News Type: Press Release

HOUSTON, May 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 it has introduced InvoiceAI, an artificial intelligence offering for first-pass legal invoice review and analytics, to its customers. InvoiceAI is analyzing historical invoices to train its models, while continuously learning from invoices to identify potentially non-compliant charges against a company’s billing guidelines and spend management best practices. This provides an opportunity to guide and retrain outside counsel on the corporate customer’s billing expectations and to demonstrate immediate savings in outside spend to internal stakeholders.

After testing just a few models with a select group of Onit Fortune 100 customers, InvoiceAI uncovered an average of 6-11% of unactioned errors for invoices submitted in 2020. As these datasets were previously processed invoices, these savings surpassed what had already been found by traditional billing rules and the standard review of the invoices.

InvoiceAI from Onit will have general availability in Q3 and is available on a select basis for existing corporate legal customers. Artificial intelligence for invoice review will also be available within the SimpleLegal solution offering cost-saving technology for legal departments at every stage of maturity.

“Traditional legal invoicing and invoice review fail to show a law firm’s value or reveal the compliance and savings sought by corporate legal departments. Even when COVID-19 severely restricted travel in 2020, InvoiceAI identified an average of six figures of savings in travel-related billed time and expenses submitted to customers. It transforms the entire invoice lifecycle, lowering friction and aligning law firms and corporations on expectations and performance,” said Eric M. Elfman, Onit CEO and co-founder. “Expect more AI innovation from us this year, with further enhancements and a general availability launch for InvoiceAI coming in Q3.”

InvoiceAI represents the fourth AI offering from Onit in seven months. In November, the company introduced its AI-based platform Precedent and two AI products for contract lifecycle management, ReviewAI and ExtractAI.

AI, Invoice Review and Corporate Legal Departments

The volume and collective dollar total of invoices have challenged corporate legal departments for decades. Corporate in-house legal teams often struggle to find all the errors and violations in the influx of invoices. Beyond enforcing outside counsel guidelines, a recent poll of Onit customers revealed that some of the top invoice review issues were vague or insufficient details, block billing, improper coding of invoices and work being done by the wrong staff class. All of these issues are difficult for traditional billing rules to uncover and sort.

With corporate legal departments pressed to accomplish more in less time with fewer resources, legal professionals often lack the bandwidth to chase corrections or parse a large number of warnings. InvoiceAI uses machine learning models to find issues such as administrative tasks and improper billing for time during travel and then integrates these findings with existing rules engines for a more intelligent review that continuously learns. As a result, attorneys can quickly review invoices, legal operations can identify non-compliant billing guidelines and harvest early savings and general counsel can gain greater visibility into law firm performance and legal spend metrics.

Complimentary Legal Invoice AI Analysis for Onit and SimpleLegal Customers

To learn more, Onit and SimpleLegal customers can reach out to their account managers for a free AI analysis of 90 days of their historical billing data.

Law departments and insurance companies that are not currently customers can learn more about InvoiceAI and how Onit continues to redefine savings and user experience expectations for legal spend management by emailing [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, May 18, 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 is celebrating its 10th anniversary and a decade of groundbreaking achievements. In 2011, four industry experts started the business with a mission to make it easier for in-house counsel to practice law. Now, it has grown to more than 400 employees and 10,550 customers and has product offerings including workflow automation, business intelligence and artificial intelligence.

The size of the legal technology market is predicted to reach more than $25 billion by 2025. Analysts also forecast that corporate legal departments will spend up to three times more on legal technology in 2025. Onit, with innovative platforms and products for corporate legal, high customer Net Promoter Scores and a focus on innovation, is well-positioned to maintain its market lead.

“Onit is 10, and I am extremely proud of what our company leaders, employees and customers have created,” commented Eric M. Elfman, Onit CEO and co-founder. “We’ve progressed significantly from 2011, when we had two employees and $25,000 in revenue, to a company processing more than $5 billion in legal invoices in one year. We started with one no-code platform and a goal to disrupt enterprise legal management and other legacy technologies for corporate legal. Now, we’ve extended that vision to contract lifecycle management, AI, legal holds, legal service requests and our second AI-powered business intelligence platform, Precedent.”

Onit by the Numbers

 In honor of its “Onitversary,” the company has gathered milestones to illustrate its evolution.

• Onit’s customer base has grown to more than 550 corporate customers worldwide (including 30 Fortune 100 companies) and 10,000 law firm customers.
• Onit has more than 400 employees. During the challenges of 2020, the company protected employees’ jobs and continued to hire aggressively.
• Onit customers have used its platforms to create more than 5,500 Apps and 160 solutions that automate critical processes across the enterprise, including finance, compliance, marketing, sales, IP and more.
• The company has consistently met its sales goals for the last five years.
• Within 20 months following May 2019, Onit acquired three companies, including legal operations software provider SimpleLegal, legal AI provider McCarthyFinch and AXDRAFT, a document generation and automation platform.
• From 2015 to 2020, the company saw its most prolific growth to date, totaling just over 1,600% in revenue growth.
• Onit has won numerous awards based on growth, including rankings on the Inc. 5000, Deloitte Technology Fast 500 and the Houston Business Journal Fast 100. These awards also include three years on the Houston Chronicle’s Top Workplaces list and an entry on the Forbes Best Startup Employers list.
• Onit and its customers have won seven joint awards, including being named Association of Corporate Counsel’s Value Champions and earning Legal Innovation Awards.

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, May 11, 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 a substantial update to its ReviewAI software product. Smart Checklists, offered as part of the ReviewAI Word Add-In, seamlessly integrates AI with how lawyers work, enabling in-house teams to better tackle remote and hybrid work challenges. Smart Checklists automates and augments contract review, turning playbook checks into intelligent, actionable and collaborative tasks. It tracks what’s important, what to do next and what is done – all in an intuitive solution that requires no training.

As a result, lawyers save upward of 52% of their time on contracts and experience reduced mental burden, while legal teams improve consistency, lower contract risks and better support the business.

Integrated with Onit’s contract lifecycle management technology, ReviewAI and its Smart Checklists dramatically accelerate contract management.

“Lawyers want to reduce tasks that are time-consuming and repetitive so they can focus on more strategic work. Contracts represent a particularly painful process, as they require numerous contributors across business units and often take multiple sessions to review and approve. With closing and reopening contracts, lawyers are often trying to keep track of where they left off for each one or where in a negotiation they’ve gotten to,” said Jean Yang, Vice President of Onit’s AI Center of Excellence. “ReviewAI’s Smart Checklists revolutionizes contract lifecycle management with AI that goes beyond alerts and does the work. With AI-enabled checklists in Microsoft Word, it allows in-house counsel to simply work through their playbook and collaborate with confidence that they have finished all the items in a review.”

An Enhanced ReviewAI Experience

ReviewAI uses artificial intelligence to quickly and accurately review, redline and edit all types of contracts in less than two minutes. Business users outside of corporate legal departments can automatically receive a reviewed and redlined contract via email or a self-service portal. The ReviewAI Word Add-in, designed for lawyers and contract professionals, automatically reviews and redlines dozens of contract types out of the box, such as NDAs, MSAs, SOWs and purchase agreements based on corporate standards.

The addition of the Smart Checklists enhancement elevates the already powerful ReviewAI experience, allowing for deeper AI assistance and the ability to implement commercial checklists that result in actionable tasks relevant to corporate legal and other departments across a business. The AI technology reduces the mental burden of contract review, eliminates rereading and communication issues and streamlines negotiations.

Availability

ReviewAI Smart Checklists is available within Onit’s ReviewAI software now. Interested parties can view a short product demonstration by visiting here or schedule a demo here. Onit customers can contact their account managers to learn more.

See ReviewAI and its Smart Checklists Feature During Legalweek(year)

On May 11 at 2:15 p.m. EDT, Nick Whitehouse, General Manager of Onit’s AI Center of Excellence, will present for Legalweek(year) on “Contract AI That’s Not Just Alerts, It Does the Work!” He will discuss how to avoid forgotten, missed or outdated contract review items with AI and include a demonstration of ReviewAI and its Smart Checklists. Attendees can access the presentation by visiting the Onit Sponsored Channel at Legalweek(year). To get to Onit’s channel, simply click on the Onit logo in the What’s Next box on the main conference page or visit the sponsor channels link in the main navigation and find Onit. Registration for Legalweek(year) is available here.

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, April 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 introduced a new look and feel for its products. The enhanced design allows corporate legal professionals, Onit App builders and business collaborators in departments such as compliance, sales and IT to create, collaborate and get more done in fewer clicks. Video is available here.

When paired with Onit’s no-code platforms, Apptitude for workflow automation and the AI-based Precedent for business intelligence, the intuitive experience enables corporate legal to build business solutions, gain greater user adoption and maximize productivity.

“With Onit, it’s about working the way you think. We’re making it easier with every new product enhancement and experience for in-house counsel to practice law and offset inefficiency. Our new look serves the same mission, making it even simpler to navigate and complete tasks so that our customers can focus on higher-value contributions,” said Eric M. Elfman, CEO and co-founder of Onit.

Onit Process Builder – A Visual Interface for Onit App Building

A crucial, complementary feature to Onit’s new look is Process Builder. Introduced last summer as part of its workflow platform Apptitude, Process Builder allows users to build and manage business logic and workflows with a visual interface. Builders configure logic by dragging and dropping actions and groups of actions exactly where they need to go, meaning corporate legal can quickly build Apps without relying on or waiting for technical resources. To date, more than 5,500 Apps and 130 solutions have been constructed on Apptitude, covering use cases for business continuity, trade association approval and management, fund management and more.

Onit also hosted its Hack the House competition last fall, where five teams of Onit Fortune 500 customers, industry partners and staff experts built Apps in the span of three weeks. The Apps helped overcome challenges related to diversity, IP, compliance and more. You can read more about the Apps and the business needs behind them here.

Onit’s new look is now available. Customers can reach out to their account managers to learn more or view the video here. To schedule a demo, visit here.

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, April 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 it has appointed Brad Rogers as Senior Vice President of Strategy and Growth.

Rogers has more than two decades of transformation leadership experience in organizations including Bank of America, GE and JPMorgan Chase. He previously served as Chief Operations Officer and Chief of Staff for Advocacy and Oversight at a Fortune 100 global financial services company with more than $1 trillion in assets under management and 14,000 employees globally. While there, he had a leadership role in building legal operations capabilities designed to drive productivity and cost reductions.

At Onit, Rogers will focus on developing, executing and sustaining corporate strategic initiatives that advance its aggressive growth trajectory and innovation.

“Brad is a respected thought leader in our industry and has developed a stellar track record of accomplishments in digital and legal operations transformations. He also has in-depth knowledge of Onit platforms and products, as he has used our technology for years to execute his vision. I enjoyed working with him as a customer and look forward to his contributions to our strategic endeavors,” commented Eric M. Elfman, CEO and founder of Onit.

“When I first heard about this opportunity at Onit, I was intrigued. I’m a believer in its technology, people and potential. General counsel and their corporate legal departments are striving to gain more efficiency and increase collaboration across enterprises as a whole. Business process automation and intelligence platforms provide a foundation for unlimited technological advancements. I’m excited to join the team to help further the company’s innovation and growth,” said Rogers.

Rogers holds an MBA in competitive strategy and quantitative methods, a bachelor’s degree in mechanical engineering and a Master Black Belt in Six Sigma Quality and Change Management.

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, March 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 Inc. has ranked it #44 on its 2021 Inc. 5000 Regionals list for Texas. The award ranks the top 250 fastest-growing companies in the state.

This marks the second consecutive year Onit has earned this recognition. The company recorded a two-year revenue growth of 273%, which propelled it from #70 in 2020 to #44 in 2021.

“This award for fast growth is significant, given the challenges we faced during 2020 with the pandemic. Being among the 250 fastest-growing companies in Texas further validates our strategy of focusing on our customers and continually fostering innovation,” commented Eric M. Elfman, CEO and co-founder of Onit.

“This list proves the power of companies in Texas no matter the industry,” said Inc. editor-in-chief Scott Omelianuk. “The impressive revenues and growth rates prove the insight and diligence of CEOs and that these businesses are here to stay.”

This recognition is yet another honor for Onit, which won more than 15 awards in 2020, including:

• A listing on the Inc. 5000 for the fifth consecutive year with a ranking of #737 and three-year growth of 641%
• Landing on the Deloitte Fast 500 at #190
• Earning a #9 ranking on the Houston Business Journal Fast 100 list
• Attaining a ranking of a leader in the IDC MarketScape reports for Enterprise Legal Spend Management and Matter Management
• Winning the Association of Corporate Counsel Value Champion award with customer Pearson and partner Morae Global

About the Inc. 5000 Regionals

The 2021 Inc. 5000 Regionals are ranked according to percentage revenue growth when comparing 2017 and 2019. To qualify, companies have to be U.S.-based, privately held, for-profit and independent—not subsidiaries or divisions of other companies. In 2019, the 250 private companies had a median growth of 107%, added $9.5 billion to the Texas economy and almost 18,000 jobs. Complete results of the Inc. 5000 Regionals: Texas can be found at https://www.inc.com/inc5000/regionals/texas.

About Inc. Media

The prestigious Inc. 5000 list, produced every year since 1982, analyzes company data to recognize the fastest-growing privately held businesses in the United States. The global recognition that comes with inclusion in the 5000 gives the founders of the best businesses an opportunity to engage with an exclusive community of their peers and the credibility that helps them drive sales and recruit talent. The associated Inc. 5000 Conference is part of a highly acclaimed portfolio of bespoke events produced by Inc. For more information, visit www.inc.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, March 17, 2020 – 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 Forbes has ranked it #160 out of 500 total companies on its list of America’s Best Startup Employers for 2021. The awards program, which researches and identifies up-and-coming companies liked best by their employees, evaluated more than 2,500 businesses on employer reputation, employee satisfaction and growth.

“The pandemic presented multiple challenges that led us to reevaluate how we do business. But no matter what, we prioritized our employees, protected jobs and continued to hire. We hired more employees in 2020 than in 2019, and we will hire even more this year as we continue to grow,” said Eric M. Elfman, CEO and co-founder of Onit. “I’m excited that Forbes has acknowledged Onit as a leading employer. Recognition like this and our commitment to the talent that powers Onit ensure our ongoing success in 2021 and beyond.”

The 500 companies on the list of America’s Best Startup Employers have had to rapidly pivot business strategies and employee outreach in 2020 because of the global pandemic and the new normal virtual environment. Onit embraced a multilayer approach for employee engagement that included transparent and two-way communications, fun virtual events, gift cards, care packages and additional time off to ensure mental and physical health.

Additional Awards

Last year marked an exceptionally busy one for Onit. It acquired a legal AI company McCarthyFinch and document automation provider AXDRAFT, launched three AI offerings (business intelligence platform Precedent and contract AI software ReviewAI and ExtractAI) and added more than 500 new customers, expansions for existing customers and implementations.

Onit has earned multiple awards for its strong growth and employee commitment. Deloitte named it #190 on its Technology Fast 500 in October. Growjo listed Onit as #52 for growth in the technology services category, #20 for Texas and #648 on its overall Growjo 10K. And Inc. Magazine and the Syracuse University’s Institute for Veterans and Military Families included Onit on their Vet100, a list of the 100 fastest-growing veteran-owned businesses. The company also won recognition locally from both the Houston Business Journal (#9 on its 2020 Fast 100 and #3 on the inaugural Middle Market 50 awards) and the Houston Chronicle (#30 on its Top Workplaces awards program, along with the program’s only Communications Award).

About the Forbes America’s Best Startup Employers Awards Program

To be considered for the award, employers must have their headquarters based in the U.S., be founded between 2011 and 2018 and have more than 50 employees. Forbes partnered with market research company Statista to identify the candidates liked best by their employees, analyzing more than seven million data points for its list of 500. All companies considered were started from scratch and not spun out of existing enterprises.

See the complete list here.

About Onit     

Onit is a global leader of workflow and artificial intelligence platforms and solutions for legal, compliance, sales, IT, HR and finance departments. With Onit, companies can transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract lifecycle management and legal holds, the company operates globally and helps transform how Fortune 500 companies and billion-dollar corporate legal departments bridge the gap between systems of record and systems of engagement. Onit helps customers find gains in efficiency, reduce costs and automate transactions faster. For more information, visit onitprostg.wpengine.com or call 1-800-281-1330.

HOUSTON, March 10, 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 released an enhanced integration between its Contract Lifecycle Management (CLM) product and ReviewAI, which uses AI to review and redline documents in two minutes or less.

The integration combines the power of automation and AI into one solution that accelerates all phases of contract management.

“We’re committed to digital transformation for corporate legal and making it easier for corporate counsel to practice law. Part of that process is freeing them from unnecessarily manual work – something AI does very well. With this seamless integration, business users submit contracts to legal, and AI immediately tackles contract review fundamentals. It notes recommendations and a risk profile before an attorney even opens the document. This integrated feature, combined with end-to-end CLM automation, increases productivity by more than 50% while reducing risk and improving consistency,” said Eric M. Elfman, CEO and co-founder of Onit.

Continued Commitment to AI and Legal Technology Innovation

The newly enhanced integration of Onit’s Contract Lifecycle Management and ReviewAI is further evidence of the company’s AI innovation. In November, it launched its AI Center of Excellence, the AI-powered business intelligence platform Precedent and ReviewAI. The company’s rollout of AI continues its fast-paced momentum, with it set to deliver additional contract lifecycle management AI features soon, along with its release of InvoiceAI in May. InvoiceAI is AI-assisted invoice review for legal spend and enterprise legal management.

Increasing Productivity for Contract Management and Review

Onit’s CLM product empowers legal and business teams with end-to-end automation of their entire contract management process for greater governance, speed and visibility. It provides a cloud-based contracts repository with automated functionality that streamlines and supports all phases of the contract lifecycle from capture and creation through negotiations and approvals to execution and post-execution management. The technology has won accolades from the Association of Corporate Counsel and the Legal Innovation Awards.

Onit’s ReviewAI quickly and accurately reviews, redlines and edits all types of contracts in minutes, including NDAs, MSAs, SOWs, purchase agreements, lease agreements, employment agreements, construction and subcontracting agreements. According to a recent study, ReviewAI quickens contract review by 60-70% and increases productivity by 51.5%. Team leaders reported reallocating 15% of their time from contract work to higher-value activities.

You can schedule a demonstration here to learn more about Onit CLM, ReviewAI and the enhanced integration.

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.