On Monday, contract automation provider Ontra, previously known as InCloudCounsel, announced its acquisition of the material assets of software company Captain, which builds technology and digital tools for fund managers and investors. The company did not disclose the financial details of the agreement.

With the acquisition, Ontra looks to bolster its digital fund lifecycle management tool by leveraging Captain's institutional relationships and fund management technology. Ontra's tool digitizes key administrative, document-related workflows involved in raising funds in private markets, such as limited partnership agreements and signed letters for asset managers.

On the other hand, Captain, will not continue as a standalone company, and will cease to exist.