Despite COVID-related complications presented to businesses worldwide, Onit had a successful year. Milestones achieved this year included the launch of an artificial intelligence-powered business intelligence platform and AI contract review, two acquisitions in 30 days, increasing employee headcount by 22% and a market-leading NPS score.
According to Onit CEO and Co-Founder Eric M. Elfman, the credit for these accomplishments goes to the company’s ability to unite behind common goals.
“While Onit faced pandemic-related challenges similar to many other businesses, we succeeded by focusing on what matters most: our customers, innovation and employees,” said Eric M. Elfman, CEO and co-founder of Onit. “I credit the dedication and efforts of our employees for making us even stronger than ever before. We are well-positioned for continued growth in 2021, which has been our trajectory since the founding of the company.”
In November, Onit acquired McCarthyFinch, reinforcing its innovation strategy by delivering powerful AI-based workflow and business process automation solutions – Precedent and ReviewAI. McCarthyFinch is now the Onit AI Center of Excellence, with a mission to further AI innovation for Onit and SimpleLegal products.
Onit’s second acquisition in 2020, AXDRAFT, expands its contract lifecycle management offerings with document automation technology. AXDRAFT, an independent subsidiary of Onit, offers technology that drafts contracts and other legal documents in less than five minutes.
Additional Milestones in 2020
In 2020, Onit also:
- Processed more than $5.6 billion in law firm invoices in more than 140 countries
- Established company operations on five continents
- Added 93 new customers and more than 330 expansions for existing customers
- Implemented 90 customers
- Launched OnitCX, a program dedicated to customer success
- Won more than 15 awards for fast growth and customer success, including being named on the Inc. 5000 for the fifth consecutive year and the Deloitte Fast 500 for the third straight year and winning the ACC Value Champion award.
In 2021, the company will continue to build on its success by capitalizing on the lessons learned during this pandemic and new technologies, including artificial intelligence and document automation to increase growth.
To learn more, read our 2020 milestone press release.
Join Onit at Legalweek(year) for a Discussion on Contract AI
Onit is excited to continue its momentum in February with a presentation and virtual exhibition at Legalweek(year) 2021.
Experts from Onit and Adobe will present “The Potential Impact of AI on Managing Contracts” during the conference. The CLE-eligible session, scheduled for Tuesday, February 2, at 3:45 p.m. EST, features a discussion on how AI and automation can address contract management challenges. Speakers include:
- Stasha Jain, Vice President of Legal and Compliance for Onit
- Nick Whitehouse, General Manager of the Onit AI Center of Excellence
- Jean Yang, Vice President of the Onit AI Center of Excellence
- Letitia Hsu, CIPP/US, Associate Legal Counsel, Adobe Inc.
To register for Legalweek(year) and attend the session, visit here.
Onit will also host a series of demonstrations of its AI and automation technologies during Legalweek. From February 2-4, attendees can view demonstrations of the Onit’s Precedent AI platform, Enterprise Legal Management, Contract Lifecycle Management and Legal Service Request. Email [email protected] for more information on the schedule or to set up an appointment.
We look forward to seeing you at Legalweek(year)!