Onit

Dec 17, 2020

The Latest Onit Acquisition: Your Contracts Drafted 10 Times Faster with Document Automation from AXDRAFT

Hear Onit’s CEO and the General Manager of AXDRAFT discuss Onit’s latest acquisition and what it means for contract lifecycle management, document automation and contract drafting in our latest podcast below.

AxDraft - An Onit Company

Drafting contracts just got easier with document automation from AXDRAFT – now an independent Onit subsidiary.

Onit announced the acquisition of the Y Combinator-backed company today. AXDRAFT – now AXDRAFT, an Onit Company – enables in-house counsel to draft legal documents 10 times faster and complete contracts like nondisclosure agreements and service agreements in less than five minutes.

This is Onit’s second acquisition announcement in 30 days. In November, Onit acquired legal AI company McCarthyFinch and immediately launched Precedent, its intelligence platform, and ReviewAI, software that accelerates contract review by up to 70% and improves user productivity by more than 50%.

Continued Contract Lifecycle Management Innovation

The AXDRAFT acquisition addresses Onit’s commitment to innovating its offerings, especially contract lifecycle management (CLM).

“Disruption is in Onit’s DNA, from launching the industry’s first no-code business process and automation platform, Apptitude, to bringing machine learning and natural language processing to the practice of contracting with Precedent and ReviewAI. We’re also the first in our space to offer two platforms, one for workflow automation and one for artificial intelligence. AXDRAFT is a disruptor to old-line businesses in the document automation space. Our guidance and resources will help the company scale significantly, secure new customers worldwide and contribute to Onit’s aggressive growth strategy,” said Onit’s CEO and co-founder Eric M. Elfman.

Addressing the Challenges of Contract Drafting with AXDRAFT

The contract drafting process comes with multiple challenges – especially when a corporate legal department has a high volume of them to complete. It’s highly manual, repetitive and time-consuming. Plus, as a manual process, there are numerous ways to make mistakes.

AXDRAFT breaks that cycle with its document automation by providing lightning-speed, error-free and multilingual contract drafting.

Yuriy Zaremba, co-founder of AXDRAFT and now its General Manager, understands these challenges firsthand.

“When I was a lawyer, I experienced how routine legal work can be when you draft the same types of documents over and over again. It’s a process that invites mistakes and keeps attorneys from focusing on higher-value contributions,” he explained. “AXDRAFT drafts the contracts and other legal documents in less than five minutes, making it significantly easier for legal professionals to maintain accuracy and collaborate with the businesses they support. We’re excited to join Onit and begin the next phase of our company’s evolution.”

Fueling AXDRAFT is a proprietary algorithm created by its co-founder and now CTO, Oleg Zaremba. The algorithm enables streamlined and extensible document drafting in any language, including Chinese and Japanese. It supports live document preview and data integrations to transform complex documents into simple Q&A processes. Another important distinction: AXDRAFT onboards customers’ documents at no cost, making it a truly turnkey solution.

AXDRAFT is available immediately as a stand-alone, out-of-the-box document automation tool.

Listen to the Latest Episode of Onit’s Podcast 

You can hear more about the acquisition in this podcast interview featuring Eric M. Elfman and Yuriy Zaremba.

To find out more about the AXDRAFT acquisition:

  • Read the press release.
  • If you are an Onit customer, speak with your account manager.
  • Visit the AXDRAFT website at AXDRAFT.com.

 

 

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