News Type: Press Release

HOUSTON, November 30, 2021 – Onit, Inc., a leading provider of enterprise workflow solutions, including enterprise legal management and contract lifecycle management, today announced that Neil Wu Becker has joined the company as chief marketing officer (CMO). In this role, Wu Becker will lead all aspects of marketing for Onit and its subsidiaries, including developing and executing strategy to grow the company at scale.

The addition of Wu Becker, an award-winning marketing executive who has led global teams at IT, security and enterprise software firms, including Dow Jones component companies and pre-IPO unicorns, underscores a time of rapid growth for Onit. The company is broadening its product portfolio and innovating relentlessly.

Since late 2020, Onit has acquired four companies in the artificial intelligence, contract lifecycle management and enterprise legal management spaces. It has expanded its employee numbers by 40%, won 20+ awards for innovation and rapid growth and was recognized by the Deloitte Technology Fast 500 program for its three-year revenue growth of 408%. Currently, Onit has more than 10,500 customers ranging from Fortune 500 companies to law firms.

“Onit has proven itself a leader in enterprise legal management,” said Eric M. Elfman, CEO and co-founder of Onit. “Now, we have unparalleled opportunities to replicate that success in contract lifecycle management and business process automation for enterprises around the world. Neil’s addition as CMO signals the next evolution of Onit’s growth – one fueled by a widening market opportunity to provide value to customers across their entire organizations. We are investing in growth and acquiring the best resources to accelerate it.”

“The enterprise software space is extremely dynamic, and Onit’s market positioning puts the company right in the middle of driving that industry evolution,” Wu Becker said. “Onit has the technology, talent and trusted brand to help enterprises modernize workflows that directly impact the operational efficiency of legal departments, the management of obligations, and, ultimately, the speed of revenue generation. Simply put, Onit is turning on the jets to help global enterprises operate more efficiently across their functional groups than ever before.”

Wu Becker’s leadership is exemplified by his proprietary and proven system for integrating the marketing mix in a way that scales brand awareness and demand generation for fast-growing companies. He recently served as CMO for Behavox, a financial regulatory compliance and security company, and as vice president of marketing for Apttus, an enterprise quote-to-cash and contract lifecycle management provider now operating as Conga. His experience also includes responsibilities as executive vice president of marketing at publicly traded A10 Networks and leading teams at some of the world’s largest tech companies, including Cisco, Micron Technology and Trend Micro.

Additional Resources

Read and subscribe to the Onit blog for the latest company and industry news. Join us on LinkedIn, follow us on Twitter or listen to our podcasts to hear the latest news on legal operations, artificial intelligence and best practices from innovators in corporate legal.

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 and helps transform the way 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, email [email protected] or call 1-800-281-1330.

HOUSTON, November 22, 2021 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today announced it ranked #304 on the Deloitte Technology Fast 500™, a list of the 500 fastest-growing and most innovative technology, media, telecommunications, life sciences and energy technology companies in North America. Onit’s impressive three-year revenue growth of 408% won the company its fourth consecutive year on the prestigious list.

Onit’s CEO and co-founder Eric M. Elfman joined Deloitte’s awards ceremony for a livestreamed Q&A with other winners on November 16. In it, he shared his perspective and experience on the company’s fast growth.

“We trace our exponential growth to our customers and their trust in us,” said Elfman. “We have always focused on eradicating roadblocks like information silos and manual work to help our customers amplify efficiency, drive revenue and meet obligations to their enterprises, customers and partners.”

In addition to its organic innovation, Onit has accelerated its growth through acquisitions. It has acquired five companies since 2019 (BusyLamp, Bodhala, AXDRAFT, McCarthyFinch and SimpleLegal), with four of the deals closing in the last 13 months. Onit now represents one of the world’s largest enterprise legal management conglomerates, with more than 600 implementations completed worldwide.

Onit’s contract lifecycle management technology, introduced two years ago, is already trusted by Fortune 500 companies and was recently named as a Major Player in the IDC MarketScape Report: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2021 Vendor Assessment.

“For more than 26 years, we’ve been honoring companies that define the cutting edge and this year’s Technology Fast 500 list is proof positive that technology — from software and digital media platforms to biotech — truly does permeate so many facets of our lives,” said Paul Silverglate, vice chairman, Deloitte LLP and U.S. technology sector leader. “We congratulate this year’s winners, especially during a time when innovation is needed more than ever to address the monumental challenges posed by the pandemic.”

To learn more about Onit or to schedule a demonstration, visit onitprostg.wpengine.com.

About the 2021 Deloitte Technology Fast 500™

For the past 27 years, Deloitte has been honoring the most innovative, fastest-growing public and private technology companies that hail from cities across North America. The Technology Fast 500 was created to recognize the passion and dedication it takes to be an industry disruptor. The ranking is compiled based on submitted applications and public company database research, with winners selected based on percentage fiscal-year growth over a three-year period.

Additional Resources

Read and subscribe to the Onit blog for the latest company and industry news. Join us on LinkedIn, follow us on Twitter or listen to our podcasts to hear the latest news on legal operations, artificial intelligence and best practices from innovators in corporate legal.

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 and helps transform the way 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 or call 1-800-281-1330.

HOUSTON, November 11, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including contract lifecycle management, enterprise legal management and business process automation, today announced that it has been named as a Major Player in the IDC MarketScape Report: Worldwide Contract Life-Cycle Management Software for Corporate Legal 2021 Vendor Assessment (Doc # US46965921, November 2021).

Onit introduced its Contract Lifecycle Management software two years ago, with a vision of assertive and constant innovation. Within this short amount of time, the company has expanded its CLM offering with artificial intelligence for all phases of contract management trusted by Fortune 500 customers. On average, Onit CLM customers see a 9% annual cost savings and a 24% reduction in sales cycles while decreasing hours spent on contracts by 20%.

“Companies realize that inefficient contract management affects the entire enterprise – slowing down obligations, revenue-generating opportunities and increasing risks,” said Eric M. Elfman, CEO and co-founder of Onit. “Healthy businesses need contract lifecycle management software that is effective, quick to deploy, equipped with pre-trained AI and flexible enough to accommodate operations as a company evolves. We’re honored to be included in this report as we continue our mission to make it easier to practice the business of law.”

About Onit Contract Lifecycle Management

Onit Contract Lifecycle Management (CLM) empowers legal and business teams with end-to-end automation of their entire contract management process, providing greater governance, business insight and efficiency. Onit CLM is a cloud-based centralized contracts repository with automated functionality and artificial intelligence that supports all phases of the contract lifecycle from pre- to post-contract execution. Recent innovations to the technology include:

• ReviewAI, which uses AI to quickly and accurately draft, review and redline all types of contracts, creating faster contract approvals by up to 70% and increasing productivity by more than 50%.
• ExtractAI, which handles the post-signature phase of contracting and uses artificial intelligence to simplify contract data extraction and obtain usable data from executed, legacy and third-party paper contracts.
• Automate NDA, a best practice solution that helps customers manage and automate the end-to-end non-disclosure agreement process and speed up the NDA execution cycle by up to 80%.

Organizations interested in Onit’s CLM can schedule a demonstration and learn about the company’s risk-free, 60-day CLM money-back guarantee.

Additional Resources

Read and subscribe to the Onit blog for the latest company and industry news. Join us on LinkedIn, follow us on Twitter or listen to our podcasts to hear the latest news on legal ops, artificial intelligence and best practices from innovators in corporate legal.

About IDC MarketScape

IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness of ICT (information and communications technology) suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each vendor’s position within a given market. IDC MarketScape provides a clear framework in which the product and service offerings, capabilities and strategies, and current and future market success factors of IT and telecommunications vendors can be meaningfully compared. The framework also provides technology buyers with a 360-degree assessment of the strengths and weaknesses of current and prospective vendors.

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 contract lifecycle management, enterprise legal management, matter management, spend management and legal holds, the company operates globally and helps transform the way 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 or call 1-800-281-1330.

HOUSTON, October 29, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that they and their customer BT Group plc are joint finalists for Buying Legal Council’s prestigious Legal Procurement Award for Innovation.

“It was truly a great opportunity to work with David Griffin and his team at BT Group plc on their highly innovative MyLegal project,” said Eric M. Elfman, CEO and co-founder of Onit. “It was exciting for us to learn that the implementation reduced the complexity of BT’s technology stack by 75%, and an unprecedented 70% of matters that previously hadn’t been reportable or trackable were now under complete management. With the help of Onit’s solutions, BT is leveraging this opportunity to rethink, streamline and measure their activities and processes to transform their law department by integrating best practices into smarter workflows and operational efficiencies. The results of BT’s technology implementation speak for themselves, and for every hour they can give back to their lawyers on some task that can be automated, they can plow back into something that is more productive to their company.”

“The Legal Procurement Awards showcase advances in legal procurement and honor those who are at the forefront of new developments. The awards provide a measure of recognition for achievement on the most relevant dimensions of skill and creativity,” commented Dr. Silvia Hodges Silverstein, CEO of the Buying Legal® Council.

The Buying Legal^® Council is the international trade organization for professionals tasked with sourcing legal services and managing supplier relationships. Founded in September 2014, the Buying Legal^® Council counts most of the leading organizations around the world as our members. The range from pharmaceuticals, banking and insurance, retailers, consumer goods, electronics and sportswear to public entities. We support our members through advocacy, networking, education, research, and information. Members benefit from practical, professional training, access to in-depth and actionable resources and best practices, and connecting with your peers.

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 and helps transform the way 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 or call 1-800-281-1330.

HOUSTON, October 26, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that they are a Gold Globee International Best in Business Award winner in the software development category. This marks the third Globee award win for the company this year.

“We are proud to be recognized as an industry leader with this award,” said Eric M. Elfman, CEO and co-founder of Onit. “As leaders of business process automation, AI and legal business intelligence, our vision for the next wave of business transformation has legal departments running their operations based on actionable data. Behind this distinguished success is our product innovations and relentless drive to stay customer focused. This win is important for Onit and further validates our strategy to be highly focused on our customers, partners and products.”

The coveted annual International Best in Business Awards program recognizes and honors the world’s best in organizational performance, products and services, innovations, executives and management teams, women in business and the professions, case studies and successful deployments, public relations and marketing campaigns, product management, websites, blogs, white-papers, videos, advertisements, creativity, partner programs, and customer satisfaction programs from every major industry in the world. This annual awards program celebrates the individuals and teams who set industry benchmarks for excellence.

Globee Awards are conferred in eleven programs and competition: the CEO World Awards^®, the Consumer World Awards^®, The Customer Sales & Service World Awards^®, the Globee^® International Best in Business Awards, the Golden Bridge Awards^®, the Cyber Security Global Excellence Awards^® and Security World Awards, the IT World Awards®, One Planet^® American Best in Business Awards, the Globee^® Employer Excellence Awards^®, the Globee^® Corporate Communications & Marketing World Awards, and the Women World Awards^®. Honoring organizations of all types and sizes and the people behind their success, the Globee Awards recognize outstanding achievements and performances in businesses worldwide. Learn more about the Globee Awards at https://globeeawards.com.

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 and helps transform the way 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 or call 1-800-281-1330.

HOUSTON, October 6, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that the company ranked #13 on the Houston Business Journal’s Fast 100 and Innovation list. This marks the second consecutive year Onit has ranked on the list, and the company has ranked a total of five times.

“This kind of exciting news never gets old for me,” commented Eric M. Elfman, CEO and founder of Onit. “Ranking #13 out of 100 Houston area companies is quite an honor for us. The last couple of years haven’t been easy, but we’ve still managed to reach new levels of success, such as acquiring two more companies this year. It takes the collective efforts, dedication and creativity of every Onit team member to drive our unprecedented growth in order to achieve this ranking on the HBJ Fast 100 and Innovation list.”

The 2021 Fast 100 List is ranked by revenue growth from 2018 to 2020. This year’s No. 1 company reported 4,475.29% growth during that period — last year, the same company reported 8,248.19% growth from 2017 to 2019. In order to qualify for the Fast 100, companies on The List must meet the following criteria: be headquartered in the Houston area, be for-profit and privately held, have been in operation for at least five full fiscal years and have earned at least $1 million in revenue in the latest fiscal year. Information for The List was obtained from questionnaires completed by company representatives and HBJ research.

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 and helps transform the way 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 or call 1-800-281-1330.

HOUSTON, September 28, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has acquired BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments. The acquisition creates one of the largest global enterprise legal management conglomerates, with more than 600 implementations completed worldwide by Onit and its subsidiaries SimpleLegal and BusyLamp. It also augments Onit’s formidable global reach into 140+ countries with European domain expertise and a solution well-equipped for unique considerations such as VAT, the General Data Protection Regulation (GDPR) and regional tax policies.

BusyLamp, headquartered in Frankfurt, Germany, has a broad customer base that includes many of Europe’s largest enterprises. The software company grew annual recurring revenues by more than 60% in the last 12 months, and Hyperion Research recognized it as “highly innovative” and a “market leader.” It’s award-winning legal spend management solution and recently launched matter management solution Matter.Space are used by corporate legal leaders across sectors, including the automotive, telecommunications and banking industries and their law firms. BusyLamp will operate as an independent subsidiary of Onit.

“The acquisition of BusyLamp fulfills several strategic priorities for Onit. First, it will be a valuable contributor to our continued rapid growth. Second, it embeds Onit and its solutions even more deeply into Europe. With the BusyLamp team, we have some of the brightest minds in legal operations and technology on the ground in Germany, the UK and throughout the continent – experts who understand European customers’ unique needs. We’re now one of the largest ELM software providers in the world, with software that fits any corporate legal department’s requirements regardless of size or location,” said Eric M. Elfman, CEO and co-founder of Onit. “I want to welcome the entire BusyLamp team as we work toward an exciting future.”

“Our mission at BusyLamp has always been to provide in-house counsel with the information, data, trust and tools they need to focus on the strategic management of their legal finances. By combining with Onit, we will greatly expand on this mission with a wider breadth of technology offerings, a full suite of legal and compliance solutions and immediate access to the leading legal AI and spend management experts,” commented Michael Tal, co-CEO and co-founder of BusyLamp.

“We are delighted to join the Onit family of companies and are now connected to a company with some of the most in-depth experience in our space. This will lead to further rapid growth based on a best-of-class product offering while continuing to serve our customers to the highest standards,” added Manuel Meder, co-CEO and co-founder of BusyLamp.

This acquisition represents the fourth acquisition for Onit in less than 12 months and the fifth acquisition overall. Onit announced its acquisition of legal spend analytics, benchmarking and market intelligence company Bodhala on September 1. In late 2020, Onit acquired legal AI innovator McCarthyFinch and then document automation provider AXDRAFT 30 days later. Onit also acquired SimpleLegal, a modern legal operations software provider, in May 2019.

Customers with questions are encouraged to reach out to their representatives at Onit or BusyLamp.

Marks Baughan served as financial advisor to BusyLamp, and Willkie Farr & Gallagher served as legal advisor. Osborne Clarke and Morris, Manning & Martin served as legal advisors for Onit.

Visit Onit and BusyLamp at these European Events

In-house counsel and corporate legal professionals are invited to visit with Onit and BusyLamp at the following industry events this year:

• The Alternative In-House Technology Summit (UK, October 4-5)
• Legal Innovators UK 2.0 (London, October 21-22)

About BusyLamp

BusyLamp was founded by a team of innovative lawyers passionate about optimizing the existing legal operations of large companies and enabling collaboration both within and beyond the legal departments. It offers users a modern, intuitive and more efficient solution that overcomes the challenges with existing processes. BusyLamp continues to work closely with customers to constantly improve the software, which enables legal departments to save time, control legal spend and build stronger relationships with outside counsel. For more information, visit www.busylamp.com or contact us at [email protected].

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 and helps transform the way 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 or call 1-800-281-1330.

HOUSTON, September 14, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced the general availability of InvoiceAI. InvoiceAI uses artificial intelligence to help corporate legal departments increase potential savings and reduce time reviewing invoices from outside counsel and legal vendors. Onit released the news in this video announcement.

InvoiceAI debuted to Onit customers in May, with its first release focused on reviewing past invoices. Now, InvoiceAI includes both historical and real-time invoice review to maximize time and cost savings.

“In all of my decades working with corporate legal departments, I’ve rarely heard in-house counsel say they enjoy invoice review. It’s tedious, time-consuming and an area perfectly suited for AI transformation,” said Eric M. Elfman, CEO and co-founder of Onit. “InvoiceAI combs through data for potentially noncompliant charges and integrates with billing rules for corrective action. As a result, some customers are discovering up to 20% in savings. And, more importantly, it makes invoice review easier and quicker for today’s busy law departments.”

How InvoiceAI Works

Billing rules have been a tried-and-true companion for invoice review since the introduction of e-billing and legal spend management solutions. While effective, they rely on specific descriptions and context provided or not provided by in-house professionals to evaluate line items. Invoices without the exact language or terms outlined in billing guidelines may evade review and be approved for payment.

InvoiceAI, trained on millions of legal invoice charges and integrated with Onit’s enterprise legal management solution, detects additional errors that may not be flagged by billing rules and ensures that legal spend aligns with outside counsel guidelines. It looks for common areas of overpayment and charges that typically require correction or clarification, such as nonworking travel, block billing, vague descriptions and work done by improper staff class. It can then automatically adjust an invoice to comply with guidelines or bring the discrepancy to the attention of reviewers. Since it is AI-based, it is always learning, improving and working tirelessly to reduce the volume of invoices needed for review and to identify unnecessary expenses.

With InvoiceAI, corporate legal departments can:

• Reduce bill review time through better recommendations, efficiency and less manual bill review steps, allowing corporate counsel and legal professionals to focus on more strategic work.
• Review past invoices through the AI lens to see where errors and unnecessary payments have occurred historically.
• Gain insight into invoice spend trends and plan for corrective action with vendor performance scorecards and month-over-month dashboards.
• Work with Onit’s partner Sterling Analytics for third-party review, maximizing compliance while freeing even more time for in-house legal professionals.

Learn More about InvoiceAI

To learn more about what InvoiceAI can do for your legal department, schedule a demonstration or email [email protected]. Onit customers are invited to reach out to their account managers for more information.

Interested parties can also tune into this InvoiceAI podcast featuring Onit’s Matt DenOuden, Senior Vice President of Global Sales, and Mary Fuzat, Vice President of Product Management.

A History of Legal AI Excellence

Onit continues its commitment to AI innovation with this launch. In less than a year, Onit established its AI Center of Excellence and released five AI offerings for corporate legal. In late 2020, Onit introduced its AI-based platform Precedent and two AI products for contract lifecycle management, ReviewAI and ExtractAI. Onit debuted InvoiceAI in May for customers and followed it up in August with Automate NDA, an easy-to-implement, best-practice solution that uses AI to streamline and automate the entire nondisclosure agreement process.

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 and helps transform the way 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 or call 1-800-281-1330.

HOUSTON, September 1, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has acquired Bodhala, the leading provider of AI-powered legal spend analytics, benchmarking and market intelligence. The acquisition creates the most complete enterprise legal management solutions on the market, allowing corporate legal departments to evolve analytics into actionable intelligence to optimize outside counsel spend.

Bodhala applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates. With proven results for optimizing spend and the procurement of legal services, Bodhala complements Onit’s commitment to provide the most innovative AI offerings for Onit and SimpleLegal corporate legal customers.

“A decade ago, Onit reinvented enterprise legal management by showing how workflow and process automation could drive useful and easily adopted best practices. Today, we occupy the forefront of business process automation, AI and legal business intelligence. Our vision for the next wave of business transformation has legal departments running their operations based on actionable data,” said Eric M. Elfman, CEO and co-founder of Onit. “The acquisition of Bodhala, combined with our enterprise legal management and AI-enabled technology platforms, gives our customers the power to exponentially multiply the savings and value associated with their legal spend.”

“We founded Bodhala with the belief that great legal talent should come at market-driven prices, and we’re incredibly proud to have built the most powerful solution on the market for legal spend analytics,” said Raj Goyle, CEO of Bodhala. “We are thrilled to continue to ride this rocket ship with Eric and his team. By combining with Onit, we will be part of a family of solutions that addresses the full spectrum of corporate legal business needs. We look forward to helping legal departments work faster and spend smarter.”

Bodhala will operate as an independent subsidiary of Onit. The company represents the third acquisition for Onit in less than a year. In November 2020, Onit acquired legal AI innovator McCarthyFinch and then document automation leader AXDRAFT 30 days later. Onit also acquired SimpleLegal, a modern legal operations software provider, in May 2019.

To learn more about the acquisition, listen to the Onit podcast featuring Elfman and Goyle. Onit and SimpleLegal customers can schedule a demonstration of Bodhala by reaching out to their account managers or customer success team.

JEGI Clarity served as financial advisor to Bodhala, and OlenderFeldman served as legal advisor. Morris, Manning & Martin served as legal advisor for Onit.

About Bodhala

Bodhala, the leading legal spend analytics and management platform, provides corporate legal departments with in-depth analytics and spend optimization solutions based on real-time market intelligence. Powered by machine learning and AI, Bodhala transforms messy data into actionable, high-impact insights to help companies save up to 20% on their outside counsel spend. The company, headquartered in New York and founded by attorneys, serves clients across the Fortune 500 and critical services economy industries. Bodhala was named the 2020 Legal Spend Management Innovation of the Year by the LegalTech Breakthrough Awards and One to Watch in Legal Technology by the Financial Times. For more information, visit bodhala.com.

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 and helps transform the way 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 or call 1-800-281-1330.

HOUSTON, August 23, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including contract lifecycle management, enterprise legal management and business process automation, today announced it has won another listing on the 2021 Inc. 5000 list of America’s fastest-growing private companies. This year, Inc. placed Onit in the top 25% with a three-year revenue growth of 408%.

This honor follows Onit’s inclusion in the 2021 Inc. 5000 Regionals, where it ranked number 44 (up from number 70 in 2020) on the list for the Top 250 Fastest-Growing Private Companies in Texas. Onit landed on this prestigious list for the second year in a row, recording revenue growth of 273% over two years.

The award reflects the company’s continued aggressive growth. The Deloitte Fast 500, an annual ranking of the fastest-growing North American companies, ranked Onit at #190 on the list, with a three-year growth of 641% in 2020. The company also secured a top five spot on the 2021 Houston Business Journal’s Middle Market 50, with two-year revenue growth of 162.78%. This marks the second consecutive year that Onit has ranked in the top five on the list.

Companies on the 2021 Inc. 5000 are ranked according to percentage revenue growth from 2017 to 2020. The list represents a unique look at the most successful companies within the U.S. economy’s most dynamic segment, which added more than 610,000 jobs over the last three years. Not only have the companies on the 2021 Inc. 5000 been very competitive within their markets, but this year’s list also proved exceptionally resilient and flexible given 2020’s unprecedented challenges.

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 top 500 companies are featured in the September issue of Inc., which is available now on newsstands.

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 and helps transform the way 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 or call 1-800-281-1330.