Category: Company News and Events

We are excited to announce that Onit has achieved several noteworthy milestones in 2019. Especially exciting is that our milestones last year surpassed by leaps and bounds those of 2018, which was also a stellar year for us. Last year’s milestones included a $200 million strategic investment from K1 Management (K1) and the acquisition of SimpleLegal, a leading provider of modern legal spend, matter and vendor management software. Other pivotal milestones that helped fuel our growth included the launch of our new contract lifecycle management solution, key strategic management hires, industry awards and the official introduction of our Strategic Alliances program.

Last year, we hired an unprecedented 125 people globally and made strategic hires across the management team. Executive appointments included Chris Fields as chief technology officer, Minnie Damle as vice president of human resources, Andrew Hosman as vice president of product management and Vignesh Ramamurthy as general manager and vice president of India Operations.

We were also recognized by several legal and business organizations for our innovation, thought leadership and entrepreneurship last year. In addition, our customers have won awards with the help of Onit’s workflow automation technology. Our awards and distinctions included ranking in the top 20% on the Inc. 5000 for the fourth consecutive year and #249 on Deloitte’s Tech Fast 500 for the third consecutive year, and the Best Tech Startup by the Tech Tribune.

Other significant milestones include:

• Secured three-year annual recurring revenue (ARR) growth of 640%
• Year-to-date total revenue increased 75% over last year and new bookings exceeded $20 million
• Secured 108 new customers and landed expansion deals in more than 60 existing customers
• Went live with 33 projects in 2019 and completed 368 project milestones
• Achieved net customer retention over 100%
• Trained 172 Onit employees, partners and customers in 25 training sessions with 348 certification levels granted (a single person can attain multiple certification levels)
• Launched a Strategic Alliances program that delivered a best-in-class partner model with more than 15 technology, implementation and complementary services partners
• Ranked on the Houston Chronicle Best Places to Work for the second consecutive year

All of our achievements in 2019 would not have been possible without the collective efforts and exceptional dedication of the entire Onit and SimpleLegal team, here in the United States and abroad.

Listen to Eric Elfman’s podcast on 2019 milestones below and read the full release.

It’s time again for another stimulating Onit podcast! In this episode, Onit’s CEO and founder Eric M. Elfman discusses the company’s amazing milestone achievements attained in 2019.

Eric starts by offering a birds-eye view of Onit’s stellar growth in 2019. The company’s revenue grew 75% over 2018, and recurring revenue grew a whopping 68 percent. According to Eric, the acquisition of SimpleLegal was the most exciting milestone of the year. It was our first acquisition and signifies the beginning of Onit’s plan to “integrate companies into the whole.”

Eric then speaks a bit about what he thinks of the legal operations market, explaining that Onit is poised to take advantage of two key themes. One theme is a sharp focus on process and how we can help lawyers and paralegals be more efficient. The other theme is “platform,” meaning that we need to get more features, functionality and products out of fewer vendors, so there are less failure points in integration.

Eric goes on to comment on what it is that customers can expect from Onit. “2020 will be the year of the customer,” he says, pointing out that superior implementations, delivery, support and expansion are all part of the recipe. “In fact,” he says, “we’re developing two more products that in 2021 will become the next CLM product.” Eric also mentions that his mission as a company is to deliver one brand new product in an entirely new market each year.

In closing, Eric explained what keeps him up at night. You’ll have to listen to the podcast but he did say that running a large, complex company will only continue to get bigger and more complex!

What do Mardi Gras, Mediterranean and Modern Technology have in common? They’ll all be featured in Onit’s lineup of activities at Legaltech 2020! Like last year, Onit will be fully energized and busy at Legaltech NY. The New York Hilton Midtown will be bustling with activity, and Onit doesn’t intend to sit on the sidelines.

Onit will be stationed on the third floor near the show registration desks. Here, you’ll find the Onit and SimpleLegal Smart Charge Station, and have the opportunity to see demos of our cutting-edge process automation solutions for enterprise legal management, contracts, legal service request and more. You can learn more about our recent launch of Onit Contract Lifecycle Management, as well as our acquisition of SimpleLegal.

You won’t want to miss this: Onit will be hosting a thought-provoking session titled “Career Up! LegalOps for eDiscovery Professionals & Tech Wonky Attorneys” in the Legal Operations Technology and Emerging Trends Track on February 5 from 11 a.m. – 12 p.m. This session features our own Paige Edwards moderating a discussion between legal operations professionals from Prudential, Toyota and Purdue Pharma. The session will cover career statistics and trends in the legal operations job market, certifications and degrees that matter most, salary guidelines and business of law implications.

And it doesn’t end there. Join Onit, SimpleLegal and NetDocuments for an early Mardi Gras happy hour on February 4 a few blocks from the show at the Dream Hotel for great jazz, cocktails and light bites. The party will get started at our booths during the Legaltech opening reception at 5:00 p.m. and carry on to the Dream Hotel. Get Details and Register here

We also invite you to join an exclusive dinner for in-house legal leaders, co-hosted with Consilio. Enjoy cocktails and a seated dinner at an acclaimed Mediterranean hotspot two blocks from the show. Seats are very limited so request yours today! You can email us at [email protected] or request a seat here.

Last but not least, please schedule time for an Onit demo in our private demo room away from the exhibit hall floor to take a deeper dive into how Onit products can help your legal department better manage legal work, costs and risks. The schedule is nearly full so don’t wait! Request a time slot here.

Onit has been quite busy the last couple of months (which is nothing new for us). Besides our daily mission of creating cutting-edge enterprise workflow solutions, here are a few other things we’ve been up to.

Onit and SimpleLegal Host a Webinar

Onit and SimpleLegal hosted a webinar, The Future of Legal Operations: Market Trends, Change Management and Predictions.  As a part of this webinar, legal industry leaders Eric M. Elfman, CEO of Onit, and Nathan Wenzel, CEO of SimpleLegal, and leading Legal, Risk and Compliance Analyst, Ryan O’Leary of IDC presented on the evolution and future of legal operations and discussed how chief legal officers and legal operations professionals are digitally transforming the industry with process efficiencies, technology and change management.

Strategic Alliance Between PERSUIT and Onit

Onit partnered with PERSUIT, a process automation platform for engaging outside legal counsel, following the launch of Onit’s Strategic Alliances Program. Read the Press Release

Onit Claims Position #249 on Deloitte’s Tech Fast 500

Onit again ranked on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and energy tech companies in North America. Onit recorded growth of 441% percent during this period and came in at #249. Read the Press Release

Onit Moderates Session at Corporate Legal Ops Forum

Onit moderated a session titled Emerging Trends in Legal Operations at the Consero Corporate Legal Ops Forum in Florida. Panelists included legal operations professionals from Prudential, McDonald’s, Morgan Stanley, Bio-Rad Laboratories and Jabil Circuit. Read More

Strategic Alliance Between Duff & Phelps and Onit

Duff & Phelps has become Onit’s first Strategic Alliances partner with level 4 certified resources. A global advisor that protects, restores and maximizes value for clients, Duff & Phelps has 22 Onit-experienced resources, 16 of which are Onit certified. The Onit and Duff & Phelps relationship extends beyond the United States into EMEA, where they are one of Onit’s leading implementation partners. Read the Press Release

Strategic Alliances Program Launch

Onit unveiled its new Strategic Alliances Program. This program is Onit’s premier initiative to establish and support external alliances that promote growth and success for our clients and partners; the principles of which are strategy, transparency, accountability and rigor. This remarkable new program addresses the needs of not only Onit’s trusted partners, but of our clients as well. Read the Press Release

Onit CEO Eric M. Elfman Wins the Rice Business Alumni Award

Onit CEO Eric M. Elfman won the Rice Business Alumni Award. This prestigious honor was bestowed on just six individuals this year. Eric won in the category of Industry Excellence in Technology. Read More

Onit Participates in the ACC Annual Meeting

Onit participated in the ACC Annual Meeting in Phoenix, October 27 – 30th. There were opportunities to see demos of our solutions, and learn more about the recently launched Onit Contract Lifecycle Management product. Subscribe to the Blog for Alerts about Future Events

Onit Holds Second Customer Forum of 2019

This year’s second Onit Customer Forum was held November 5-7 in Houston. This is a bi-annual event designed to foster collaboration and learning among peers. Onit’s customer community is focused on sharing best practices and driving innovation. Attendees heard case studies from customers in a variety of industries and received the latest updates on product roadmaps and strategy. Request an invitation to the next forum by emailing [email protected]

We are excited to announce that Onit’s CEO and co-founder, Eric M. Elfman, has won the Rice Business Alumni Award! This prestigious honor was bestowed on just six individuals this year. Eric won in the category of Industry Excellence in Technology.

Eric’s award profile reads in part “His career shifted to a focus in technology and he founded DataCert, Inc., a spend management software and services company. Under his leadership, DataCert grew from a small, entrepreneurial organization to a leading provider of corporate legal technology. Eric also co-founded Onit, a legal project management software company that specializes in solutions that simplify business process automation and productivity. Over his career, Eric and his companies have been recipients of numerous high-profile awards and distinctions, such as the 2002 Ernst & Young Entrepreneur of the Year for Emerging Technology, Four-time Inc. 500 Listing, and Multiple-year Inc. 5000 Listing. In addition, Eric currently serves as a member on the Rice Alliance for Technology & Entrepreneurship Advisory Board.”

Established by the Jones Graduate School Alumni Association (JGSAA), the Rice Business Alumni Awards annually recognize alumni for outstanding achievements in their professional fields and exemplary leadership. Recipients of these awards embody our four pillars of alumni engagement: community, philanthropy, volunteering and life-long learning. This means that when reviewing nominations, the selection committee took into special consideration those alumni who exemplify and consistently engage in supporting their communities through networking, philanthropy, volunteering and a demonstrated passion for learning.

Read more about Eric’s win.

Onit is excited to announce that we ranked #249 on Deloitte’s 2019 North America Technology Fast 500, an annual ranking of the fastest-growing North American companies in the technology, media, telecommunications, life sciences, and energy tech sectors. Onit attained this high ranking by achieving an astonishing 441% growth over the past three years.

“The Deloitte Technology Fast 500 is a list that every company like Onit strives to be on,” says Eric M. Elfman, CEO of Onit. “This achievement is a major source of pride for me, and is indicative of all the hard work of our team members over the past several years. This is a significant milestone for Onit and validates our strategy to be highly focused on our customers, partners and products.”

Winners are selected based on percentage fiscal-year revenue growth over a three-year period. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years, and be headquartered within North America.

Over the past quarter century, the Fast 500 program has honored nearly 6,000 companies across North America. Overall, the 2019 Technology Fast 500 companies achieved revenue growth ranging from 166% to 37,458% over the three-year time frame, with a median growth rate of 439%.

Click here to learn more about the Technology Fast 500.

Onit and SimpleLegal will be hosting a webinar, The Future of Legal Operations: Market Trends, Change Management and Predictions, November 20 at 12:00 p.m. CST.

As a part of this webinar, legal industry leaders Eric M. Elfman, CEO of Onit, Nathan Wenzel, CEO of SimpleLegal, and leading Legal, Risk and Compliance Analyst, Ryan O’Leary of IDC will present on the evolution and future of legal operations and discuss how chief legal officers and legal operations professionals are digitally transforming the industry with process efficiencies, technology and change management. The webinar will highlight:

• The rise of the legal operations industry and how legal operations professionals can be agents of change
• Market trends and the evolving legal technology landscape – and why it is critical for legal operations to be successful
• The essential tool kit for companies looking to invest in legal operations
• Predictions for the future of legal operations

Read the press release.