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.
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 www.onit.com or call 1-800-281-1330.