Ontra, a provider of contract automation and intelligence solutions for asset managers, has acquired Captain, an alternative investment software provider.

The companies did not reveal the financial and other terms of the agreement.

Through this deal, Ontra hopes to further augment its legal operating system for private markets and offer a ‘more streamlined and efficient experience’ for private markets transactions to asset managers.

Ontra noted that it will integrate Captain’s assets into its platform to enhance digital funds lifecycle management.

The integrate will result in streamlining onerous processes such as subscription documents, most favored nations (MFN) elections, side letter obligation management, and funds secondaries transfers, the company said.

Ontra added that its fund lifecycle management platform will improve transparency as well as performance for all parties involved in private markets transactions such as private equity firms, limited partners (LPs), law firms, and fund administrators.

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Ontra founder and CEO Troy Pospisil commented: “We are very excited to continue to incorporate Captain’s work inside the Ontra platform and expand our range of solutions for private markets clients.

“Ontra is building an AI-powered digital operating platform to help customers transform these burdensome processes into user-friendly, integrated digital workflows, and this acquisition will allow us to deliver on this vision more quickly.”

Captain CEO and co-founder Kyle Hogan said: “Ontra is the clear market leader in delivering innovative solutions to the private markets. Their team shares our vision to digitise the funds lifecycle and has earned the trust of most of the world’s large private equity firms.

In June this year, Ontra purchased FundFormer, an electronic subscription document provider for fund managers and their investors,  to enable its asset management clients raise funds faster.