO of InCloudCounsel. “Our focus has always been to deliver global enterprises and talented lawyers the freedom to focus on impactful, engaging work by automating and streamlining repetitive legal activities. In order to do so successfully, we are dedicated to building a values-focused, world-class team of talented and passionate professionals across all functions of the company.”
Industry-First Product Launch and Strong Roadmap Showcase Dedication to Legal Technology
According to Wolters Kluwer, more than 70% of lawyers are dealing with an increased volume of contracts and level of complexity in contract information. As a result, they are looking for productivity and efficiency gains to alleviate the manual labor associated with repetitive legal activities, which is the goal of Ontra’s product set. Just last month the company launched Insight, the first purpose-built software solution that allows fund managers to organize and actively manage obligations to their investors across all of their funds in one centralized platform. Insight turns complex legal contracts–like side letters, limited partnership agreements and MFN elections–into data and allows fund managers to assign obligations to individuals across their organization, track compliance with obligations in real time and build a comprehensive digital audit trail.
In addition, Ontra’s product roadmap remains hyper focused on transforming legal technology through contract automation and intelligence. The company is investing heavily in data infrastructure and machine learning and has built a human-in-the-loop system to feed their mountain of data back into their AI predictions.
“Combining our machine learning tools with our contract data and volume creates a rare opportunity for us to continuously expand our position as a market leader,” said Mitch Spierer, VP of Product at Ontra. “This human-in-the-loop system means that over time our process will continue to be better, faster, and cheaper than any alternative so that our customers have the freedom to focus on the higher value aspects of their jobs that require creative human attention.”
Expansion in APAC Signals Ontra’s Strong Global Presence
Ontra further expanded its footprint in the Asia Pacific region with the recent opening of an office in Singapore, following the opening of Hong Kong office last fall. By continuing its expansion into Singapore, Ontra furthers its ability to provide truly global solutions for existing and potential customers operating in the Asia Pacific region. To support Ontra’s growing presence, the company continues to appoint strong global leadership talent with Jon Crandall as Managing Director for Asia Pacific and Oscar Wang as Sales Director in Hong Kong.
To learn more about Ontra, visit https://www.ontra.ai
Ontra is the global leader in Contract Automation and Intelligence. The Ontra platform combines the best of artificial intelligence and software with a global network of talented lawyers to offer a complete and scalable solution for recurring legal workflows, such as processing routine contracts and tracking obligations in complex agreements. Ontra delivers purpose-built contract workflow and data management tools to easily manage obligations, answer key questions, and analyze trends and benchmarks. By streamlining repetitive legal processes and transforming contracts into data, Ontra helps customers lower costs, improve quality, reduce turnaround times, and provide actionable insights, ultimately freeing internal resources to focus on impactful and engaging work.
Ontra is headquartered in San Francisco, with global operations across North America, Europe, and Asia. Learn more at https://www.ontra.ai.
SAN FRANCISCO–(BUSINESS WIRE)–InCloudCounsel, the leading technology and services provider of contract automation and intelligence for many of the world’s biggest and most innovative companies, today announced the launch of Insight, the first purpose-built software solution that allows fund managers to organize and actively manage obligations to their investors across all of their funds in one centralized platform. Insight turns complex legal contracts–like side letters, limited partnership agreements and MFN elections–into data and allows fund managers to assign obligations to individuals across their organization, track compliance with obligations in real time and build a comprehensive digital audit trail.