A little over two years ago, Onit launched its contract lifecycle management (CLM) solution, helping Fortune 500 companies streamline the complex processes of buy-side, sell-side and corporate contract administration. The solution quickly gained popularity with enterprises who found that they could shorten sales cycles, speed up revenue generation, improve risk mitigation and strengthen collaboration across departments.
Since the launch, Onit has continued on the path of innovation by introducing new CLM products, including:
- ReviewAI, technology that uses AI to review and redline contracts in two minutes or less, resulting in a productivity increase of up to 52%.
- Smart Checklists, which creates checklists made up of concrete, task-based actions that are generated from your company playbook.
- ExtractAI, software that obtains usable data from executed, legacy and third-party paper contracts and turns it into actionable information.
- Automate NDA, which removes manual work from high-volume and often low-value NDAs, resulting in faster agreement execution and a significant reduction in end-to-end processing time.
The Next Phase of CLM Expansion
Now, we’re excited to announce that we have expanded our CLM market reach with the acquisition of SecureDocs. SecureDocs augments Onit’s portfolio with a contract management solution ideally suited for companies that have new or rapidly scaling corporate legal departments.
SecureDocs, based in Santa Barbara, California, is a software company specializing in contract management software that can be set up in minutes (ContractWorks), a data room that streamlines the entire deal process (SecureDocs), and secure, legally binding electronic signatures (ReadySign). Its solutions have helped customers effectively manage more than 13 million contracts and documents across 96 countries.
Many midsize companies rely on spreadsheets, phone calls and emails to manage legal obligations. While these tools are readily available, they limit transparency and efficiency when it comes to contract management. ContractWorks from SecureDocs dramatically increases contract visibility, minimizes risk and ensures customers don’t miss renewal dates. Since it can be set up in minutes, it provides an effective and easy-to-deploy solution with a fast time-to-value.
SecureDocs and SimpleLegal
SecureDocs will integrate with SimpleLegal, Onit’s legal operations management software subsidiary.The companies share a similar approach to building simple, intuitive software. Together, they will provide solutions to streamline operations and offer greater efficiency for scaling legal departments.
As with all of Onit’s acquisitions, we are investing in SecureDocs, its employees and its products. We are excited to welcome the entire SecureDocs team to Onit and will continue to develop all of the company’s products.
Onit’s Growth and Expanded Market Reach
SecureDocs joins Onit at a time of exponential growth. In addition to SecureDocs, Onit has acquired four other companies in the past 15 months, including:
- BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments.
- Bodhala, a legal spend analytics, benchmarking, and market intelligence company.
- AXDRAFT, a document automation provider.
- McCarthyFinch, a legal AI innovator.
These acquisitions follow Onit’s first acquisition, SimpleLegal, which closed in May 2019.
To learn more about our acquisitions and products, customers are invited to reach out to their account managers or customer success managers.