News Type: Press Release

About the Session
One of the key areas where law department operation professionals are seeking operational wins is by automating legal and business processes. Legal teams today are being asked to do more with less resources but they need tools to meet these challenges.

Join Brian Burlew, VP, LCBE Ops, Digital Utility, Prudential Financial to learn more about their approach to process improvement. Burlew will discuss how Prudential’s technology team is driving change with process efficiencies to manage its legal operations.

His presentation will highlight the following:

• The rationale of their technology team’s process improvement initiatives
• How automating workflows gives them a better view of all on-going business transactions
• Lessons learned from the implementation process
• Early results from gaining visibility into their legal operations

About Legaltech 2019
Legaltech 2019 is being held January 28-31 in New York City and offers attendees a unique opportunity to learn about the latest legal technology trends and advancements in a peer-rich environment, while also collaborating to address shared issues and opportunities. To learn more about the conference, click here.

About Onit
Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

Houston, January 8, 2019 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract management and business process automation, today announced it has secured an investment of $200 million from K1 Investment Management (K1). With the investment, Onit will scale operations to meet increasing client demand for innovative, market-leading process automation technology and enhance its scalable platform. Additionally, the investment will help fund go-to-market strategies, accelerate new product development and enhance functionality of existing product offerings.

“We are very excited to partner with K1 and their significant investment in our company further demonstrates the accelerating 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,” commented Eric M. Elfman, CEO and founder. “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 process 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, human resources and operations.”

“Onit’s platform has raised the bar on what users expect from software that extends across the enterprise,” said Neil Malik, Managing Partner at K1. “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 enterprise legal management 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.”

“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,” commented Anna-Lisa Corrales, General Counsel, Jaguar Land Rover North America, LLC. “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.”

Companies using Onit’s technology span a variety of industries and utilize Onit’s business process platform for solutions across the enterprise. The platform supports an unlimited number of solutions, from enterprise legal management (ELM) to department-specific (e.g. legal spend management, legal holds, e-billing, legal service requests, NDAs, matter management) to shared solutions common throughout all industries (e.g. contract management, SOX compliance, employee onboarding, whistleblower, budgeting). The platform scales to support thousands of users and millions of documents. Onit is a disruptive alternative to the traditional database-driven products and presents a familiar solution-based approach to legal operations management by breaking up ELM into individual task-based solutions and processes with workflow and collaboration.

Thought Leadership & Recognition

As Onit continues to drive transformation in the legal space and beyond, it has continually been recognized by various software and legal industry organizations for its innovation, thought leadership and entrepreneurship. Onit made the Inc. 5000 list of fastest-growing private companies for the past several years. In addition, Onit’s CEO Eric M. Elfman, a past winner of the EY Entrepreneur of the Year®, was once again a finalist for the award in 2018. In addition, Onit’s CFO York Richards was named a finalist for CFO of the Year by the Houston Business Journal.  Below are some of the additional awards the company has won.

• Recognized as a 2018 Best Place to Work by the Houston Chronicle
• Houston Business Journal Fast 100 winner and top ranking on the B2B software companies list
• Recognized by Capterra as a Top 20 Contract Management vendor multiple years in a row
• Received special recognition from Hyperion Research (2017) in three key categories: Process Automation, Enterprise Apps and System Architecture

About Onit

Onit is a global leader of enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. Our solutions transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract management and legal holds, we operate globally and help transform the way Fortune 500 companies and billion dollar legal departments bridge the gap between systems of record and systems of engagement. We help customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

About K1

K1 is a leading investment firm focusing on high-growth enterprise software companies globally. K1 seeks to help dynamic businesses achieve successful outcomes by identifying and executing organic and acquisition-based growth opportunities that position its companies as industry leaders. K1 typically invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. K1’s investments vary in the level of ownership in order to meet the needs of entrepreneurs and managers. Representative past and present portfolio companies include industry leaders such as Apttus, Buildium, Certify, Checkmarx, Chirotouch, Granicus, IronScales, Litera Microsystems, RFPIO, Smarsh and Workforce Software. For more information about K1, please visit www.k1capital.com or https://www.linkedin.com/company/k1im.

Houston, November 16, 2018 — Onit, Inc. a leading provider of enterprise legal management, contract management and business process automation solutions, today announced it ranked 264 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 grew 327% percent during this period.

“Securing a placement on Deloitte’s Technology Fast 500 in 2018 is a real honor for Onit, as well as for me personally,” commented Onit CEO Eric M. Elfman. “This offers tangible confirmation that our challenge to the prevailing process management model has been working well. Our solution-based approach to legal operations management breaks up workflow processes into individual task-based solutions and processes and has been enthusiastically received by companies globally. I attribute Onit’s remarkable 327% revenue growth to that successful challenge and our never-ending quest for excellence in helping clients reach their goals of efficiency and productivity.”

Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2014 to 2017. These companies are innovators who have converted their disruptive ideas into products, services and experiences that can captivate new customers and drive remarkable growth.

“Software, which accounts for nearly two of every three companies on the list, continues to produce some of the most exciting technologies of the 21st century, including innovations in artificial intelligence, predictive analytics and robotics,” said Mohana Dissanayake, partner, Deloitte & Touche LLP, and industry leader for technology, media and telecommunications, within Deloitte’s audit and assurance practice. “This year’s ranking demonstrates what is likely a national phenomenon, where many companies from all parts of America are transforming the way we do business by combining breakthrough research and development, entrepreneurship and rapid growth.”

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.

See the complete Technology Fast 500 ranking list.

About Onit

Onit is a leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

HOUSTON – November 5, 2018 – Onit, Inc. a leading provider of enterprise legal management, contract management and business process automation solutions, announced its latest achievement in ranking #11 on the Houston Chronicle’s Top Workplaces for 2018. A grand total of 253 companies with about 139,000 employees participated in the survey and about 81,000 workers responded.

“When a company makes the list of Top Workplaces it’s an achievement to be proud of. But when you rank #11 you get an incredible sense of accomplishment,” commented Eric M. Elfman, Onit CEO and founder. “This wonderful news provides concrete validation of the effort we put into making Onit the very best work environment for our people. And it doesn’t stop there – we intend to continue making our company an even better place for our employees, as well as make it more attractive for prospective candidates.”

The Houston Chronicle’s annual Top Work Places ranking showcases regional companies who are the very best at maintaining a desirable working environment. The Houston Chronicle has recognized 150 companies and organizations in Houston as Top Workplaces for 2018. These companies have been recognized based solely on surveys about the workplace completed by their employees.

Top Workplaces is about the companies that manage to overcome these obstacles. It is a celebration of companies that are constantly seeking new ways to keep their employees empowered and engaged. The Houston Chronicle teamed up with Energage to conduct the rankings, which were based on surveys from 80,698 Houston-area employees.

See the Top Workplace rankings.

About Onit

Onit is a leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

Houston, October 30, 2018 – Onit, Inc. a leading provider of enterprise legal management, contract management and business process automation solutions, is excited to announce a major office move to larger facilities in Houston. Onit will be moving from its current location at 601 Sawyer in the Heights area to the 22nd floor of 1360 Post Oak Blvd in the Houston Uptown area.

The new office space is approximately 21,000 square feet, which makes it nearly three times larger than the previous office and will house more than 120 employees. The new facility will provide Onit staff with much-needed space to accommodate its astronomical growth.

“We are excited to relocate to our new, larger office in the Galleria,” commented Eric M. Elfman, CEO and founder. “This move represents another significant milestone for our fast-growing software company. The new office space better accommodates our growing team and enables us to hire additional talent to continue to provide industry-leading support and service to our global clients. The additional space will also help drive innovation and provide the opportunity for further expansion into additional markets, product lines and services.”

The new space reflects the innovative culture of Onit and strives to make it a great place to work. The facility features technology-enabled conference rooms and stations where teams can collaborate on solutions with colleagues, customers, partners and offsite employees.

Onit made the Inc. 5000 list of fastest-growing private companies for the past several years, including 2017. In addition, Onit’s CEO Eric M. Elfman was recently a finalist for the Ernst & Young Entrepreneur of the Year and Onit’s CFO York Richards was named a finalist for CFO of the Year by the Houston Business Journal.

About Uptown Houston

With 28 million square feet of commercial office space, Uptown Houston is one of the nation’s largest business districts. Headquarters to some of the most prominent energy, financial, real estate and professional services companies in the world, Uptown Houston is an address that defines success. Companies seek out the area for its Class A office space, beautiful environment and broad range of business amenities. Uptown is an urban community of exceptional beauty, sophistication, style and international prominence in the heart of Houston. It is defined by its unique blend of prestigious business and residential addresses, with the best in shopping, hotels, dining and entertainment.

About Onit

Onit is a leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

AUSTIN – October 23, 2018 – Onit, Inc. a leading provider of enterprise legal management, contract management and business process automation solutions, today announced a “starter package” for companies looking to solve workflow and process problems across the enterprise (i.e. legal, sales, compliance and finance departments). Apptitude, Onit’s business process automation platform, is unique in the market. It is the only end-to-end platform upon which more than 200+ operations workflows have been built. Onit’s solutions have helped transform some of the largest global companies with streamlined internal processes, greater visibility into transactions and improved operational efficiency. A “departmental license” (i.e. one focused on legal and compliance) and enterprise license (unlimited across the full organization) are now generally available. Starting today, customers new to the Onit platform can purchase a “Ten Pack” of workflow solutions to use in the first year at a fixed low cost. This special packaging is only available until December 31, 2018.

“Onit’s unique platform encourages corporate legal departments to holistically solve their legal department’s needs,” commented Eric M. Elfman, Onit’s CEO and founder. “Our solutions can be developed and deployed by our team, a consulting or technology partner or a customer. Some customers purchase an Onit Apptitude platform license allowing them to build and configure as many solutions as needed. Because customers can add additional workflows as needed, Onit’s platform grows alongside your legal and business teams.”

Onit’s Appttitude platform empowers legal operation teams to run legal like a business so they can drive efficiency, contain costs and help manage the myriad of tasks including vendor management, systems implementation, strategic planning, technology assessments and knowledge management initiatives. The platform provides a foundation for all solutions across the business and supports an unlimited number of solutions – from department-specific (i.e. legal spend management, legal holds, legal service requests, NDAs, matter management, etc.) to shared solutions common across all industries (i.e. contract management, ticketing, NDA, etc.). The platform also scales to support thousands of users and millions of documents. Additionally, a new version of the release is announced every month allowing users to benefit from the latest technology innovations and best practices.

“Onit’s Apptitude platform is uniquely different because it is not a ‘point’ solution that solves part of the problem for legal department operation professionals such as storing and capturing documents, tracking matters, managing legal bills, docketing IP, etc.,” commented, Matt DenOuden, VP of Global Sales, Onit. “Onit has products in all these areas, offering matter management, e-billing, contract and document management and legal holds solutions. What separates Onit are the 200 plus other legal and compliance use cases it has helped clients solve. We listen to the voice of the customer who has long been saying, ‘it is not just capturing my matters that I need to serve my internal stakeholders; I need to capture risk on incidents that have not yet become matters; I need a way for my colleagues outside the law department to reach out to the law department for help and guidance; I need a way to capture and timely respond to customer complaints; I need a way to manage the approval process of new outside law firms; I need to capture all the work of the law department, not just matters assigned to outside counsel. And most of all, I would like to get this all out of email and spreadsheets, so I can show the fact that we do have rigor around these processes, and so I can report on all of it.’”

In the last five years, Onit has not only grown to become one of the leading enterprise legal management providers but has also helped its customers solve hundreds of other collateral use cases, some of which include: law firm onboarding, travel approval, whistleblower, SOX compliance, budgeting, FINRA customer complaints, security incident management, etc.

Apptitude is easily configurable, scalable, agile and offers low-code configuration to enable fast development. Among its many capabilities, Apptitude features state-of-the-art collaboration, integrations, security, process, collaboration and workflow. To learn more, visit https://onitprostg.wpengine.com/apptitude-platform/.

About Onit

Onit is a leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

About the Session
Law departments are going through a transformation. With the emergence of legal ops teams handling more of the day-to-day and operational aspects of the role, GCs and counsel are taking on more strategic and managerial roles within their departments. This session will look at how law departments continue to evolve and best practices for moving yours forward – from developing KPIs for your team to separating the legal operations function, to expanding the team and thinking in global terms.

About the General Counsel Conference
The 30th Annual General Counsel Conference addresses the issues of the modern legal business and provides in-house counsel and legal executives with real-world examples and usable takeaways from best-in-class speakers and general counsel peers. The General Counsel Conference gathers an elite audience of in-house, general counsel, chief legal officers and senior legal management to tackle the top issues facing general counsel today. Participants hear from experts with a variety of perspectives, and take away actionable strategies to tackle key challenges and deliver on departmental and company-wide goals. To learn more about the conference, click here.

About Onit
Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

HOUSTON, July 20, 2018 – Onit, Inc., a leading provider of enterprise legal management solutions, today announced that it appointed Scott Kurtz as Vice President of Professional Services.

Scott most recently served as executive vice president of professional services at Openlink, a leading software company in energy trading and risk management, where he was responsible for client software implementations globally. He was also responsible for driving innovation, automation and implementation best practices and managing more than $100 million of professional services globally.

Scott comes to Onit with an arsenal of executive and professional services experience including technology management, business and consulting operations, business process consulting, professional services sales enablement and contract management.

“This is without a doubt one of the best strategic decisions we’ve made,” said Eric M. Elfman, Onit’s CEO and founder. “Scott’s remarkably powerful business judgment and track record of aggressively driving productivity and profitability were two deciding factors in our decision to bring him on board. Scott, with his extraordinary talent and leadership, will be instrumental in pushing our company to the next level of growth in both the near and long terms.”

As Vice President of Professional Services at Onit, Scott will be responsible for client implementations and will help build capability for serving customers as Onit continues to grow its customer base.

Prior to Scott’s role at Openlink, he was vice president of professional services at Amphora, where he maintained executive relationships for product implementations and managed Energy Trading software engagements. During his broad career, Scott also held several key management and executive financial positions at various high-growth companies.

Scott holds a bachelor’s degree in Finance from the University of Texas at Austin.

About Onit

Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements.  By focusing on process, Onit solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

HOUSTON – June 26, 2018 – Onit, Inc. a leading provider of enterprise legal management, contract management and business process automation solutions, today announced it has entered into a $10 million credit facility to support growth initiatives with Silicon Valley Bank (SVB), the bank of the world’s most innovative companies and their investors.

“We appreciate Silicon Valley Bank’s vote of confidence in our business plan, product offerings, and seasoned management team,” commented Eric M. Elfman, CEO and founder of Onit. “The new credit facility supports our continued growth initiatives and strengthens our financially flexibility to expand both domestically and overseas. The continued access to working capital will help us achieve our corporate objectives and support potential future acquisitions. Additionally, we will have the opportunity to invest more heavily in R&D efforts to improve the scalability and efficiency of our business process automation platform. We are looking forward to a long term relationship with Silicon Valley Bank.”

“The continued growth of Onit is a testament not only to its industry-leading software platform, but in the team Eric has assembled around it,” said Weston Rice, Vice President at Silicon Valley Bank. “SVB is pleased to provide this capital to augment both the short- and long-term growth initiatives of the business.”

The $10 million of capital will be used for growth and general corporate purposes.

About Silicon Valley Bank 

For 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.

About Onit

Onit is a leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

About the Session
Contracts are the cornerstone of all business transactions, but the process is often fragmented. In most cases, a contract review and approval process requires involvement from multiple departments and is typically handled by email. There is far too little visibility as to where a contract is, how long it’s been there or when it’s expected to be completed. And once a contract has been executed, it is often unclear where that contract is being maintained. This session will highlight case studies that implemented a process automation platform to address these challenges and the lesson learned during the process.

About the ACC Legal Operations Conference
The 4th annual ACC Legal Operations conference offers its members a unique opportunity to learn about the latest trends and advancements in a peer-rich environment, while also collaborating to address shared issues and opportunities.

About Onit
Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.