News Type: Press Release

NEW YORK AND HOUSTON, Jan. 31, 2017 (GLOBE NEWSWIRE) — Onit, Inc. a leading provider of Enterprise Legal Management (ELM), contract management and business process automation solutions, today announced that it has achieved significant milestones in 2016 validating the company’s strategic growth plans and corporate vision further setting the stage for continued success in 2017. These milestones include new capital funding, notable client wins, strategic management hires and prestigious awards and nominations.

“2016 was an impressive year for Onit; our milestone achievements far exceeded our original expectations,” said Eric M. Elfman, CEO and founder of Onit. “Our team’s innovation, drive and dedication to our clients were critical to our growth and success in 2016. Last year’s funding and appointment of key management hires validates our commitment to client-driven innovation and client success,” added Elfman.

Key 2016 Milestones

• Raised $8.25 million, led by a New York growth equity firm, to fuel its expansion
• Bookings grew 78% and revenues 75% compared to 2015, significantly exceeding planned growth
• Pipeline growth of 177%, nearly tripling compared to 2015
• Client base grew to more than 80 in 2016, an increase of 46% compared to 2015, 32 of which are Fortune 500 companies

Management Team

Onit’s commitment to thought leadership and legal domain expertise was a contributing factor to its aggressive growth with the hiring of two key management positions in 2016. Matt DenOuden joined Onit as the vice president of global sales with nearly 30 years of industry experience and was a seasoned leader at TyMetrix (now part of Wolters Kluwer) for nearly 13 years. He has been on the front lines of the Enterprise Legal Management (ELM) revolution for decades.

Cole Morgan was appointed Vice President of Enterprise Legal Management (ELM) in 2016. With more than 20 years of management experience in the legal technology and legal operations sectors, Cole works with corporate legal department clients to help develop strategies that define the value of legal services within the corporation.

Awards and Nominations

Onit was recognized by various software, legal industry and financial publications and organizations for its innovation, thought leadership and entrepreneurship in 2016. This commitment to its unsurpassed technological excellence and user experience has garnered the company several distinctions in 2016:

• Ranked #387 on Inc. 500’s Fastest-Growing Private Companies List with three-year revenue growth of 990%
• Recognized in Gartner’s Market Guide for Enterprise Legal Management Solutions
• Ranked fifth on the Inc. 5000’s Houston’s Top 10 Fastest Growing Businesses of 2016
• Ranked #2 on the Houston Business JournalHouston Fast Tech list of 2016
• Won the Enterprise Champion Award and ranked #8 on the Houston Business Journal Fast 100
• Nominated by Corporate Counsel Magazine as one of the Best Matter Management Vendors of 2016
• Recognized by Capterra as a Top 20 Contract Management vendor for four consecutive years

About Onit

Onit was formed by legal software industry experts Eric M. Elfman and Eric A. Smith, co-founders of Datacert, a leading provider of enterprise spend management software. Launched in early 2010, Onit deploys Onit Apps to simplify business process automation and improve business productivity across all departments and industries. Onit App Builder allows business users to drive efficiency and productivity by combining business process management, project management, and information management into one easy-to-use tool so the user can create their own Onit Apps without having to rely on IT for support.

Businesses have processes for everything – whether it’s hiring a vendor or law firm, terminating an employee, submitting a contract for review, requesting a trademark request, obtaining an NDA, etc. Most of these processes are manual, paper intensive and cumbersome. With Onit Apps, processes are automated in a few clicks, responsible parties are notified immediately, and data collection is centralized. Onit doesn’t require any software to download or resources from IT. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

About Onit

Onit was formed by legal software industry experts Eric M. Elfman and Eric A. Smith, co-founders of Datacert, a leading provider of enterprise spend management software. Launched in early 2011, Onit deploys Onit Apps to simplify business process automation and improve business productivity across all departments and industries. Onit App Builder allows business users to drive efficiency and productivity by combining business process management, project management, and information management into one easy to use tool so the user can create their own Onit Apps without having to rely on IT for support.

Businesses have processes for everything — whether it’s hiring a vendor or law firm, terminating an employee, submitting a contract for review, requesting a trademark request, obtaining an NDA, etc. Most of these processes are manual, paper intensive and cumbersome. With Onit Apps, processes are automated in a few clicks, responsible parties are notified immediately, and data collection is centralized. Onit doesn’t require any software to download or resources from IT. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

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.

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, Oct. 27, 2016 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of Enterprise Legal Management (ELM) solutions, today announced that it raised a $8.25 million round of financing for expansion following explosive growth in 2016.

A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/b01a99b3-4f07-4719-9328-e91c51862a70

Level Equity Management, LLC, a technology-focused growth equity firm in NYC led the funding round with participation from previous and new investors including Austin Ventures, The Texas Halo Fund and angel investors. The company also announced that Sarah Sommer, founder and partner of Level Equity has joined Onit’s Board of Directors.

“Our focus on ‘process management’ and our differentiated approach to matter management and electronic invoicing is a game changer for the industry and is driving this expansive growth,” said Eric M. Elfman, CEO, and founder of Onit. “Since the launch of our App Builder platform in 2012 and our Enterprise Legal Management product offering in 2014, we have signed up more than 80 customers fueling triple digit growth and placing Onit among the fastest growing private companies in the United States. We are thrilled with the support and expertise of Level Equity as we enter this next stage of growth and we welcome Sarah and her years of strategic experience and thought leadership to our Board.”

The new round of funding will be used to fund additional development of its software offering and to make strategic hires across the company.

“We scanned the legal vertical and discovered that Onit was at the forefront of an evolutionary paradigm shift related to legal department operations management and process management,” commented Sarah Sommer, founder and partner of Level Equity. “We were impressed with Onit’s revenue acceleration over the last year, its new customer wins and its strong level of expansion among current customers. Onit has the ability to become a category leader in enterprise legal management for its innovative platform, focus on process and powerful user interface. We are excited to invest in a team that shifted the market a generation ago and is well on its way to making another significant impact in the legal industry.”

Onit Bridges the Gap

The demand for a better way for corporate legal departments to deliver legal services is skyrocketing as legal departments’ workload increases and resources diminish. Many legal departments find themselves struggling under the weight of legacy technologies that simply do not work or are expensive to upgrade. Onit is uniquely positioned to deliver process-driven solutions that integrate workflow and collaboration, unlike any other enterprise legal management provider.

The company’s unprecedented approach to configuring custom solutions, coupled with its flexible platform is helping it gain traction among some of the largest companies in the world. The platform extends beyond “legal” to serve the broader business and can typically be implemented in half the time of competitors.

Key financial and company milestones:

• Three-year revenue growth of 990%
• 30 Fortune 500 companies and thousands of law firms and legal suppliers use Onit and its BillingPoint service
• Three-year client growth of nearly 3x, growing from 29 clients in 2013 to more than 80 clients today
• Three-year employee growth of more than 200%

Awards & Recognition

Onit has been recognized by various software, legal industry and financial publications and organizations for its innovation, thought leadership and entrepreneurship. Below are some of the recent awards the company has won:

• Ranked #387 on the Inc. 500 list of the “Fastest-Growing Private Companies” with three-year revenue growth of 990%
• Won the Enterprise Champion Award and ranked #8 on the Houston Business Journal Fast 100
• Ranked #2 on the Houston Business Journal Fast Tech list and as one of the largest Houston-area business-to-business software and app developers
• Recognized by Capterra as as Top 20 Contract Management vendor for four consecutive years
• Recognized by Gartner, a leading information technology research and advisory company, in the Market Guide for Enterprise Legal Management Solutions

Management Team

Onit’s commitment to thought leadership and legal domain expertise is a contributing factor to its aggressive growth with the hiring of two key management positions in 2016. Matt DenOuden joined the Onit team as vice president of sales with nearly 30 years of industry experience and was a seasoned leader at TyMetrix (now part of Wolters Kluwer) for nearly 13 years. He has been on the front lines of the Enterprise Legal Management (ELM) revolution for decades and will play a key role in Onit’s ability to help modernize corporate legal departments’ use of technology to automate their processes.

Cole Morgan was appointed Vice President of Enterprise Legal Management (ELM) in 2016. Morgan has more than 20 years of management experience in the legal technology and legal operations sectors. He works with corporate legal department clients to optimize service delivery and develop strategies that define the value of legal services within the corporation.

About Level Equity

Based in New York, NY, Level Equity is a growth equity firm focused on providing growth capital to rapidly growing software and internet companies. Principals at Level Equity have invested in 55 technology businesses over the past 15 years. For more information about Level Equity, visit www.levelequity.com.

About Austin Ventures

Austin Ventures (AV) is a private equity firm focused on venture capital and growth equity investments in business services and supply chain, financial services, new media, Internet, and information services companies nationally with a focus on Texas.

AV has worked with talented entrepreneurs to build valuable companies for over 30 years. With $3.9 billion of capital raised, AV is the most active venture capital firm in Texas and one of the most established in the nation. AV invests in early stage and middle market companies, and its strategy is to partner with talented executives and entrepreneurs to build industry-leading companies predominantly in Texas.

About The Texas Halo Fund

The Texas Halo Fund is a seed and early-stage angel/venture capital fund series. Powered by the nationally recognized Houston Angel Network and its accredited investors, the fund series focuses on high-growth investments at the cutting edge of business, life science and technological innovation. For more information please contact the Houston Angel Network or visit http://houstonangelnetwork.org.

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 Apps 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, Oct. 25, 2016 (GLOBE NEWSWIRE) —

About Onit

Onit was formed by legal software industry experts Eric M. Elfman and Eric A. Smith, co-founders of Datacert, a leading provider of enterprise spend management software. Launched in early 2011, Onit deploys Onit Apps to simplify business process automation and improve business productivity across all departments and industries. Onit App Builder allows business users to drive efficiency and productivity by combining business process management, project management, and information management into one easy to use tool so the user can create their own Onit Apps without having to rely on IT for support.

Businesses have processes for everything — whether it’s hiring a vendor or law firm, terminating an employee, submitting a contract for review, requesting a trademark request, obtaining an NDA, etc. Most of these processes are manual, paper intensive and cumbersome. With Onit Apps, processes are automated in a few clicks, responsible parties are notified immediately, and data collection is centralized. Onit doesn’t require any software to download or resources from IT. For more information, visit onitprostg.wpengine.com or contact 1-800-281-1330.

HOUSTON, Sept. 23, 2016 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of Enterprise Legal Management solutions, today announced that it appointed Cole Morgan as the Vice President of Enterprise Legal Management (ELM) solutions.

With 20 years of management experience in the legal technology and legal operations sectors, Cole Morgan will work with corporate legal department clients to optimize service delivery and develop strategies that define the value of legal services within the corporation.

Prior to joining Onit, Cole was the Director, Legal Business Operations, for a Global 500 petrochemical corporation and was responsible for the management of business operations for corporate legal and public affairs.

“Cole is a true thought leader in the Enterprise Legal Management space and understands the intricacies of managing a corporate legal department from a technology, operations and management perspective,” said Eric M. Elfman, CEO, and founder of Onit. “His unique background in professional services and customer success, coupled with his experience as a legal operations director at a Fortune Global company make him an invaluable asset to the company. He understands what it takes to modernize a legal department using technology and will play a pivotal role in defining the enterprise legal management paradigm shift.”

He began his career as an early-stage venture participant and ultimately served as vice president of professional services for DataCert, a company pioneering legal software technology. There, he held a variety of roles including product management, sales engineering and professional services management. He has also held a variety of positions in management consulting to large corporate legal departments.

Cole graduated from Texas A&M University with a bachelor’s degree in Management Information Systems and earned his MBA at Rice University.

About Onit

Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21^st 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 Apps 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, Aug. 10, 2016 (GLOBE NEWSWIRE) — Onit, Inc., a leading provider of Enterprise Legal Management solutions, today announced that it hired Matt DenOuden as vice president of sales.

With nearly 30 years of industry experience, Matt has been on the front lines of the Enterprise Legal Management (ELM) revolution. His expertise in legal operations technology and strategy will play a key role in Onit’s future to help modernize corporate legal departments use of technology and automate their processes.

“Matt has worked with more than 50% of the Fortune 500 law departments in the last decade alone and brings great insight to what makes technology successful in carrying out company strategy,” said Eric M. Elfman, CEO, and founder of Onit. “We are happy to have Matt on board with a proven record of success in the e-billing and matter management space and I am confident that we will achieve accelerated growth under his leadership.”

From 1990 to 2002, Matt spent a dozen years practicing law as a partner in a boutique defense firm in Hartford, Connecticut. While there, he started and grew an early e-discovery technology practice. In 2002, he left private practice to join a young e-billing company, TyMetrix. As vice president of sales for TyMetrix for 14 years, he helped take the company from four clients and $2M in revenue to 250 clients and $60M in revenue.

Matt has spent his working life in the field with clients and industry leaders and has a passion for developing solutions to manage the business of law. He spent the last year as a managing director at Huron Consulting (now Consilio) where he worked closely with legal operations leaders around the country as they devised operational strategies and technology roadmaps for their law departments.

“I am excited and proud to join the management team at Onit, where I will lead the sales effort at the fastest growing ELM company in the market,” commented Matt DenOuden, vice president of sales, Onit. “In a few short years, Onit has gathered an amazing list of thought-leading clients. For these clients, Onit often not only handles all the workflows and needs of the law department, but is flexible enough so as to include dozens of Apps for adjacent workflows like contract management, sales, compliance, and legal holds (to name just a few…). I believe strongly in the vision of Onit which is to meet the knowledge worker at the point of process and decision-making with an intuitive and powerful tool providing the data to make the smart decision.”

Matt has a bachelor’s degree in English from the University of Hartford and a J.D. from The University of Connecticut School of Law.

About Onit

Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21^st 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 Apps 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 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 legal 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.