Software maker Onit buysAI firm
Houston-based software developer Onit has acquired a small New Zealand company known for its artificial intelligence platform.
Auckland-based McCarthyFinch’s product speeds up the process of reviewing and approving contracts, and will become a part of Onit’s Precedent AI platform. McCarthyFinch will be rebranded as the Onit AI Center of Excellence.
Terms of the deal were not disclosed. The acquisition bring Onit’s workforce to 375, according to Chief Executive Eric M. Elfman.
Onit’s software uses AI to streamline business work processes, and a large number of its customers work in law firms and legal offices within enterprises. McCarthyFinch’s product is primarily used in the legal profession.
Golden Nugget to build a casino in Illinois
Tilman Fertitta’s Golden Nugget will build a casino in Danville, Ill., as part of an agreement struck last week. Golden Nugget Online Gaming Inc., a public company controlled by Fertitta, holds the exclusive right to offer online sports wagering there and, if permitted by law in the future, online casino wagering.
Full terms were not disclosed, but GNOG has committed to provide a $30 million mezzanine loan to Danville Development for the development and construction of the casino. Danville Development is a joint venture between Wilmot Gaming Illinois and GN Danville LLC, a wholly owned subsidiary of Golden Nugget.
The casino, about 140 miles fromChicago and 90 miles fromIndianapolis, will feature a Landry’s restaurant steakhouse, also owned by Fertitta.
Genesis Park on the hunt for acquisition
Genesis Park Acquisition Corp., a special purpose acquisition company, is expected to go public this week, offering 15 million units at a price of $10 each. The units consist of one Class A ordinary share and one-half of one redeemable warrant. The company has applied to list the units on the New York Stock Exchange under the symbol GNPK.U.
The company is sponsored by Genesis Park, a Houston-based private equity firm. Genesis Park has investments in a variety of industries, and said that the special purpose acquisition companymay pursue an acquisition in any industry, but intends to focus on businesses in the aerospace and aviation sectors.
Jefferies LLC is acting as sole book-running manager for the offering.
Lexitas deal expands reach in California
Lexitas, a Houstonbased provider of services to the legal market and a portfolio company of funds advised by Apax Partners, has acquired CD Photocopy.
CD Photocopy, based in Southern California, extends Lexitas’ presence in the market. Lexitas’s services include record retrieval, court reporting, legal videography, legal staffing, document review and commercial contracts outsourcing.