News Type: Press Release

NEW YORK and HOUSTON – September 26, 2019 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and business process automation, today announced the official launch of its contract lifecycle management (CLM) software. Onit CLM empowers legal and business teams to streamline the entire contract process, drastically reduce processing time, thereby achieving higher contract compliance rates, and compressed revenue cycles.

Onit CLM is available immediately and can be offered as a standalone product or as part of a broader offering that includes enterprise legal management (ELM), legal service requests (LSR), legal holds, and more than 200+ other operations, risk and compliance workflow solutions.

“The unveiling of our new contract lifecycle management software is a natural extension of our existing portfolio of products and services,” commented Eric M. Elfman, Onit CEO and co-founder. “We built our best-in-class CLM technology based on nearly a decade of building contract workflow solutions for our customers and learning from their needs. We’ve also adapted our best practices for implementing these solutions into the new Onit CLM software. Our commitment to serving Fortune 500 companies and the largest global companies is foundational to our company and we are passionate about building a workflow automation platform that helps drive operational and process improvements across the enterprise – not just in legal. By expanding our footprint in contract lifecycle management, we can offer a comprehensive solution that addresses the growing needs of legal operation departments of all sizes and geographies.”

Market Assessment

As corporate legal operations departments gain more responsibility and oversight of the contract process, they need a technology partner that can grow with them. According to the 2019 Association of Corporate Counsel (ACC) Benchmarking Survey, contract management tools can dramatically shorten cycle times. In billion-dollar companies, legal departments that employ contract management technology reduce their average contract cycle time 33% (from 30 days to 20 days). The profound impact of technology on CLM is gaining momentum globally as more companies are realizing its extensive benefits as a business value driver.

The Onit Advantage: Onit CLM

Onit CLM is a cloud-based contracts repository with automated functionality that supports all phases of the contract lifecycle from capture and creation, through negotiations and approvals, to execution and post-execution management. Onit CLM streamlines the entire contract lifecycle and provides ease of use for all parties involved while reducing risk in the process. Supplier and vendor relationships are dramatically improved as well as overall customer satisfaction.

With CLM, companies receive a fully-featured contract lifecycle management product with advanced functionality for authoring, redlining, approvals, and signatures. Built with a powerful reporting engine and robust business analytics, knowledge workers can search, analyze, and report on real-time metrics as well as configure alert notifications to maximize visibility and control. Additional features of Onit CLM include:

• Enterprise Contract Management: Manage buy-side, sell-side, and corporate contracts.
• Clause/Template Library: Manage and maintain contract clauses and templates in a centralized and secure cloud-based repository.
• Contract Generation: Use Microsoft Word or Adobe PDF to automatically generate well-formed custom contracts or submit other party contracts for review.
• Conditional Generation: During contract generation, automatically include/exclude clauses (or other text) based on a robust rules engine and contract metadata.
• Microsoft Word Integration: Empower users to work on contracts within their preferred word processing tool, while maintaining a seamless and secure link to Onit CLM.
• Routing and Approval Workflow: Use Onit’s robust Apptitude business automation platform to design and build simple to complex workflows to generate and route your contracts.
• Document Management: Empower users with automatic version control as well as simple and easy to use check-in, check out functionality.
• Secure Collaboration: Allow secure collaboration between not only your knowledge workers but also third parties to reduce risk and ensure compliance.
• eSignature Integrations: Seamlessly integrate DocuSign and Adobe Sign signatures as part of your Onit contract management workflow.
• Partner and Client Self-Service: Make work easier for not only you but your key stakeholders through our easy to use portals.

Maximize Productivity with Cloud-based CLM

Onit CLM is deployed in the world’s most advanced cloud platform, Amazon AWS, providing companies with maximum performance, reliability, and scalability. Accessible on all major web browsers and mobile devices, companies can access their business-critical contract information anytime, anywhere. Many Onit CLM customers collaborate on a global scale and even use Onit to offshore and onshore contracts work.

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.

HOUSTON, August 15, 2019 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract management and business process automation, today announced that the company ranked #963 on the Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. This is the fourth consecutive year Onit has secured a spot on the list.

“It’s always an exciting moment when I learn that Onit has ranked on the Inc. 5000 list,” commented Eric M. Elfman, Onit CEO and co-founder. “Even though we have been fortunate to receive this honor for the past four years, it never lessens the tremendous feeling of accomplishment I have for the company. It takes the collective efforts and dedication of every Onit team member to drive our unprecedented growth in order to make the Inc. 5000 list of our nation’s fastest-growing companies.”

The Inc. 5000 list represents the most dynamic segment—its independent small businesses. Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known companies gained their first national exposure as honorees on the Inc. 5000.

Not only have the companies on the 2019 Inc. 5000 been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists. The 2019 Inc. 5000 achieved an astounding three-year average growth of 454 percent, and a median rate of 157 percent. The Inc. 5000’s aggregate revenue was $237.7 billion in 2018, accounting for 1,216,308 jobs over the past three years.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.

“The companies on this year’s Inc. 5000 have followed so many different paths to success,” said Inc. editor in chief James Ledbetter. “There’s no single course you can follow or investment you can take that will guarantee this kind of spectacular growth. But what they have in common is persistence and seizing opportunities.”

The annual Inc. 5000 event honoring the companies on the list will be held October 10 to 12, 2019, at the JW Marriott Desert Ridge Resort and Spa in Phoenix, Arizona. As always, speakers include some of the greatest innovators and business leaders of our generation.

The 2019 Inc. 5000 is ranked according to percentage revenue growth when comparing 2015 and 2018. To qualify, companies must have been founded and generating revenue by March 31, 2015. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2018. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2015 is $100,000; the minimum for 2018 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.

The Inc. 5000 is a list of the fastest-growing private companies in the nation. Started in 1982, this prestigious list has become the hallmark of entrepreneurial success. The Inc. 5000 Conference & Awards Ceremony is an annual event that celebrates the remarkable achievements of these companies. The event also offers informative workshops, celebrated keynote speakers, and evening functions.

For more information on Inc. and the Inc. 5000 Conference, visit http://conference.inc.com/.

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.comor call 1-800-281-1330.

HOUSTON, June 28, 2019 — Onit, Inc., a leading provider of enterprise legal management solutions, today announced that it appointed Andrew Hosman as vice president of product management.

Andrew has 20 years of experience working with enterprise software companies and has had leadership roles across software development, implementations and consulting, and product management functions.

“We’re excited to be bringing Andrew on board as our vice president of product management, especially at this stage of Onit’s unparalleled growth,” said Eric M. Elfman, CEO of Onit. “Andrew’s breadth of knowledge in enterprise software, team building experience and leadership skills reinforce our decision that he was the exact fit for this key position. Moving forward, I’m fully confident that his vision and strategy will be instrumental in taking Onit to new unprecedented levels of growth.”

As Onit’s vice president of product management, Andrew is responsible for evolving the product management function including building and leading a team of product managers and product owners that drive the definition and delivery of product releases and full life cycle of the product. He is also responsible for implementing new processes to help evaluate strategic efforts, new market opportunities, and feature requests to provide greater transparency into the product roadmaps across Onit’s product lines.

Prior to joining Onit, Andrew most recently served as a vice president of product management at Sphera Solutions, Inc., an industry leader in the environmental health and safety software space. While at Sphera, Andrew led the team responsible for a SaaS re-platform and also developed the user experience and data science teams. Prior to Sphera, Andrew spent nearly 17 years at Marsh ClearSight, then the world’s largest risk management information system vendor, where he held a variety of roles, ultimately serving as the SVP of product management.

Andrew holds a bachelor’s degree in geophysical science from the University of Chicago and an MBA from the Kellogg School of Management at Northwestern University.

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.

HOUSTON, June 13, 2019 – Onit, Inc., a leading provider of enterprise legal management solutions, today announced that it appointed Minnie Damle as global vice president of human resources. As a new key member of the senior leadership team, Damle will work closely with the CEO and executive leadership team to assure the company advances its business, brings in and retains top talent, and further embeds its core values and its dynamic culture. Another essential goal for Damle is to design, implement and evaluate programs to attract, retain, reward, and motivate top talent and top performance. She will also be responsible for supporting and sustaining the high growth of Onit’s global business.

In her most recent role as chief talent officer for Havas Village Boston (Arnold Worldwide and Havas Media Boston), Damle was tasked to drive an integrated talent strategy across the creative and media groups.

“This was a strategic decision on all counts and I’m happy to report we’ve found the right person for this key executive position,” said Eric M. Elfman, Onit’s CEO. “Bringing Minnie on board as our global vice president of human resources is one of the best things we could do at this point in our growth. Minnie’s talent and stellar track record in HR operations and talent management will be instrumental in ensuring Onit is on the right path for bigger and better things to come.”

At Onit, Damle will bring a strategic vision to our human resources operations to accelerate our business in areas such as staff development, performance management and employee morale.

Damle’s broad background includes her role as vice president, human resources at social/digital agency VaynerMedia, where she oversaw HR operations across four offices, and Omnicom-owned agency The CDM Group, where she designed a function to help integrate the healthcare communication companies.

Minnie holds a bachelor’s degree in communications from Arizona State University.

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.

HOUSTON and MOUNTAIN VIEW, Calif. – May 13, 2019 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract management and business process automation, today announced the acquisition of SimpleLegal, a leading provider of modern legal spend, matter and vendor management software. Terms of the acquisition were not disclosed.

Onit brings a management team with more than two decades of domain-specific expertise and a history of creating the e-billing and legal spend management market. SimpleLegal brings a fresh perspective to a 30+ year-old corporate market with a focus on simplicity and modern design. Working together, this acquisition will drive meaningful change for the entire legal industry and especially legal operation teams seeking a comprehensive end-to-end solution, legal technology innovation and shared best practices.

“Onit and SimpleLegal share both a passion for both disrupting the legal technology space and valuing product innovation,” said Eric M. Elfman, Onit CEO and co-founder. “Our shared commitment to elevate legal operations technology is an asset for all of our customers – from rapidly growing start-ups with their first in-house counsel all the way to the largest, most complex organizations. Together, our goal is to help all legal operations professionals achieve operational excellence on their legal technology journey.”

All product, support and services will continue uninterrupted for all customers. Management teams from both organizations will remain intact. Elfman, who was previously CEO of Onit, will serve as the CEO of the merged organization, and Nathan Wenzel, previously the CEO and co-founder of SimpleLegal, will serve as the General Manager of SimpleLegal.

“Today, corporations spend more than $160 billion on their in-house legal teams. The combination of Onit and SimpleLegal is a game-changer for the legal market and the future of legal operations,” said Wenzel. “Our teams are uniquely equipped to help shape the technology that is powering legal departments worldwide. Together, we’re looking forward to combining efforts and talent to build and bring to market the next generation of legal operations technology.”

Founded in 2013, SimpleLegal is widely recognized as a disruptor in the legal technology market. With a simple and intuitive solution delivering fast time-to-value, customers have access to software that is easy to use, implement and configure. In the last five years, SimpleLegal has helped corporate legal departments process more than $1 billion annually and manage nearly 500,000 legal matters globally.

About SimpleLegal

SimpleLegal provides a modern legal operations management platform that streamlines the way corporate legal departments manage their matters, track and interpret spend, and collaborate with vendors and law firms. SimpleLegal combines e-Billing and spend management, matter management, vendor management, and reporting and analytics into one comprehensive application to optimize legal operations and the management of the entire legal department. The company, founded in 2013, is privately held and located in Mountain View, California. For more information, visit www.simplelegal.com.

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.

HOUSTON, March 20, 2019—Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract management and operational business process automation, today announced that it appointed Chris Fields as Chief Technology Officer (CTO). Co-founder Eric Smith previously held this role and will now transition to the role of Chief Operating Officer and Chief Security Officer. This new addition adds another industry veteran from the legal technology space to the company’s executive management team.

Chris most recently served as CTO for Innovative Interfaces, where he led the engineering and product management team and was responsible for converting client/server-based technologies into a multi-tenant system leveraging cloud-based microservices for global library systems.

“As we move further into uncharted growth territory and continue our strategic trajectory, bringing Chris on board at this time was a win-win for us,” said Eric M. Elfman, Onit’s CEO and founder. “With his proven track record and unprecedented technical talent, Chris will be the long-awaited for and disruptive executive team member Onit has been looking for. Chris’ extensive technical abilities, coupled with his fine-tuned business acumen and leadership, will be key drivers in not only keeping Onit’s current momentum, but also taking it to the next level.”

As CTO at Onit, Chris will be responsible for overseeing the technical vision of the company and leading product research, engineering and development efforts. He will also be responsible for evaluating and implementing new systems and infrastructure and ensuring technologies are used efficiently and securely. Additionally, he will build quality assurance and data protection processes and communicate the company’s technology strategy to our consulting and business partners and customers.

Chris’s background includes serving as vice president and chief technology officer for Wolters Kluwer ELM Solutions, where he led the technology strategy and direction for the business and was responsible for all aspects of product engineering, including the application development platforms and all applications and modules. He directed research and development, including evaluation and integration of new technologies that deliver additional value to the company’s clients. Chris was one of the key inventors named on the patent for the Passport® technology platform. He led the development of one of the company’s initial spend management offerings, as well as the portal for collaboration between corporate legal departments and legal service providers. He also drove adoption of agile development practices to improve overall product delivery and quality.

During his broad career, Chris also held several key management and executive positions at various high-growth companies, including Datacert and Digicontract.

Chris holds a bachelor’s degree in electrical engineering from Baylor University.

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.

NEW YORK, January 29, 2019 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract management and operational business process automation, today announced a customer conversion program that allows customers to easily and predictably transfer to the Onit legal e-billing and matter management platform. Tailored towards Fortune 500 legal teams using legacy enterprise legal management products, solutions or software, the program gives customers an alternative to their existing tool that is either being sunsetted or not supported in future versions of other vendor product roadmaps. Law departments nearing the end of their enterprise legal management contracts are also eligible to participate. Conversion program deliverables include a well-defined project scope, discounted pricing, a sample project plan (complete with a timeline estimate) and fixed budgetary estimates of both implementation and license fees.

“In the past three years, we’ve seen our Onit enterprise legal management customer base grow exponentially and it’s been an exciting transformation,” commented Eric M. Elfman, CEO and founder. “Our customers continue to tell us that our platform is the most flexible on the market and Onit’s explosive growth supports this claim. This conversion program is an opportunity for customers to switch to an innovative platform that has robust functionality and best practices from some of the leading global companies. Knowledge workers no longer want to work in big clunky databases that add little to no value to their daily operations. They prefer to work in a more social, collaborative environment with a simple user interface. That’s where Onit is unique.”

This is further evident in the 2018 HBR Law Department Survey that highlights cost control and cost management as one of the law departments’ greatest challenges. Additionally, 80% of the 2018 respondents said they have matter management and e-billing systems in place, an all-time high for the HBR Survey, confirming that these tools have become foundational for managing workload and outside counsel spend. However, these most “commonly” used systems were also cited as the most likely to experience market movement within the next year. In the survey, more than 25% of respondents reported they are moving to or planning to explore new matter management, and e-billing systems this year.

Market data and the Onit team’s more than 20 years of legal operations experience also suggest that today’s legal operations professionals want a programmatic, safe and effective way to move from an older enterprise legal management system to a newer, more robust and modern solution. “The Onit conversion program is backed by its market-leading platform, but it is really more about giving prospective customers a clear pricing offer, a thoughtful timeline estimate and even financing for larger engagements,” said Matt DenOuden, VP of Global Sales.   “This program was a strategic decision on multiple levels, as Onit desires to continue providing customers only the finest in service. Our deeply experienced services and sales teams will guide legal teams through a needs assessment to identify a conversion project plan and will offer pricing that is actionable,” commented DenOuden. All that is needed to participate in the program is a two or three-hour commitment to answer some core questions about needs and scope.

For more details about the conversion program and to start a needs assessment, email [email protected].

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 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.