Beacon Equity Partners-backed enterprise contract lifecycle management (CLM) solutions provider Exari has announced its acquisition of UK-based contract data discovery, capture and analytics provider Adsensa.
Exari, an automated document assembly and contract automation software company, uses a web-browser interface to enable businesses to create contracts by using templates from their legal departments. Exari promises its enterprise clients a reduction in costs, cycle time and risk by streamlining the contract process and reducing the burden on legal departments.
Exari, which has offices in Boston, London, Munich and Melbourne, says its combination with Adsensa will create the first complete CLM platform, intended to offer enterprises a single solution to manage new, legacy and third-party contracts.
“Companies struggling with getting deep insight into their policy data will benefit greatly from this combination,” said Ian Macartney, CEO at Torrent Technologies.
Ed Mullen, Chairman of the Board at Exari, says the combined entity will serve over 250 customers worldwide, doubling the firm’s customer base, accelerating growth in existing markets and opening new markets. Adsensa, with operations in Newbury, London and Chicago, will expand Exari’s presence in industries including insurance, financial services, energy and professional services. Exari CEO Bill Hewwit says contract data discovery software provider Adsensa has built a profitable, growing company with “excellent customer satisfaction and highly differentiated solutions.”
Credit Suisse is reportedly collaborating with Exari to develop new technologies in CLM space, noting that “in today’s competitive environment, banks need to streamline their business processes whilst satisfying a myriad of regulatory environments.” As a result, the investment bank says technologies that boost these efficiencies will be in high demand.
Financial terms of the deal were not disclosed.