2021 was a notable year for Onit. We not only celebrated our 10th anniversary, but we also saw accelerated growth and significant accomplishments. These included:
- Acquiring three companies – Bodhala, BusyLamp and SecureDocs
- Processing $8.3 billion in invoices across Onit, SimpleLegal and BusyLamp
- Launching numerous new AI products, including those for NDA contract management and invoice review
- Won numerous awards, including the 2022 BIG Innovation Award for InvoiceAI and the Inc. 5000 for the sixth consecutive year. Our customer BT also won the prestigious Legal Innovation Award in the “Future of Legal Services Innovation – In-house Legal Operations” category for its delivery of legal services powered by Onit’s Apptitude platform and matter management.
In this blog post, we will run through the highlights of 2021 for Onit and its family of companies.
First, though, we want to thank our customers, employees and partners. We couldn’t have reach these milestones without you. Thank you.
We also invite you to connect with Onit during Legalweek. From demos to cocktails to dinner, we’re offering many ways to celebrate Legalweek and learn more about us. Find out more here.
New Products for Contract Lifecycle Management (CLM)
Onit has continued its tradition of disrupting the CLM market, expanding our reach on a global scale in 2021. Last year we launched new AI technologies for contract management, including Automate NDA, which uses AI to streamline and automate the entire non-disclosure agreement (NDA) process, reducing the time spent on NDAs by 70%. We also introduced Smart Checklists, offered as part of the ReviewAI Microsoft Word Add-In, which turns playbook checks into intelligent, actionable and collaborative tasks.
Last year also saw Onit extending its contract management market reach to midsize and smaller companies. An essential move in this area was Onit’s acquisition of SecureDocs, which closed in 2021 and was announced last month. SecureDocs is a global software company for contract management, virtual deal rooms and electronic signatures. By acquiring SecureDocs, Onit expanded its product portfolio from enterprise-level CLM to include quickly deployable contract management software for new and growing legal operations teams. SecureDocs will integrate with SimpleLegal, Onit’s legal operations technology subsidiary, to empower greater efficiencies, transparency and intelligence for legal operations teams.
With the addition of SecureDocs, Onit now offers its customers technologies for all stages of legal operations – from newly established companies to global enterprises.
Continued Enterprise Legal Management (ELM) Leadership
In 2021, Onit became one of the world’s largest enterprise legal management conglomerates with the acquisition of BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments. The acquisition creates one of the largest global enterprise legal management conglomerates, with more than 600 implementations completed worldwide and $8.3 billion in legal invoices processed by Onit and its subsidiaries SimpleLegal and BusyLamp in 2021. It also augments Onit’s formidable global reach into 140+ countries with European domain expertise and a solution well-equipped for unique considerations such as VAT, the General Data Protection Regulation (GDPR) and regional tax policies.
BusyLamp wasn’t Onit’s only acquisition in the ELM space in 2021. We also acquired Bodhala, a legal spend analytics, benchmarking and market intelligence leader. Bodhala applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates, with proven results for optimizing spend and the procurement of legal services. Onit’s acquisition of Bodhala creates the most complete enterprise legal management solution on the market, allowing corporate legal departments to evolve analytics into actionable intelligence to optimize outside counsel spend.
Our subsidiaries also reached several milestones and earned awards in their own right. You can read about them in our press release.
This past year’s accomplishments marked even more significant growth and expansion than Onit saw in 2020, which is no small feat. In 2020, we launched an artificial intelligence-powered business intelligence platform and AI contract review, closed two acquisitions in 30 days (McCarthyFinch and AXDRAFT), established our AI Center of Excellence and achieved a market-leading NPS score – all despite COVID-related complications.
In addition to our successful acquisitions and product launches, Onit grew its global workforce by 30% in 2021. We expect to hire at an even faster pace in the coming year to continue focusing on growth and innovation. If you’re interested in learning more about the positions we’re hiring for, please visit our careers page.
You can expect even more great things to come as the year goes on. Whether you’re looking to revolutionize ELM and CLM for your organization or are interested in joining our team, contact Onit today.