Year: 2019

Listen to Onit’s New Podcast About K1 Investment Management’s Strategic $200 Million Investment in Onit

We’re excited to announce our latest podcast! In episode 6, Onit CEO Eric M. Elfman discusses K1 Investment Management’s strategic $200 million investment in Onit to accelerate global growth. Eric begins by explaining the reasons why the transaction is exciting for Onit, one of which is that it validates and recognizes the company for what it has accomplished in the last eight years. Another exciting part is that it provides the funding for Onit to execute to its full potential of becoming a market leader in not only enterprise legal management, but in contract management and business workflow.

Eric continues by explaining that K1 is not interested in breaking apart companies to make a profit, but rather to invest in high-growth companies like Onit by funding their continued growth. Eric emphasized that Onit’s goal remains to grow 50-100% per year over the next five years. He went on to explain that the deal will not really affect Onit’s leadership and its teams, since K1 invested in Onit for the way the organization is currently working – they don’t want to “undo” what has been working well. As far as whether Onit’s platform will change, the intent is to continue evolving its front-end and database and scalability of product has to grow. Pricing won’t increase due to the investment, but prices will continue following ordinary trends by increasing or decreasing accordingly.

Eric closes by explaining that K1 wasn’t the only investor that knocked on our door, and that Onit wasn’t actively seeking money at the time. But since he has known K1’s founding team for more than 20 years and really likes them and their investment concept, Eric decided the time was right to close a deal and selected K1 over another close competitor.

Listen to this podcast.

The Long Road to Business Process Automation and Apptitude Part II: More Early Predecessors

“Daedalus…had the power to construct statues endowed with motion and to compel gold to feel human sensations.”
– Callistratus, Descriptions, 4th century A.D.

In part one of this series we discussed some early attempts at automation, some more successful than others. Surprisingly, we can push the history of automation back even further to about 762 B.C. in ancient Greece. In Homer’s Illiad, he discusses the workshop of Hephaestus and the automatons that worked for him. These automatons were basically mechanical robots that served different purposes. For example, his tripodes khryseoi (golden tripods) were wheeled tripods that would wheel themselves in and out of the halls of the gods during the great feasts as they were needed. There were at least seven other named automatons used to carry out various tasks and missions. Although these automatons lived only in the realm of myth (as far as we know), the fact that automation was already being pondered in the 8th century BC is amazing in itself.

Pushing forward many centuries we find more solid evidence of real automation which laid the groundwork for modern business process automation and our process automation platform, Apptitude. In the 12th century AD, Ismail Al-Jazari created his famous Castle Clock. This clock was renowned in its day for its magnificence and accuracy in telling time, but its foreshadowing of automation is undeniable. Replicas of this clock can be found throughout the world today, including the United States. Through trial and error, Al-Jazari used gears, chains, wood, metal, a float chamber, flow regulator, and water to make the huge clock work. Every hour, doors would open automatically to reveal a figurine, and two gold falcon automata would drop balls into vases waiting below. Automata were a highlight of this wonder. Three times a day, five robotic, mechanical musicians would automatically perform musical pieces when activated by a water-driven camshaft. They would be activated by a system of pulleys, water trough and a water-powered “scoop” wheel. The clock also featured several displays, including the lunar and solar orbits and the zodiac. A crescent moon-shaped disc would move across the frieze indicating minutes.

Al-Jazari’s Castle Clock
Al-Jazari’s Castle Clock

In 1804 an inventor in France had developed several types of looms; including one with a treadle for power and another for weaving fishing nets. But Joseph Jacquard’s most famous invention was an automatic mechanical loom that used pasteboard cards with punched holes to control the process of weaving complex patterns. Prior to this invention, weaving intricate, figured designs was a slow and very laborious process. It required two operators: the skilled weaver and the draw boy to operate the loom. Jacquard felt there had to be a way to simplify the process for weaving complex patterns, and that a mechanism could be developed to make this happen. After much experimentation and trial and error, Jacquard succeeded in making the first programmable loom. Many hundreds or even thousands of these cards would be strung together, each card representing one row of the woven design. Jacquard’s invention was a landmark in computing history and not a fly-by-night fad by any means, since punched cards for computing were in use until the 1980s.


Jacquard’s Loom, showing coded punched cards

Onit would like to pay homage to these and all inventors whose ideas were guiding lights and blazed the path to the modern process automation. Every business process automation platform, including Apptitude, truly has a deep heritage going back many centuries.

Onit Secures $200 Million Strategic Investment from K1 Investment Management to Accelerate Global Growth

Onit is thrilled to announce that K1 Investment Management has made a $200 million strategic investment in our company. With the investment, Onit will scale operations to meet the increasing demand for innovative, market-leading process automation technology and enhance its back-end infrastructure to increase its scalable platform to meet continued growing client demand. Additionally, the investment will help fund go-to-market strategies, accelerate new product development and increase functionality of existing product offerings.

Onit’s CEO Eric M. Elfman is especially thrilled about this investment – “We are very excited to partner with K1 and their significant investment in our company further demonstrates the continued growth trajectory for Onit. We believe that we are clearly proving that our approach to streamlining business process – creating better workflows and not better databases – fundamentally sets us apart in the industry and is driving growth. We have the only end-to-end platform that solves workflow and process challenges across the enterprise. In fact, we have configured and deployed more than 200+ solutions and are instrumental in driving the transformation with some of the most innovative global companies in the world. As we scale to meet increasing demand, we are excited to also accelerate our investment in product development, resources and operations.”

Likewise, K1’s Managing Partner Neil Malik shares enthusiasm about this deal – “Onit’s platform has raised the bar on what users expect from software that extends beyond legal across the enterprise. We’ve seen the company more than triple its customer base and revenue in two years and we have tremendous confidence in the management team’s long–term vision. It’s exciting to partner with a team that pioneered the legal software space nearly 20 years ago and to now see how their innovative solutions are transforming the way Fortune 500 companies and legal departments operate.”

Onit’s client Anna-Lisa Corrales of Jaguar Land Rover North America offered her excitement on hearing the news – “We are on a legal transformation journey at Jaguar Land Rover toward greater efficiency and effectiveness, and the partnership between our law department and Onit has been instrumental in accelerating this process. We had to rethink the use of our internal and external resources and knew that we wanted to build partnerships with technology experts to help drive this revolution. We found that commitment from Onit and its management team. Rooted in an innovative system architecture that supports our needs for process automation, workflow and collaboration, Onit’s platform can enable best-in-class solutions for our growth today and in the future.”

Read the press release.