News Type: Press Release

Groundbreaking Feature Adds Status Sharing and Management, Permissions Control, Notification System to SimpleLegal

HOUSTON, Aug. 23, 2024 /PRNewswire/ — Today, Onit, the leader in software solutions for legal operations teams, announced a new feature for matter and spend management that will continue to transform how in-house legal teams work with their service providers.

Shared Matter Updates, a new feature in SimpleLegal, centralizes communication and ensures all stakeholders remain current on the status of legal matters throughout the matter’s lifecycle.

“We’re proud of the success of the initial phase of our groundbreaking vendor collaboration has had in helping establish clear communication and efficient collaboration between in-house vendors and outside counsel,” says Shri Iyer, SVP of Product Management and Design. “With the introduction of bidirectional Matter Updates with outside counsel, we’re taking this to a new level by centralizing communication within our platform. This ensures that all matter updates are stored securely and remain accessible, preserving historical information and guaranteeing continuity.”

Enhanced bidirectional vendor collaboration offers three key capabilities to improve and expand your collaboration efforts:

• Status sharing and management: Enhance real-time communication to update and manage the status of legal matters
• Permissions control: Tailor who can see and update the status of matters
• Notification system: Maintain a single source of truth about the latest status of matters, with visibility into in-house and outside counsel conversations

“Rapid collaboration and communication are the foundations for success in the fast-paced modern legal environment,” Iyer says. “With vendor collaboration’s new features, in-house teams and outside counsel have the powerful and secure real-time tools they need to collaborate and communicate with speed.”

Matter Updates is available today for all SimpleLegal customers with a matter management plan.

To learn more about Matter Updates and vendor collaboration with SimpleLegal, request a demo or learn more on the blog.

About Onit

Onit is a global leader in AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management, and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit onitprostg.wpengine.com.

Onit product brands are OnitX, SimpleLegal, ContractWorks, ReadySign, BusyLamp, and SecureDocs.

The appointment further accelerates Onit’s success in building AI solutions for the world’s best companies

Houston, TX, June 25, 2024 – Onit, a global leader of AI-enabled workflow automation solutions for the legal industry, today announced the promotion of Nick Whitehouse to Chief AI Officer. This strategic move extends the company’s leadership in AI-enabled products for legal departments by putting even greater focus on continued AI innovation for Onit’s global customer base.

“Nick’s track record on the cutting edge of AI development makes him the perfect person to lead Onit’s AI strategy for our customers and business,” says Michael Farlekas, CEO of Onit. “The legal industry is at an inflection point and AI-embedded tools – like our Catalyst Generative AI Paralegal and ContractWorks Taggy – are examples of how Onit is already transforming legal departments around the world. Nick’s leadership will help Onit deliver new AI-enabled products, integrate AI even deeper into our existing portfolio, and drive greater customer adoption than ever before.”

In his new position, Whitehouse will lead Onit’s AI strategy and development, focusing on creating unified AI solutions that deliver real productivity gains. Whitehouse has already led the integration of AI into more than 50% of Onit’s products, serving Legal AI to more than 1,300 customers worldwide.

“Onit customers interact with our AI solutions millions of times a year, solving critical problems for their businesses,” says Whitehouse. “With continued focus and investment in AI, we are well positioned to extend our market leadership and see our customers leverage AI tens of millions of times a year, dramatically improving the efficiency of their legal operations.”

Onit’s investment in AI-embedded products began more than 8 years ago. Today the company offers three standalone AI products that serve more than 50 enterprise clients. Whitehouse owns an aggressive product roadmap that will deliver multiple AI releases before the end of the year, aiming to more than double the number of customers that use Onit AI capabilities.

With a formidable background in transformation and AI that spans two decades, Whitehouse has been a pioneering force in the legal industry. His achievements have earned him numerous accolades, including the IDC Australasian Digital Transformation Leader of the Year and the Global Most Disruptive Leader, awarded for his innovative contributions to technology in law.

Whitehouse previously served as the Managing Director of Onit’s AI Center of Excellence and joined Onit following its acquisition of McCarthyFinch, a legal AI company he co-founded. During his tenure as Chief Digital Officer at MinterEllisonRuddWatts, Whitehouse was recognized as a world leader in legal digital transformation, where he was instrumental in executing digital initiatives and securing the firm’s reputation as a leader in innovation.

About Onit

Onit is a global leader of AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit onitprostg.wpengine.com.

Media Contact

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Onit Catalyst’s generative AI technology is further integrated within Onit Contract Lifecycle Management to enable the easy automation of data extraction from contracts.

Houston, TX – April 30, 2024—Onit, the leading provider of legal workflow solutions, today announced the deeper integration of its leading Catalyst generative AI technology with its legal business process automation platform. Onit Catalyst delivers a natural language chat feature to automate the extraction of vital data from a company’s library of contracts. The Onit platform has also been further enhanced by adding a new best practice Vendor Suite template that provides legal departments with better law firm analytics capabilities and the deeper integration of its Legal Holds management capability with Microsoft to ensure more robust preservation of digital records.

Companies are often hampered by their inability to collect their contracts within a single contract lifecycle management platform and extract critical information efficiently and rapidly, as traditional extraction tools can retrieve only a limited number and type of attributes. This need arises from consolidating legacy contacts, expanding the range of attributes collected in a contract database to better manage commercial agreements, and conducting compliance audits.

Onit Contract Lifecycle Management (CLM) leverages Catalyst generative AI technology to support “smart fields,” additional attributes that can be extracted from contracts using natural language chat powered by an LLM. This flexible system allows for the easy addition of new custom data fields to the contract database, empowering users to adapt the system to their specific needs. By accurately extracting these attributes, customers can effectively manage their contracts, ensure compliance, monitor performance, and make informed decisions based on contract data analysis. The integration also allows contracts and contract data to be easily imported into Onit CLM for seamless analysis, giving users complete control over their contract management process.

In the fall of 2023, Onit introduced Matter Suite and Spend Suite best practice templates that allow legal operations professionals to track key performance indicators and have better visibility across invoices, budgets, matters, and more. Onit has now added Vendor Suite, which provides greater insights and analysis capability of critical law firm metrics so legal departments can make informed decisions regarding the efficiency and competitiveness of law firms concerning their timekeeper rates. It presents trends and details of timekeeper rates, segmented by staff classifications such as Partners, Of Counsels, Associates, geography, and more. Vendor Suite enables users to quickly evaluate how the average rates align with fairness, adequacy, or excellence standards across similar law firms.

The Onit Legal Hold capabilities have also been enhanced to provide greater flexibility and more complete, easier-to-manage digital records preservation. Legal departments can customize Legal Holds Management to meet their unique workflows, including custodian notification, categorization, and approval matrices. The recently added integration with the Microsoft Purview compliance portal allows for preserving records across the Microsoft landscape (including OneDrive and SharePoint) from within Legal Holds Management. Lastly, when IT modifies preservation settings, these changes can now be audited within Onit to ensure necessary legal holds remain.

Learn more about Onit’s ELM and CLM solutions at CLOC Global Institute 2024 in Las Vegas from May 6-9; Onit is a proud platinum sponsor of the CLOC Global Institute.

• Onit’s CLOC presence features: Jean Yang, Vice President of Onit’s AI Center of Excellence, will moderate a panel titled “Complexity to Consistency: Three Keys to Empowering Legal Excellence with AI” on May 8 at 12:20 p.m. PDT.
• Visit us at Booths #309 and #402 to learn more about these product updates, book a demo, or arrange to meet the team at CLOC.

Additional Resources

For more company news, industry trends, and best practices from corporate legal innovators, read the Onit blog and follow us on LinkedIn.

About Onit

Onit is a global leader of AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit onitprostg.wpengine.com.

Strategic hirings are part of a larger investment strategy to build on Onit’s success and further scale the business.

Houston, April 9, 2024 - Onit, the leading provider of legal workflow solutions including enterprise legal management (ELM) and contract lifecycle management (CLM), today announced three new senior executive leadership team members. Michelle Culp has joined the company as Chief Revenue Officer, responsible for all go-to-market functions. Nathan Peirson has joined as Chief People Officer, leading the company’s global human resources organization and driving Onit’s strategic talent goals. Laura Fese has joined Onit as Chief Legal Officer, leading the company’s global legal operations. Melanie Shafer has been promoted to the new Chief Customer Officer position, where she will be responsible for the company’s services and customer success functions. They join recently appointed CEO Michael Farlekas and CFO Austin Owens, who joined in June 2023.

Michelle Culp will focus on implementing an integrated, global go-to-market strategy for Onit. This strategy will benefit customers of all sizes by enabling them to better understand the benefits of the entire portfolio of Onit’s ELM, CLM, and custom workflow automation applications. Culp brings a demonstrated history of transforming and leading SaaS sales and marketing teams across multiple customer segments. Before Onit, she served as the Global Vice President of Sales at Sovos, a leading compliance software company serving over 100,000 customers, including half of the Fortune 500, across 70 countries. Culp also served as the Vice President of Sales, Small Business at SAP Concur.

Nathan Peirson brings over twenty years of global HR experience to the Chief People Officer role, with considerable expertise in high-growth SaaS and technology companies. In his role, Peirson will drive Onit’s enterprise talent strategy while building a best-in-class Human Resources function. Prior to joining Onit, he served as SVP of Talent and Employee Experience at Paycor, a leading provider of human capital management software. He also served as Worldpay’s Global Head of Culture and Talent and held multiple global HR leadership roles during his tenure. He was recently nominated as one of OnCon’s top 100 HR Professionals of 2024 award.

Laura Fese has joined as Chief Legal Officer, bringing over twenty-five years of experience in managing legal operations for private and public multi-national supply chain and ERP SaaS businesses.  Recently, Fese served as Executive Vice President, General Counsel and Corporate Secretary of E2open (NYSE: ETWO).  Fese is an effective leader with expertise in accelerating growth through developing exceptional legal talent and implementing critical process and automation improvements.

Melanie Shafer has assumed the new role of Chief Customer Officer. Shafer most recently served as the SVP of Customer Experience of Onit’s Commercial Business. Shafer’s primary focus is to create a scalable service experience for Onit customers, regardless of their maturity stage in legal operations. This comprehensive strategy enables Onit to act as a trusted advisor to its customers, enhancing efficiency, cost containment, and risk mitigation for the General Counsel’s office. Before Onit, Shafer served as VP of Professional Services and Support at Zywave, a pioneer in the insurance technology industry, where she led teams responsible for the implementation and ongoing support of 15,000+ customers through multiple acquisitions and international expansion.

Austin Owens joined Onit in June of 2023 and has focused on improving finance practices to support scalable growth. Owens has brought expertise in financial planning and analysis, business analytics, and business process design to Onit, along with experience in global operations. Owens most recently served as Chief Financial Officer at Data Axle, a leader in data-driven marketing and business intelligence solutions, supporting various activities ranging from business unit partnerships with sales and operations leadership to corporate and treasury-focused responsibilities related to cash management and business development. He also served as the lead across the entire lifecycle of merger and acquisition engagements.

“I am excited by the addition of these outstanding senior leaders with diverse experiences. “Together with our exceptional employees, they will be instrumental in transforming Onit into the leading legal operations software platform company serving companies of all sizes worldwide,” said Michael Farlekas, CEO of Onit. “The industry is at an inflection point, with corporate legal departments needing to adopt a core business platform with AI embedded that supports better productivity, higher efficiency, and data-driven decision-making so legal leaders can focus on helping create business advantage for their corporations.”

About Onit
Onit is a global leader of AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit onitprostg.wpengine.com.

Modernized event management decreases risk for legal departments where the stakes are higher for missed deadlines

HOUSTON, March 26, 2024 /PRNewswire/ — SimpleLegal (an Onit company), the industry leader in easy-to-learn and implement e-Billing and matter management software, announces the launch of its purpose-built event management feature within its matter management solution.

Compared to available market options, SimpleLegal separates task and event management, functionality traditionally tied together in matter management applications. The separation draws attention to the importance of events, such as court dates, filing deadlines, and depositions, and the negative consequences when events are mismanaged.

“We all work in tools like Outlook and Google where creating a meeting, inviting the right people, and adding relevant details is simple,” says Shri Iyer, SimpleLegal’s SVP of Product Management and Design. “We set out to replicate this ease of use, designed specifically for legal departments, after our customers vocalized that deadlines are too important to be viewed as mere tasks that are checked off a list.”

When it comes to missed deadlines, the stakes are higher for legal departments. Failing to file court documents on time or overlooking statutory limits, for example, can pose significant risk to a business, potentially resulting in lawsuits, attorney sanctions, and case dismissal. The robust calendaring provided by SimpleLegal’s event management gives legal departments the centralized, matter-specific view of upcoming events that has been missing in the market. Better visibility and accountability make collaboration effortless and keep key stakeholders informed.

SimpleLegal’s event management further integrates with CalendarRules, the most comprehensive and reliable court rules platform offering over 1,800 rule sets nationwide. As the first matter management solution to offer this integration, legal departments can confidently prepare for and manage upcoming events and deadlines thanks to automated, real-time data from CalendarRules to SimpleLegal.

“After extensive research and conversations with legal ops professionals, we knew separating tasks and events was the right call. It didn’t make sense to treat a deadline-driven event the same way as a task,” shares Iyer. “To successfully and continually build value for our users, we can’t lose sight of how legal teams operate and must adapt our product accordingly.”

SimpleLegal streamlines legal operations by packaging event and task management into a single matter management solution. This unified approach enhances visibility into team capacity, supports strategic decision-making, and simplifies matter intake and management, increasing workflow efficiency and productivity.

Additional Resources
To learn more about SimpleLegal’s event management, request a demo or learn more on the blog. For company news, industry trends and best practices from corporate legal innovators, read SimpleLegal blogs and follow us on LinkedIn.

About Onit
Onit is a global leader in AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit onitprostg.wpengine.com.

Onit product brands are OnitX, SimpleLegal, ContractWorks, ReadySign, BusyLamp, and SecureDocs.

96% CSAT influenced by expanded product offerings, ongoing innovation, and ample customer education opportunities

HOUSTON, Feb 1, 2024 — Onit, the leading provider of legal workflow solutions, today announced its 2023 Customer Stewardship Report, detailing significant milestones that its commercial portfolio, which includes SimpleLegal for Enterprise Legal Management (ELM) and ContractWorks for Contract Lifecycle Management (CLM), has achieved over the past year. Highlights from 2023 include 103 product releases, a deeper investment in customer experience initiatives by delivering additional service options, and improved results and time savings for customers through artificial intelligence and machine learning.

“We’re excited about the progress we’ve made over the past year,” said Melanie Shafer, Senior Vice President, Customer Experience. “Our focus on the customer experience, coupled with advancements in our products and the application of artificial intelligence throughout our products, reflects our dedication to staying at the forefront of innovation and delivering on customer expectations.”

Onit’s commercial business, focused on servicing the mid-market segment, continuously invests in growing its product capabilities and services. The commercial portfolio is well known for its ease of use, scalability, and success in delivering value quickly – just 95 days to value for customers after purchase. The following are a few of the highlights from this year’s report:

1. Product Innovation – Launched 13 new products and features for its ELM and CLM products, enabling a more cohesive user experience and improved workflows. Also delivered 190 customer requests for product enhancements, and expanded the use of artificial intelligence to drive customer efficiency, like AI-assisted invoice reviews that automatically capture real-world legal billing errors without a human in the loop, to generative AI applications that create clauses and simplify legalese in contracts.
2. Customer Engagement – Expanded service offerings such as custom training options, held 129 product training sessions and 65 office hours, and hosted 32 user groups and Ask Me Anything (AMA) webinars to build cross-customer collaboration. These actions have helped expand customer knowledge of Onit’s product and service offerings, making it easier to use and gain value, leading to a 96% average customer satisfaction rating.
3. Investments & Results – Heavy investment in its products and services has made a big impact on customers:
   1. Average of 97 hours saved each month through improved efficiency with new contract management tools.
   2. Approximately 10% savings on legal spend through rigorous billing guideline enforcement and artificial intelligence.
   3. A 70% reduction in time spent on inquiries from law firms due to enhanced invoice adjustments and rejection workflow.
   4. An average of 35 hours saved annually per customer via expanded bulk action functionality.
   5. 95% improvement in time to value when setting up billing guidelines by making this feature accessible to customers directly.
   6. 92% reduction in time spent creating reports by optimizing dashboards, making data discovery much quicker.

“In 2024, Onit’s commercial customers can look forward to additional investments,” stated Mark Weidick, President, Onit Commercial Business. “Our dedication remains steadfast in creating more significant value across every phase of the matter, spend, and contract lifecycles.”

About Onit
Onit is the leading provider of legal workflow solutions for enterprise legal management (ELM) and contract lifecycle management (CLM). Onit’s comprehensive product portfolio customizes AI-driven workflows for managing matters, spend, vendors and contracts. With Onit, companies can evolve the legal department’s role as a business protector and transform it into a business driver that materially influences the enterprise by improving operational and cost efficiency while simultaneously contributing to faster revenue generation and business growth.

The Onit commercial portfolio of products includes ContractWorks, SecureDocs, SimpleLegal, and ReadySign. For more information, visit onitprostg.wpengine.com.

Onit Catalyst AI technology within the OnitX platform boosts productivity and sharpens the decision-making of corporate legal teams

Houston, TX – January 23, 2024 – Onit, the leading provider of legal workflow solutions, today announced the launch of its groundbreaking Catalyst Virtual Assistant for Legal Operations within OnitX, a workflow automation platform for sophisticated, legal-related business processes. Legal professionals can now use natural language chat to access a new, powerful level of intelligence enabled by generative AI that simplifies and automates everyday legal tasks from within their most-used productivity software — Microsoft Outlook.

“The continuous and rising demand on legal teams as the protector of the business has brought significant challenges for operational scalability. Our objective with Onit AI Contract Chat for Legal Operations was simple —leverage the strength of generative AI to make relevant information easily accessible so the best action can be taken quickly,” said Mary Fuzat, Onit Senior Vice President of Product. “With Catalyst Virtual Assistant, the power of insights from the OnitX platform is brought right to a user’s desktop in Microsoft Outlook.”

The OnitX plugin for Microsoft Outlook has been enhanced with Catalyst Virtual Assistant to serve as a “bridge” to the new generative AI capability now built into OnitX . Users can more easily collaborate with workflows that provide compliance and control over legal processes, access information stored across different OnitX applications, and minimize time spent on mundane tasks.

The Catalyst Virtual Assistant for Legal Ops empowers users to:

• Automatically populate legal service and contract requests.
• Instantly surface related matters, contracts, and legal service requests.
• Answer questions based on legal service request, matter, and contract data stored within the OnitX platform using natural language chat.
• Rapidly draft follow-up emails and review/summarize in the context of your legal matters and requests.
• Translate different languages to support your global business.

The combination of the proven OnitX platform that has hosted hundreds of workflow automation apps and Onit’s deep legal expertise, as represented by the millions of legal interactions processed annually, 3,000+ customers, and $47B of legal spend data, is unique in the legal technology landscape. As a result, OnitX provides corporate legal leaders with a distinct means to boost productivity, ensure better decisions and outcomes, and provide intuitive access to the latest technologies that are practical and enterprise-grade.

“We initially introduced the Onit AI Contract Chat last fall to serve as a digital contract paralegal that reviews and edits contracts on Legal’s behalf,” said Nick Whitehouse, Managing Director of Onit’s AI Center of Excellence. “The Onit AI Contract Chat for Legal Ops is the continuation of our strategy to build meaningful AI into workflows – automating a huge number of legal tasks and scaling knowledge across legal organizations in a controlled and impactful way. These virtual assistants demonstrate how the OnitX platform is at the forefront of this new era of AI-augmented work.”

Learn more about the Catalyst Virtual Assistant for Legal Operations between January 30 – February 1 at Legalweek New York 2024, where the company will offer live demonstrations of all its enterprise legal management, contract lifecycle management, and business process automation solutions.

About Onit
Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit onitprostg.wpengine.com.

Accomplished software executive to spearhead the next phase of growth and customer success.

Houston, TX – January 16, 2024 – Onit, Inc. announced that longtime software executive Michael Farlekas will join the company as Chief Executive Officer, effective March 1, 2024. Onit is the leading provider of legal workflow solutions for enterprise legal management, contract lifecycle management, and business process automation. Current CEO and co-founder Eric Elfman will move to the role of Vice Chairman of the Board of Directors.

Michael Farlekas

“When Onit was founded thirteen years ago, we had an ambitious goal to make legal a strategic partner to the business. Since then, we have become a recognized market leader, serving over 3,000 customers globally, providing hundreds of workflow automation applications and end-to-end solutions for Enterprise Legal Management and Contract Lifecycle Management. I’m excited to welcome an individual with Michael’s deep experience in scaling growth businesses to lead this next chapter of Onit’s journey and look forward to supporting him and the team as a member of our Board.” said Mr. Elfman.

Mr. Farlekas will lead all aspects of the company, focusing on driving customer value and accelerating the adoption of modern, legal-related business processes through automated, intelligent, and comprehensive software solutions. He brings to Onit an extensive track record of successful executive leadership, boasting over two decades of experience in sales, marketing, and leadership within the realm of enterprise software and operations.

Most recently, Mr. Farlekas led E2open to unprecedented growth over the past eight years. As CEO, he completed fourteen acquisitions to grow the customer base to more than 420,000 manufacturing, logistics, channel, and distribution partners through a network tracking over fourteen billion transactions annually. Previous executive roles include successful stints at Roadnet Technologies and RedPrairie.

“I am honored to join Onit and to have the opportunity to work with our customers and talented team,” said Mr. Farlekas. “Onit today has a market-leading global footprint and a strong passion for customer satisfaction and innovation. I am committed to building on this great foundation and leading the company towards scalable and profitable long-term growth in the industry.”

“We are delighted to welcome Michael to the Onit team,” said Mike Velcich, Partner at K1 Investment Management. “He is a proven business leader with an excellent track record of scaling businesses for the long term. We look forward to working with Michael to accelerate Onit’s momentum, fostering continued expansion and value creation for customers and stakeholders.”

About Onit
Onit, Inc. is a global leader in AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. Companies can transform best practices into smarter workflows, better processes, and operational efficiencies through Onit’s enterprise legal management, matter management, spend management, contract lifecycle management, and legal hold solutions. It helps transform how corporate legal departments with mid-market to Fortune 500 companies bridge the gap between systems of record and systems of engagement.

For more information, visit onit.com.

About K1
K1 is a global investment firm that builds category-leading enterprise software companies. K1 partners with strong management teams of high-growth technology businesses to help them achieve successful outcomes. With over 125 professionals, K1 and its operating affiliate, K1 Operations LLC, change industry landscapes with operationally focused growth strategies designed to rapidly scale portfolio companies. Since the inception of the firm, K1 has partnered with over 200 enterprise software companies including industry leaders such as accessiBe, Atera, Checkmarx, Complysci, ControlUp, Emburse, Employ, Granicus, HR Acuity, IronScales, Onit, RethinkFirst, Reveal-Brainspace, RFPIO, simPRO, Smarsh, Technomile, XTM International and Zapproved.

For more information, visit k1.com and follow K1 Investment Management on LinkedIn.

Legal technology leader earns honors for innovation, technology, and growth

HOUSTON – Nov 9, 2023 - Onit, Inc., the leading provider of legal workflow solutions including enterprise legal management, contract lifecycle management, and business process automation, today announced its list of significant awards and honors received throughout 2023.

“The prominent industry recognition for Onit shows our continuous commitment to our mission — helping to connect legal departments more materially to the broader enterprise with customized workflows that meet you where you work,” said Eric M. Elfman, CEO and co-founder of Onit. “It’s a testament to our team’s hard work, dedication, innovation, and technological skills.”

The 2023 list of accolades demonstrates the expansion of Onit’s customer base from mid-sized companies to large, global enterprises across a broader set of leading solutions that have resulted from both in-house product development and acquisitions.

Onit, Inc.’s top awards and honors this year include:

• LegalTech Breakthrough Award: OnitX platform awarded “Overall Contract Automation Solution of the Year”; SimpleLegal Enhanced Reporting feature awarded “Overall LegalTech Data Solution of the Year.”
• Business Intelligence Group’s Artificial Intelligence Excellence Awards: SimpleLegal’s new SimpleReview capability named a “Product Winner.”
• Business Intelligence Group’s Awards for Business: SimpleLegal’s Enhanced Reporting feature named “Product of the Year.”
• Theorem Awards: Onit recognized as the “LegalTech Company of the Year (Leader)” and for “Enterprise Legal Management (Leader).” SimpleLegal recognized as the “Best Overall Legal Operations Platform.”
• IDC MarketScape: Onit, Inc. named a “Leader” in “Worldwide Enterprise Legal Management Software 2023 Vendor Assessment.”
• Hyperion Research: OnitX CLM selected as an “Advanced Solution in Contract Lifecycle Management”
• Houston Chronicle Top 100 Houston Private Companies: Onit listed at #42.
• Houston Business Journal 2023 Fastest-Growing Houston-Area Middle Market Companies: Onit listed at #25.
• Houston Business Journal’s Largest Houston-area veteran-owned business: Onit listed at #4.
• INC Regionals Fastest-Growing Company (Southwest): Onit listed at #125.
• TrustRadius 2023 Tech Cares Award: Onit recognized for “going above and beyond to embody compassion and exceptional corporate social responsibility.”
• XLive’s 2023 Customer Hero: Awarded to Support Engineer Stephen Sanchez of SimpleLegal.

About Onit

Onit, Inc. is a global leader of AI-enabled workflow automation solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how mid-market to Fortune 500 companies and corporate legal departments bridge the gap between systems of record and systems of engagement.

For more information, visit onitprostg.wpengine.com.

Additional Resources

For more company news, industry trends and best practices from corporate legal innovators, read the Onit blog and follow us on LinkedIn.

Onit Catalyst for Contracts Delivers Dynamic Contract Insight and Review with Seamless Microsoft Word Integration

HOUSTON – Nov 9, 2023 - Onit, the leading provider of legal workflow solutions, today announced Onit Catalyst for Contracts, a ground-breaking software application that intelligently transforms the contract lifecycle using Generative AI and Large Language Models (LLMs) to enhance pre-signature and post-signature contract activities. Businesses can now more rapidly review and extract contract information, confirm compliance with the most nuanced issues, and find and automatically action more issues.

“Onit Catalyst for Contracts further accelerates the digital transformation of legal-related business processes,” Onit AI Center of Excellence Managing Director Nick Whitehouse says. “Designed to empower users to interact with contracts in highly dynamic, conversational manner, Catalyst for Contracts delivers a technological edge that enhances the productivity and decision-making of over-burdened contract teams.”

The standout feature of Catalyst for Contract is a natural language chat capability. Seamlessly integrated with Microsoft Word for broad user adoption and ease of use, Catalyst contract chat uses LLM to deliver sentence-level responses and recommendations to legal issues so complex legal questions can be quickly answered in an easy-to-understand language.

“Our new contract chat feature empowers users to quickly summarize, explain, review, rewrite, and advise on contracts confidently,” Whitehouse says. “It’s like having a dedicated, digital paralegal available on-demand.”

A smart virtual assistant that understands legal language and contract creation nuances, Catalyst for Contracts helps legal professionals generate highly specific contract playbooks with ease, creating complete control over AI. Moreover, using AI provides unparalleled insights and control of existing business contracts to identify, extract, share, manage, and track contractual obligations and risks.

Onit also announced the release of four new role-based reporting templates designed to streamline Enterprise Legal Management (ELM) business processes, track performance, and maximize impact:

• Matter Suite tracks matter-related Key Performance Indicators (KPIs).
• Spend Suite provides visibility across invoices, budgets, and more.
• Vendor Suite allows users to review spend, matters, and rates through the lens of vendors and timekeepers.
• Executive Suite empowers leaders with year-over-year trends and key insights across legal matters and spend management.

To learn more about Onit Catalyst for Contracts and the new ELM reporting templates, please contact us HERE.

About Onit

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR, and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes, and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally. It helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement.

Onit helps customers find gains in efficiency, reduce costs, and automate transactions faster. For more information, visit onitprostg.wpengine.com.