News Type: Press Release

HOUSTON, December 21, 2020 – Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced it has come in at #190 on Deloitte’s Technology Fast 500™, a prestigious ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and energy tech companies in North America. This is the third consecutive year Onit has been included on the list, thanks to revenue growth of 641% between 2016 and 2019.

“Onit is focused on aggressive growth, which we have achieved by never losing sight of what is most important for our customers – providing innovative offerings that significantly streamline critical business processes for corporate legal teams and the departments they support,” commented Eric M. Elfman, CEO and co-founder of Onit. “This inclusion in the Deloitte Technology Fast 500 would not have been possible without the collective efforts and exceptional dedication of our entire team worldwide. As we look at strategic planning for 2021, we will continue focusing on what we value the most: our customers, our people and our passion for legal technology and innovation.”

“For more than 25 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.”

Now in its 26th year, the Deloitte Technology Fast 500 is the leading technology awards program in North America. Combining technological innovation, entrepreneurship and rapid growth, Fast 500 companies – large, small, public and private – span a variety of industry sectors and are leaders in hardware, software, telecom, semiconductors, life sciences and emerging areas, such as energy technology.

Additional Growth Awards

In addition to the Deloitte Technology Fast 500, Onit has earned two other revenue-based awards this quarter.

First, the Growjo list of the fastest-growing companies in the world included Onit at number 4 for Houston, number 52 for the technology services category, number 20 for Texas and number 648 on the Growjo 10K. This is the second year Onit has been included on this list.

Next, Inc. Magazine and Syracuse University’s Institute for Veterans and Military Families named Onit to its list of the 100 fastest-growing veteran-owned businesses – the Vet100. The ranking was developed along the same lines as the iconic Inc. 5000 list of the fastest-growing private companies based in the U.S. Elfman is a veteran who served in the Navy for a decade prior to starting his career as a serial entrepreneur.

2020 Performance and Beyond

Onit is positioned to continue growing this year and beyond. In the past 19 months, the company has acquired SimpleLegal, McCarthyFinch and AXDRAFT. In November, the company introduced AI technology with its second platform, the Precedent Intelligence Platform, and ReviewAI, software that uses artificial intelligence to quickly review, redline and edit all types of contracts. Now, Onit is the only company in its space with two platforms – Precedent and Apptitude, its no-code business process and automation platform. To date in 2020, the company has added 140 new employees worldwide.

About Onit

Onit is a global leader of enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. Our solutions transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract management and legal holds, we operate globally and help transform the way Fortune 500 companies and billion-dollar legal departments bridge the gap between systems of record and systems of engagement. We help 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, December 17, 2020 – Onit, Inc., a leading provider of enterprise workflow automation and AI solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that it has acquired AXDRAFT, a Y Combinator-backed document automation company. The company helps corporate legal departments draft legal documents 10 times faster and complete contracts like nondisclosure agreements and service agreements in less than five minutes. Based in Kyiv, Ukraine, it was founded in 2017 and works with customers including Sandoz and Louis Dreyfus Company.

AXDRAFT is now AXDRAFT, an Onit Company, and will operate as an independent subsidiary. This acquisition is Onit’s third in the last 19 months and the second deal announced in 30 days.

“The acquisition of AXDRAFT underscores our continued commitment to innovation for all of our offerings and particularly in the area of contract lifecycle management,” said Eric M. Elfman, CEO and co-founder of Onit. “In 30 days, we’ve added an AI-based contract management product that significantly streamlines contract review, and now with AXDRAFT, we offer lightning-speed, error-free and multilingual contract drafting.”

In November, Onit acquired legal AI company McCarthyFinch and immediately launched Precedent, its intelligence platform, and ReviewAI, software that accelerates contract review by up to 70% and improves user productivity by more than 50%.

“Disruption is in Onit’s DNA, from launching the industry’s first no-code business process and automation platform, Apptitude, to bringing machine learning and natural language processing to the practice of contracting with Precedent and ReviewAI. We’re also the first in our space to offer two platforms, one for workflow automation and one for artificial intelligence. AXDRAFT is a disruptor to old-line businesses in the document generation space and our guidance and resources will help the company scale significantly, secure new customers worldwide and contribute to Onit’s aggressive growth strategy,” continued Elfman.

AXDRAFT offers a proprietary algorithm with streamlined and extensible document drafting in multiple languages, including Chinese and Japanese. It supports live document preview and data integrations. With the algorithm, a document of any complexity can be transformed into a simple Q&A process.

AXDRAFT will be led by co-founder Yuriy Zaremba, who is now General Manager. Co-founder Oleg Zaremba, who holds master’s degrees in applied mathematics, material sciences and quantum physics, will serve as CTO.

“When I was a lawyer, I experienced how routine legal work can be when you draft the same types of documents over and over again. It’s a process that invites mistakes and keeps attorneys from focusing on higher-value contributions. That led me to start AXDRAFT with Oleg,” explained Yuriy Zaremba. “AXDRAFT drafts the contracts and other legal documents in less than five minutes, making it significantly easier for legal professionals to maintain accuracy and collaborate with the businesses they support. We’re excited to join Onit and begin the next phase of the company’s evolution.”

“One of the core differentiators of AXDRAFT is our proprietary document automation language. It allows us to quickly onboard customers’ documents into AXDRAFT at no cost and offer a truly turnkey solution,” said Oleg Zaremba.

AXDRAFT is available immediately as a stand-alone, out-of-the-box document automation tool. To learn more about the acquisition, listen to the Onit podcast featuring Eric Elfman and Yuriy Zaremba or visit AXDRAFT online.

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, December 10, 2020 – Onit, Inc., a leading provider of enterprise workflow solutions, including enterprise legal management, contract lifecycle management and business process automation, has been named to the list of the Houston Chronicle’s Top Workplaces for the third year in a row. The awards program recognizes the most sought-out businesses from more than 14,000 employers in the Houston region.

The list is based solely on employee feedback gathered through a third-party survey and measures 15 drivers of engaged cultures critical to any company’s success, including organizational health, engagement and satisfaction.

In addition to ranking number 30 on the list, Onit earned the program’s only Communications Award. The award, also based on employee feedback, is reserved for the organization continually going above and beyond to keep employees informed.

“Employees are our most valuable asset and an integral part of our mission. They are who make us successful as a company,” said Eric M. Elfman, CEO and co-founder of Onit. “In a time when other companies are reducing workforces, Onit committed to not only protect its employee base but also expand it. By the end of 2020, we will have close to 400 employees globally and plan to continue hiring in the new year.”

Onit takes employee satisfaction seriously, with a full-time director of organizational health and regular methods for evaluating employee engagement and gathering feedback. It also recognized the need for increased two-way communications during challenging times. When the pandemic hit in March, Onit expanded its worldwide town hall meetings from quarterly to biweekly to help its employees understand how conditions are affecting business and how the company is addressing those challenges. Each session also includes Q&A time with Onit leadership, supporting the company’s commitment to transparency.

Onit Careers

For Onit, people are the key to continued innovation and success. Visit Onit Careers to view current job openings and apply.

2020 Awards for Onit

This honor joins a growing list of ones Onit has earned this year. The company has more than 10 this year, many of them linked to the company’s cumulative growth and increased revenue over the past three to five years. Inc. included Onit on its Inc. 5000 (#737) and 250 Fastest-Growing Companies in Texas (#70) as well as its Private Titans list, which names the 1,000 largest iconic private companies in the United States. The Financial Times placed Onit as #153 on its 500 Fastest-Growing Companies in the Americas roster, and Growjo’s list of fastest-growing companies ranked Onit at number four for the city of Houston, 52 for the tech services category, 20 for the state of Texas and 648 on the Growjo 10K.

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 17, 2020 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract lifecycle management and workflow automation, today announced that the company has acquired McCarthyFinch and its artificial intelligence platform that accelerates contract reviews and approvals by up to 70% and increases user productivity by more than 50%.

The acquisition reinforces Onit’s innovation strategy to deliver powerful AI-based workflow and business process automation solutions. The company plans to further its innovation through AI by evolving its product offerings as well as the software provided by its legal operations management software subsidiary SimpleLegal.

The technology will become an integral component of Onit’s new artificial intelligence platform Precedent, and the company’s first release on the platform will be ReviewAI.

“Our vision is to build AI into our workflow platform and every product across the Onit and SimpleLegal product portfolios,” stated Eric M. Elfman, Onit CEO and co-founder. “AI will have an active role in everything from enterprise legal management to legal spend management and contract lifecycle management, resulting in continuous efficiencies and cost savings for corporate legal departments. Historically, legal departments have been thought of as black boxes where requests go in and information, decisions or contracts come out with no real transparency. AI has the potential to enhance transparency and contribute to stronger enterprisewide business collaboration in a way that conserves a lawyer’s valuable time.”

McCarthyFinch’s breadth of AI expertise from lawyers, technologists and data scientists speaks to the ever-evolving needs of the legal profession and Onit customers.

“AI is a natural extension of our evolution,” continued Elfman. “In addition to acquiring award-winning technology, we have gained some of the brightest minds in the AI space.”

Nick Whitehouse, McCarthyFinch’s CEO and co-founder, is now the general manager of the newly rebranded Onit AI Center of Excellence. He has focused on digital innovation and AI for more than 15 years and was recognized in 2019 as the IDC DX Leader of the Year for his advocacy across the legal industry and Australasia. He is joined by McCarthyFinch’s vice president of legal, Jean Yang, who is now vice president of the Onit AI Center of Excellence.

“McCarthyFinch has been dedicated to building world-leading AI that augments lawyers and helps automate low-value and time-intensive manual legal processes. Drafting contracts and redlining documents shouldn’t take up 70% of a lawyer’s time, as statistics suggest. There’s a better way to work,” stated Whitehouse. “With AI, we’ve dramatically changed the contract management lifecycle and enabled businesses to move faster, provide higher-quality services and lower the cost of legal services. We are excited to join the Onit team and apply AI to Onit’s contract lifecycle management solution and expansive product offerings.”

Onit Is AI: Introducing Precedent and ReviewAI

Onit’s new intelligence platform, Precedent, is uniquely positioned to complement its existing workflow automation platform, Apptitude, and drive AI and digital transformation in the legal market. The Precedent intelligence platform reads, writes and reasons like a lawyer, enabling legal and business professionals to get more work done faster. It combines machine learning and natural language processing so legal teams can automate tasks and processes to make them more efficient, cost-effective and faster.

The first release on the Precedent intelligence platform, ReviewAI, focuses on pre-signature contract review. Law departments need a rapid path through drafting and negotiation to contract closure so they can accelerate the pace of doing business, increase contract compliance and enhance employee productivity. Using ReviewAI, lawyers can streamline intelligent activities like contract creation, redlining, complex negotiations and risk rating contracts on their terms. Through Precedent, ReviewAI learns from the vast inventory of a company’s contracts, leverages the company’s playbook and presents the results in a Microsoft Word plug-in so the legal team can work where it is accustomed to operating. Legal and contract teams can save up to 70% on review time, increase contract compliance and lower company risk.

To learn more about the acquisition, listen to the Onit podcast featuring Elfman and Whitehouse and visit us online.

About Onit     

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

HOUSTON – October 19, 2020 – Onit, Inc., a leading provider of enterprise workflow solutions, including enterprise legal management, contract lifecycle management and business process automation, today launched OnitCX. The proactive and collaborative program is led by Paige Edwards, Onit’s newly appointed director of customer experience, and David Sankar, Onit’s managing director of customer success. The OnitCX program focuses on ensuring customer success, capturing customer influence for product strategy and fostering connections within the legal operations community.

“The core of OnitCX is simple: Customer success is our success. It’s a belief deeply integrated into the culture of Onit since the day we opened our doors. We go beyond product implementation to understand corporate legal departments’ vision and goals. Ultimately, we work hard to help them improve processes, create smarter operations and build better businesses,” said Eric M. Elfman, CEO and co-founder of Onit.

Onit Customer Success

Corporate legal departments have won numerous industry awards for their vision and implementation of Onit technologies, including the Association of Corporate Counsel (ACC) Value Champions Awards, the Transatlantic Legal Awards and Buying Legal Council Legal Procurement Awards. Most recently, Pearson PLC, a global learning company, won the ACC Value Champions Award and two other industry awards for its shared service center powered by Onit Contract Lifecycle Management. The system supported more than 10,000 users worldwide and resulted in a 30% improved contract turnaround time.

OnitCX

OnitCX strengthens the company’s commitment to customer success through a structured program of collaboration, communication and connections. Onit created each program component to invite and address customer feedback. Each Onit customer is paired with OnitCX advocates who help the customer excel during all phases of their Onit experience from implementations, go-lives, maintenance, new projects and beyond. In addition to the OnitCX customer advocates that include account managers and customer success managers, the program offers customers a dedicated platform to contribute to product development, including regular customer roundtables with Onit executives, product steering committees, customer advisory boards and beta testing groups.

Through the OnitCX network of customers and exclusive customer events, legal operations professionals can quickly connect and share best practices on everything from technology to enterprisewide collaboration to privacy regulations. OnitCX also regularly hosts small group customer meetings around topics such as EMEA business challenges, workflows and internationalization.

Customers are encouraged to contact their Onit account manager to learn more about OnitCX.

About Onit

Onit is a global leader of enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. Our solutions transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract management and legal holds, we operate globally and help transform the way Fortune 500 companies and billion-dollar legal departments bridge the gap between systems of record and systems of engagement. We help 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:

In this case study by Mylan, you will hear from a leading global legal operations voice and her team about their approach to identifying and collecting the right data and creating reports that are meaningful to different audiences across the organization.

To register, fill out the form on this page.

Can’t make it? Fill out the form and you’ll receive a recording.

HOUSTON, October 6, 2020 – Onit, Inc., a leading provider of enterprise workflow solutions, including enterprise legal management, contract lifecycle management and business process automation, today announced that the Houston Business Journal ranked the company number nine on its 2020 Fast 100 list and number three on the publication’s inaugural Middle Market 50 awards. Both awards recognize the fastest-growing private companies in the city.

This is the fourth year the company has claimed a spot on the Houston Business Journal Fast 100 list.

“These awards serve as evidence that our dedication to product excellence and customer success resonates in the legal market and beyond,” commented Eric M. Elfman, CEO and founder of Onit. “It is truly an honor to earn this recognition from the Houston Business Journal and a tribute to everyone’s perseverance and hard work here – especially during these challenging times.”

The 2020 Fast 100 list is ranked by revenue growth from 2017 to 2019. Companies must headquarter in the Houston area, be for-profit and privately held, have operations for five or more full fiscal years and earn at least $1 million in revenue in the latest fiscal year to qualify.

To qualify for the Middle Market 50, companies must earn between $28 million and $1 billion in revenue for their most recent, completed fiscal year. Winners are ranked by percentage of revenue growth for that year.

2020 Awards for Onit

This year, Onit has won more than 10 awards – many of them linked to the company’s cumulative growth and increased revenue over the past three to five years. Inc. included Onit on its Inc. 5000 (#737) and 250 Fastest-Growing Companies in Texas (#70) as well as its Private Titans list, which names the 1,000 largest iconic private companies in the United States. The Financial Times placed Onit as #153 on its 500 Fastest-Growing Companies in the Americas award, and Growjo ranked it #16 on its 10K Fastest-Growing Companies in Texas.

About Onit     

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

HOUSTON, September 29, 2020 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management, contract lifecycle management and business process automation, today announced that it was mentioned as a Representative Vendor in the Gartner 2020 Market Guide for Corporate Legal Spend Management and E-Billing and the Market Guide for Corporate Legal Matter Management (Garter subscription required).

According to Gartner, “The legal matter management market consists of vendors offering technologies to in-house legal departments to facilitate, coordinate and track the delivery of legal tasks and services to the business.”(1) Gartner also mentions, “The corporate legal spend management and e-billing market consists of vendors offering technologies to in-house legal departments that accept and process electronic invoice data from third parties. These vendors help to streamline the handling of corporate legal expenses, automating adherence to agreed fee protocols and internal budgets and providing insights on spending trends and legal service provider costs and performance.”(2)

“We believe this recognition in the Gartner Market Guides is an excellent validation that corporate legal departments appreciate our innovation and commitment to their success. Every day, legal operations professionals rely on Onit to streamline and automate processes across the enterprise, cultivate efficiency and control costs,” said Eric M. Elfman, co-founder and CEO of Onit.

Onit has grown assertively as corporate legal departments continue to purchase and implement its business workflow and business process automation platform and software. This year to date, the company has:

• Released the latest version of its workflow and business process automation platform Onit Apptitude
• Published an Onit Solutions Catalog representing more than 5,500 Apps and 130 solutions built on Onit Apptitude and used by hundreds of thousands of worldwide users
• Launched a successful Contract Lifecycle Management Quick Start Implementation package
• Kicked off its fall series of master classes for legal operations professionals in the U.S. and Europe titled Lean into Legal Ops
• Announced a three-year revenue growth of 640%

In 2019, Onit received a $200 million investment from K1 Investment Management to accelerate global growth and announced the acquisition of SimpleLegal, a modern legal operations management platform that streamlines how corporate legal departments manage their matters, track and interpret spend and collaborate with vendors and law firms.

(1) Gartner “Market Guide for Corporate Legal Matter Management,” Jim Murphy, Nikos Drakos, 6 August 2020

(2) Gartner “Market Guide for Corporate Legal Spend Management and E-Billing,” Nikos Drakos, Jim Murphy, 6 August 2020

Disclaimer: Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

About Onit

Onit is a global leader of enterprise workflow solutions for legal, compliance, sales, IT, HR and finance departments. Our solutions transform best practices into smarter workflows, better processes and operational efficiencies. With a focus on enterprise legal management, matter management, spend management, contract management and legal holds, we operate globally and help transform the way Fortune 500 companies and billion-dollar legal departments bridge the gap between systems of record and systems of engagement. We help 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:

Operating efficiently and reducing spending are a top priority for legal teams at the moment. This discussion at The Lawyer GC Strategy Summit will focus on approaches legal departments should take to leverage technology in order to drive savings apart from just reducing outside counsel spend. The speaker panel will specifically address how to put automation in place to empower your legal team to better serve and collaborate with the business.

To request a commentary conference pass to attend, fill out the form on this page.

**Please note, you must be a GC, AGC or Director level in-house legal professional to attend this conference**