Deloitte has spun out its contract lifecycle management (CLM) software offering, Arteria AI, which was formerly known as dTrax, into a standalone business.

Shelby Austin, managing partner of growth and investments and Deloitte’s Omnia AI business, has been appointed as CEO of Arteria AI. Austin’s previous company, ATD Legal, was acquired by Deloitte in 2014.

Deloitte says that the move is meant to accelerate Arteria AI’s growth and expansion into new markets and attract third-party investment. Deloitte will continue as Arteria AI’s preferred services partner.

“This is an important moment for us to embody the incredible entrepreneurial spirit that is driving Canada’s prominence as a global centre for innovation and technology and leadership in diversity,” said Austin.

A team will also transition over to Arteria AI; this includes Abrar Huq and Jonathan Wong, who alongside Shelby founded dTrax at Deloitte. Wong will act as the chief technology officer, a role he has played at a number of startups previously, and Huq will fill the position as chief revenue officer, leading Arteria AI’s go-to-market activities. Jas Jaaj has taken on leadership of Omnia AI.

“We believe this move will be instrumental in catapulting this already successful AI solution to new heights, faster” said Anthony Viel, managing partner and CEO of Deloitte Canada. “I am confident that this is the best direction for our clients in this space, and that Shelby is the best person to take on this new venture.”