News Type: Press Release

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.

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.