Leading AI business, McCarthyFinch, is selling its business to Onit, a leading provider of enterprise workflow solutions including enterprise legal management, contract lifecycle management and workflow automation.
McCarthyFinch was co-founded by top tier law firm MinterEllisonRuddWatts in 2017. The firm notes that the timing is ideal to hand over the reins to Onit – enabling McCarthyFinch and its employees and resources to realise the full potential of the product suite on a global scale.
MinterEllisonRuddWatts Chief Executive, Andrew Poole said: “We appreciate the true potential of McCarthyFinch’s offering. With Onit’s resources and know-how this deal represents a tremendous opportunity to expand McCarthyFinch’s footprint and global impact.
“While this transaction represents a successful exit of its investment in the AI-backed technology, MinterEllisonRuddWatts continues to focus on innovative solutions and technology that benefit both clients and the wider market for legal services.”
Onit, headquartered in the US and with offices in the UK, India and now New Zealand, has rebranded McCarthyFinch as its AI Center of Excellence. The company has already launched a new, AI-powered intelligence platform, Precedent, that reads, writes and reasons like a lawyer as well as ReviewAI, software that uses artificial intelligence to quickly draft, review, redline, and edit all types of contracts.
“We share MinterEllisonRuddWatts’ commitment to legal technology innovation. With the acquisition of McCarthyFinch, Onit gains some of the best talent in AI as well as continued product innovation for our customers,” said Eric M. Elfman, CEO and co-founder of Onit.
MinterEllisonRuddWatts’ initial investment as a founding partner through to successful exit is a testament to our commitment to developing cutting-edge global technology solutions and supporting New Zealand’s early stage capital markets.