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Arteria AI to buy H4's FS business assets

Arteria AI to buy H4's FS business assets

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.

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