Enterprise digital documentation specialist Arteria AI has agreed to acquire the financial services business assets of contract lifecycle management platform H4.
Arteria AI uses context-specific AI, data, analytics and automation to help its bank clients accelerate their client documentation processes at scale.
The Toronto-based firm was spun out of Deloitte last year, where it was known as dTrax, and has since raised US$11 million in funding.
Now it is doubling down by buying the FS assets of H4, a rival backed by Goldman Sachs, JP Morgan and Barclays.
As part of the agreement, H4’s chairman and co-founder Joe Seifert will join Arteria AI’s team as a senior advisor.
Shelby Austin, CEO, Arteria AI, says: "It is a strategic decision for us to acquire certain financial services assets of H4 to expand our reach and super-charge our efforts. Joe Seifert will bring invaluable experience and expertise to our team.
"We look forward to working together to provide an unrivalled, data-first client documentation solution for global financial institutions.”
Rob Fagg, CEO, and Andy Byrne, COO, have agreed a management buyout of H4, continuing their roles and becoming co-founders of the new business, which will focus on the corporate market outside of banking. Seifert will remain a minority shareholder.