News Type: Press Release

New data integration solutions and collaboration tools move the industry forward in quest for a more connected enterprise

HOUSTON, May 10, 2022 – Onit, the leading provider of AI-based legal solutions for global enterprises, today announced a range of new product updates that bring corporate legal teams closer to their businesses, empowering them to be active partners to their internal clients through greater workflow automation, data analytics, AI and benchmarking.

The developments from Onit signal a deepening convergence of the fast-growing company’s broad portfolio of enterprise legal management (ELM) and contract lifecycle management (CLM) solutions. The following products from Onit and three of its recent acquisitions — Bodhala, AXDRAFT and ContractWorks from SecureDocs — will be demoed at the 2022 CLOC Global Institute in Las Vegas and spotlight how the company is delivering broader solutions to the market.

• Onit DaaS: Onit has added Data-as-a-Service (DaaS) to its award-winning Apptitude platform, enabling legal operations teams to co-pilot with critical business-leading communication and compliance. DaaS improves and promotes data accessibility by driving legal operations insights to Sales, Finance, Operations and other key functional departments across the enterprise. From homegrown data warehouses to reporting tools like Tableau and PowerBI, DaaS easily integrates data stored in Onit into corporate reporting systems and data lakes for holistic enterprise-wide reporting and analytics.
• ReviewAI Playbook Manager: Onit’s ReviewAI playbook manager enables corporate legal teams to easily organize and virtualize their contract expertise. With ReviewAI playbook manager, clients can create customized AI-enabled playbooks that ensure consistency across the organization when reviewing contracts, which minimizes risk, reduces frustration and saves time.
• Matter And Rate Benchmarking: Bodhala, a legal business intelligence provider acquired by Onit in August 2021, announced two proprietary solutions, brand new Matter Benchmarking and expanded Rate Benchmarking. Matter Benchmarking delivers unparalleled insights, including benchmarks for specific tasks and documents, helping legal teams streamline budgeting and matter staffing. Expanded to include named timekeeper benchmarks, Rate Benchmarking provides an accurate gauge against the market and internal panels, streamlining rate review and simplifying counsel selection.
• Collaborative Editor: AXDRAFT, a contract management and document automation software provider acquired by Onit in December 2020, announced Collaborative Editor. The tool streamlines contract negotiation and redlining processes by enabling multiple users to simultaneously edit a legal document.
• ContractWorks/AXDRAFT: AXDRAFT and ContractWorks are making it easy for growing legal teams to manage the entire contract lifecycle by automating critical processes and significantly reducing manual work. The integration of AXDRAFT’s powerful document generation and ContractWorks’ robust tracking and reporting combines drafting, approval, customized reporting, collaboration workflows and storage in one easy-to-use solution. ContractWorks is a contract management solution from SecureDocs, which was acquired by Onit in December 2021.

Onit’s dedication to more efficient, smooth and cost-effective legal workflows comes at a time when the relationship between legal departments and other enterprise functions is at a crossroads. Data from the 2022 Enterprise Legal Reputation Report reveals a fractured dynamic between legal departments and their internal clients, citing that a lack of speed and delayed responsiveness significantly impact the legal department’s ability to collaborate with others across the business. The report found eight in ten (79%) enterprise employees do not see Legal as a modern operation, stating that the reassessment of policies and technology — specifically workflow automation and artificial intelligence (AI) — is needed for legal processes to be more efficient.

“Our mission at Onit is simple: Provide corporate legal departments with technology that empowers them to automate all legal workflows and be an active business partner across the enterprise,” said Eric Elfman, Onit’s CEO. “It’s time for legal operations to build stronger alliances with its internal clients. The acquisitions of SimpleLegal, AXDRAFT, BusyLamp, Bodhala and SecureDocs make that mission possible. We are committed to bringing these technologies together to provide our customers with the most comprehensive and sophisticated solutions for ELM and CLM.”

Onit is proud to be a diamond sponsor of the 2022 CLOC Global Institute in Las Vegas on May 9–12. Paige Edwards, Director of Customer Experience, will be moderating a panel, Legal Ops and the Connected Enterprise, on May 11 at 10:30 am PDT. Visit us at Booth #209. Book a demo or arrange to meet the team at CLOC.

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 in workflow and artificial intelligence platforms and enterprise workflow 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.

78% of enterprise employees view the legal department as protectors of the business, yet 65% knowingly bypass legal and their policies due to inefficiency and poor responsiveness

HOUSTON, May 09, 2022 — Onit, the leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today released its Enterprise Legal Reputation (ELR) Report, a multinational study spotlighting the image enterprise employees have of their legal departments and the material effects their relationship has on their businesses — from revenue generation and operational efficiency to innovation and corporate culture.

In January, Onit commissioned Provoke Insights, a New York City-based market research firm, to conduct a study of 4,000 enterprise employees and 500 corporate legal professionals across the United States, United Kingdom, France and Germany. The study helps corporate legal teams understand their brand image through the eyes of their internal clients so they can improve working relationships, accelerate legal workflows and more effectively impact topline revenue and operational efficiency.

The ELR Report’s findings shed light on the urgency for improving today’s corporate legal environment, revealing a somewhat fractured dynamic between legal and its internal clients — particularly in public-facing, revenue-impacting functions like sales, marketing and procurement.

While the majority (78%) of enterprise employees view the legal department as protectors of the business, two in three (65%) admittedly avoid engaging Legal, bypassing its policies because of perceived bureaucracy, inefficiency, poor responsiveness and a belief that Legal doesn’t understand their specific business needs. However, those same enterprise employees acknowledge the legal department’s critical role in driving growth for the company — three of four (77%) believe Legal is great at negotiating on behalf of their companies and nearly half (48%) say Legal accelerates their sales cycles.

The ELR Report also revealed that only 19% of enterprise employees believe Legal considers client service a priority while eight in ten (79%) do not see Legal as a modern operation. These findings spotlight an enormous opportunity for legal departments to foster internal relationships by improving their responsiveness and operational efficiency, with respondents noting that the reassessment of policies and technology — specifically workflow automation and artificial intelligence (AI) — is needed for legal processes to be more efficient.

“The ELR Report reveals a glaring reality check on the full spectrum of how Legal is perceived by their enterprise organizations,” Onit CEO Eric Elfman said. “The findings beg obvious questions — how aware are corporate legal departments of their brand image, what is the material effect and how strong is their impetus to change? While the ELR Report sheds light on these concerns, it ultimately pinpoints opportunities for Legal to evolve their working relationships, accelerate critical workflows and become more active partners in business growth and efficiency. There is a desire right now for Legal to evolve in impactful ways — their businesses are counting on them.”

Other key findings further magnify the differing views of Legal across the enterprise:

The Legal team’s relationship varies by department — 62% of employees from HR and Finance report positive relations versus only 43% from Sales and 37% from both Marketing and Procurement.
In companies where teams are remote, two in five (38%) say Legal was more responsive prior to the Covid-19 pandemic.
60% believe Legal positively impacts their companies’ brands, but one in five (22%) say Legal is the “No Police.”

Read ELR Report Chapter 1 or check out the Chapter 1 summary.

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 corporate legal innovators.

About Onit
Onit is a global leader in artificial intelligence platforms and enterprise workflow 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, March 29, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions – including enterprise legal management (ELM) and contract lifecycle management (CLM) – and Randstad Sourceright, a leading procurement managed services provider, today announced they are partnering to help clients create, negotiate and manage the services they procure via Statement of Work (SOW) based contracts.

“Our primary goal is to help clients draft better contracts upfront,” said Scott Brewer, Head of Delivery Excellence within Randstad Sourceright’s Global Services Procurement Practice. “Buying services differs from direct materials since there is an inherent ambiguity in how companies perceive and articulate the value they are paying for. How you structure a contract is therefore an essential ingredient in whether an SOW-based engagement will be judged as successful or not. With Onit’s CLM and AI platform Precedent, we’re introducing a sophisticated tool that will evaluate contract quality and spotlight items of risk.”

“Contracts represent a vital component of any business. Randstad Sourceright’s experts deeply understand what makes a good contract and how our technologies can add value to their clients’ processes,” Matt DenOuden, senior vice president of global sales for Onit, said. “We’re proud to partner with Randstad Sourceright and to help their clients along the pathway to best procurement practice.”

A Thorough Evaluation

Based on a deep scorecard for the ideal CLM solution, Randstad Sourceright undertook a rigorous evaluation of CLM solutions over 11 months.

“Onit ticked all the boxes due to its innovative technology, position and its quality of support,” Brewer said. “Their pre-trained, multi-faceted AI surpasses the traditional ‘find and retrieve’ capabilities of other solutions. It finds an item, analyzes where it is and how it’s phrased and provides an interpretation. As it reviews more contracts and learns more, it only becomes smarter and more efficient.”

Onit’s CLM software empowers teams across the enterprise with end-to-end automation of the entire contract management process. It modernizes the whole contract lifecycle management process through time-saving capabilities, such as contract generation, automated risk mitigation, self-service and a Microsoft Word integration that lets customers work in their typical applications.

Onit’s Precedent is an artificial intelligence platform that reads, writes and reasons like a lawyer. Its mission is to help business professionals get more work done faster during the pre-signature and post-signature phases, increasing the speed to finalize contracts and ensuring the management of obligations after the deal is closed.

Onit and CLM Momentum

This new partnership adds to Onit’s continued CLM momentum. In the short time since Onit launched CLM in 2019, IDC named it a major player, Fortune 500 companies have implemented it for worldwide contract management and awards programs have recognized its role in modernizing contract lifecycle management.

Learn More About the Partnership with This Podcast and at SIG’s 2022 Procurement Technology Summit

Brewer and DenOuden discuss contract management, Randstad Sourceright’s plans for CLM and AI and the impact of these technologies in the latest episode of the Onit podcast. You can also listen to the discussion on Apple, Google Podcasts and Spotify.

On April 5, 2022, Onit’s CLM director Charmel Rhyne and Brewer will discuss How Best-In-Class Organizations Use Integrated AI in Contract Lifecycle Management during SIG’s 2022 Technology Procurement Summit that will take place April 4-6 on Amelia Island, FL. For more information and to register to attend, visit https://events.sig.org/en/2022-procurement-technology-summit-4a3N4zjs92/overview.

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 Randstad Sourceright

Randstad Sourceright is a global talent solutions leader, driving the talent acquisition and human capital management strategies for the world’s most successful employers. We empower companies by leveraging a Human Forward strategy that balances the use of innovative technologies with expert insights, supporting both organizations and people in realizing their true potential.  As an operating company of Randstad N.V. — the world’s leading global provider of HR services with revenue of € 24.6 billion — Randstad Sourceright’s subject matter experts and thought leaders around the world continuously build and evolve our solutions across recruitment process outsourcing (RPO), managed services programs (MSP) and total talent solutions. For more information, visit www.randstadsourceright.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.

About the Session

Legal departments don’t operate in a silo, and the technology you use shouldn’t either. Most legal tech systems – whether ELM, CLM, AI or others – manage processes that involve business units outside of legal. It should be simple to include those stakeholders in critical workflows without complex integrations and to incorporate advanced technology like AI to enhance the way legal serves the business. When that openness and innovation happens, legal is more connected to the enterprise, risk is better managed, and costs are better understood. Hear from legal operations leaders about their vision for this connection and how they are implementing it in their organizations.

How to Attend

If you have an all-access badge to Legalweek, you do not need to register for this event.

Visit here to register for Legalweek.

HOUSTON, March 1, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today announced that its CEO and co-founder Eric M. Elfman has won the Lifetime Achievement Award in the 2022 Legalweek Leaders in Tech Law Awards program. The awards ceremony, scheduled for March 10 during Legalweek, acknowledges career achievement in the development and adoption of legal technologies and legal technology companies.

Eric M. Elfman, CEO and co-founder, Onit

Elfman started Onit more than 10 years ago with co-founders Smith, John Gilman, Onit’s vice president of products, and Jill Black, vice president of marketing for Onit. The company began with two employees and $25,000 in revenue. Under Elfman’s leadership as CEO, Onit secured a $200 million investment, acquired six companies and grew into a global business with more than 2,800 corporate legal customers and 600 employees. The company’s fast-paced, award-winning revenue growth has been acknowledged in the Deloitte Technology Fast 500, the Inc. 5000 and the Growjo 10K. Its product innovation has earned accolades from the BIG Innovation Awards and the Gold Globees.

Elfman, who has also won the EY Entrepreneur of the Year award for emerging technology and been named a Most Admired CEO by the Houston Business Journal, began his entrepreneurial career as a teenager selling skateboard parts. After serving in the Navy, he earned his MBA at Rice University and established three companies in the legal space – PeerPoint, Datacert and Onit. He helped envision and create industry standards in e-billing, including the Legal Electronic Data Exchange Standard (LEDES) and the Uniform Task Based Management System (UTBMS).

In addition to acknowledging Elfman, the awards ceremony will also celebrate Onit’s legal operations management subsidiary, SimpleLegal. The company’s AI-enabled invoice review technology, SimpleReview, is a finalist for the Legalweek Leaders in Tech Law Awards in the category of Legal Ops.

Connect with Onit at Legalweek

In addition to the awards ceremony, Legalweek attendees will have several opportunities to connect with Onit and its family of companies during the conference running March 8-11 in New York City’s Hilton Midtown.

Onit, SimpleLegal, ContractWorks, Bodhala, AXDRAFT and BusyLamp will exhibit on the third floor of the Hilton by the conference’s registration desks and provide demonstrations of their solutions. Visit here if you would like to reserve a demonstration time or join Onit for drinks or dinner.

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, February 22, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today announced rapid growth in 2021 fueled by significant accomplishments that include closing three strategic acquisitions in five months, key launches of AI-enabled products that help corporate legal departments modernize contract management and legal invoice review and processing $8.3 billion in legal invoices across Onit and its subsidiaries.

The accomplishments speak to its continued success and innovation as it celebrated its 10th anniversary in 2021. When founded, it began with a no-code platform and a goal to disrupt the enterprise legal management market. In the past decade, Onit has evolved into a global legal technology conglomerate with enterprise legal management and contract lifecycle management technologies for corporate legal departments of all sizes.

“Each day, more than 2,800 corporate legal departments worldwide rely on Onit and its family of companies to capitalize on operational efficiencies and cost savings,” Eric M. Elfman, CEO and co-founder of Onit, said. “It’s our mission to ensure that they have sophisticated tools and experts to help build on their results, something exemplified by our 2021 acquisition strategy and product portfolio expansion. This year will find us focused on additional, untapped opportunities that will not only accelerate Onit’s growth but continue to empower our customers to modernize their legal operations and build a connected enterprise.” 

Enterprise Legal Management Leadership

In 2021, Onit became one of the world’s largest enterprise legal management conglomerates with the acquisition of BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments. Together, Onit and its legal operations management subsidiaries SimpleLegal and BusyLamp processed $8.3 billion in legal invoices last year and have a shared history of more than 600 implementations worldwide.

Onit expanded its enterprise legal management solutions with the acquisition of Bodhala in September 2021. Bodhala, a legal spend analytics, benchmarking and market intelligence leader, applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates.

Continuing its commitment to product innovation, Onit debuted InvoiceAI, its AI-enabled review for both historical and real-time invoices. The product has already won a 2022 BIG Innovation Award and joins Onit’s 2021 Gold Globee award in software development for its enterprise legal management solution.

Growing Momentum for Contract Lifecycle Management

Onit continued its advancement in the contract lifecycle management market, with IDC naming it a Major Player and the launch of new AI technologies for contract management. Automate NDA uses AI to streamline and automate the entire nondisclosure agreement process, reducing the time spent on NDAs by 70%. Smart Checklists, offered as part of the ReviewAI Microsoft Word add-in, turns playbook checks into intelligent, actionable and collaborative tasks.

In 2021, the company extended its contract management market reach to midsize and smaller companies. Its acquisition of SecureDocs, which closed in 2021 and was announced in January, expanded Onit’s product portfolio with a quickly deployable contract management software. Now, customers have technologies for companies at any stage in legal operations – from newly established to worldwide operations. SecureDocs will integrate with SimpleLegal to empower greater efficiencies, transparency and intelligence for legal operations teams.

Awards

Accomplishments in 2021 continued the company’s track record of innovation and success, resulting in awards that include:

• Inc. 5000 for the sixth consecutive year
• Deloitte Technology Fast 500 for the fourth year
• Houston Business Journal’s Fast 100 and Innovation list for the fifth year
• Recognition as a finalist for the Legal Procurement Awards and the 2021 Legalweek Leaders in Tech Law Awards. Onit’s customer BT also won the prestigious Legal Innovation Award in the category of “Future of Legal Services Innovation – In-house Legal Operations” for its delivery of legal services powered by Onit’s Apptitude platform and matter management.

Subsidiary Milestones

Onit’s family of companies also reached significant milestones for 2021.

• AXDRAFT, a contract management platform, celebrated its one-year acquisition by Onit in November. The company launched QuickDocs, a stand-alone self-service contracts solution, achieved SOC2 type 2 certification and grew its team by 64%.
• Bodhala launched several new products, including document analysis and benchmarking and its Quarterly Business Review. The LegalTech Breakthrough Awards also named it the “Overall Legal Analytics Solution of the Year.”
• BusyLamp debuted its new matter management solution, Matter.Space, and achieved a net retention rate of close to 110%. Hyperion Research also recognized it as “highly innovative” and a “market leader.”
• SecureDocs enjoyed a record-breaking year in 2021, growing new customers by over 50% year on year. The company earned top-rated customer feedback and delivered continuous improvement across all products.
• SimpleLegal launched 15 new features in 2021, including its AI-enabled invoice review technology SimpleReview. SimpleReview is a finalist for the Legalweek Leaders in Tech Law Awards in the category of Legal Ops. In addition to attaining a 97% customer retention rate, G2 named SimpleLegal one of the best legal billing solutions in 2021.

Careers

Onit grew its global workforce by 30% in 2021 and will continue to hire at a faster pace in 2022. If you’re looking for an opportunity to work with an experienced team to solve fascinating problems using modern technologies, please contact us.

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, February 8, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, announced today that its InvoiceAI has won a 2022 BIG Innovation Award. The annual business awards program acknowledges organizations, products and people worldwide that bring new ideas to life in innovative ways.

InvoiceAI uses artificial intelligence to help increase savings and reduce the time corporate legal departments spend on invoice review. Manual invoice review is time-intensive and often ineffective, especially for large Fortune 500 legal departments that receive a high volume of bills from outside counsel and vendors. Enterprise legal management eases this burden by applying billing rules to enforce outside counsel guidelines. Traditional billing rules without AI rely on words and context provided by in-house teams and an invoice that uses different descriptions or wording can evade them. InvoiceAI fills that gap.

InvoiceAI looks between the billing rules to identify potentially noncompliant charges. It can automatically adjust invoices to comply with guidelines or bring the discrepancy to the attention of reviewers. Because it is AI-based, it is always learning, improving and working tirelessly to reduce the volume of invoices needed for review and identify unnecessary expenses.

“The BIG Innovation Award for InvoiceAI further validates the positive impact of AI for legal operations teams in large enterprises,” Mary Fuzat, vice president of product management for Onit, said. “Our AI for invoice review transforms highly repetitive and manual tasks into automated processes that optimize both legal spend and efficiency. In fact, some customers have found up to 20% in savings when using Onit’s enterprise legal management solution and InvoiceAI.”

“Innovation is driving the global economy across virtually all industries,” Maria Jimenez, chief nominations officer of the Business Intelligence Group, said. “We are honored to award these executives, companies and products the BIG Innovation award this year. Each has made tremendous strides at improving the lives of their community.”

Learn more about InvoiceAI here or by watching this video. You can also schedule a demonstration or reach out to [email protected] for more information.

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, January 11, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today announced that it has acquired SecureDocs, a global software company for contract management, virtual deal rooms and electronic signatures. The acquisition, which strengthens Onit’s position as a leading, modern contract lifecycle management (CLM) provider, expands the company’s product portfolio from enterprise-level CLM to include a quickly deployable contract management solution for new and growing legal operations teams.

Since Onit launched its CLM solution in 2019, the company has won widespread acclaim from Fortune 500 customers, analysts and awards programs. Onit’s CLM streamlines inefficient and complex workflows for enterprises, resulting in up to a 52% efficiency increase and faster contract reviews. As a result, companies can shorten sales cycles and accelerate revenue generation.

ContractWorks from SecureDocs shares a parallel record of success for midsize and smaller companies. New legal operations and corporate development teams can set up contract management in minutes, quickly establishing their function and proving value. To date, SecureDocs and ContractWorks have helped customers effectively manage more than 13 million contracts and documents across 96 countries.

SecureDocs will integrate with SimpleLegal, Onit’s subsidiary and a modern legal operations software provider for rapidly scaling companies such as Instacart, Zenefits and Fender. Together, the two companies will empower businesses to harvest greater efficiencies, transparency and intelligence from legal operations while simplifying the overly manual and time-consuming workflows associated with legacy contract management practices.

“The acquisition of SecureDocs – like Onit’s acquisitions of legal CLM AI innovator McCarthyFinch and document automation leader AXDRAFT – furthers our commitment to move the industry forward and provide comprehensive and sophisticated solutions for our customers,” said Eric M. Elfman, CEO and co-founder of Onit. “We established a successful pattern with the launch of Onit’s enterprise legal management (ELM) a decade ago and the subsequent acquisitions of SimpleLegal, Bodhala and BusyLamp – extending ELM to everyone regardless of location or size. Now Onit is continuing this mission in CLM, offering a contract management solution for every company. I’m excited to welcome SecureDocs and its team to Onit as we enter the next phase of our CLM expansion.”

“SimpleLegal and SecureDocs are an ideal combination to solve the challenges faced by companies starting or establishing modernized legal operations,” said Mark Weidick, general manager of SimpleLegal. “Our shared philosophy has contributed to our mutual successes at SecureDocs and SimpleLegal. We both build simple to use and modern software to help our customers manage everything that matters in legal operations.”

“SecureDocs is thrilled about this significant step in our company history,” said Will Reynolds, CEO and co-founder of SecureDocs. Reynolds will continue to lead the company post-acquisition as general manager of SecureDocs. “We’ve found great synergy with SimpleLegal and Onit, and together, we’ll provide a more comprehensive suite of solutions to help customers streamline time-consuming processes so they can focus on strategic initiatives.”

SecureDocs joins Onit at a time of exponential growth. In the past 15 months, the company has acquired four other companies, including BusyLamp, a Europe-based provider of legal spend and matter management software; Bodhala, a legal spend analytics, benchmarking and market intelligence company; AXDRAFT, a document automation provider; and McCarthyFinch, which is now the Onit AI Center of Excellence. SimpleLegal, Onit’s first acquisition, closed in May 2019.

SimpleLegal and SecureDocs customers who would like to learn more about the acquisition can reach out to their customer success teams or account managers. You can also read more about it in this blog post.

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 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.