HOUSTON – February 21, 2018 – Onit, Inc. a leading provider of enterprise legal management, contract management and business process automation solutions, today announced that it has achieved significant milestones in 2017. Onit’s phenomenal success in 2016 set the stage for another stellar year in 2017. Onit announced that it has surpassed its original goals for 2017, in terms of new opportunities created and customer wins, strategic management hires, and several awards and distinctions.
“We would be hard-pressed to ask for a better year for Onit,” said Eric M. Elfman, CEO and founder of Onit. “Instrumental to our success in 2017 were several factors. An annual recurring revenue increase of 80% and two key management hires influenced our accelerated growth. Likewise, the boundless efforts of the entire Onit team impacted our success, as well as demonstrating our deeply-held values of empowering client success and innovation. Industry award wins and other distinctions rounded out our year, and we hope to surpass our milestones this year as well.”
Key 2017 Milestones
- Bookings more than doubled from 2016 and annual recurring revenue increased 80%
- We landed 30 new customers, 18 of which are Fortune 500 companies or equivalent
- We increased our worldwide headcount by 96% and moved to a larger office in Pune, India
- Secured recognition as a marker leader in process automation and enterprise Apps in the Hyperion 2017 Enterprise Legal Management (ELM) Report
- Won the coveted Association of Corporation Counsel (ACC) Value Champion award with Archer Daniels Midland (ADM)
- Launched a new corporate website using design and end user experience best practices
- Unveiled a new user interface (UI) built on the ReactJS platform
Two key management positions were filled in 2017, further validating Onit’s ability to gather top thought leaders from around the world. York Richards was appointed Chief Financial Officer early in 2017. York brings more than 15 years of finance and operations experience to Onit, including CFO positions at several privately held companies in the Internet and technology industries. He has built large, multi-national finance organizations, completed many strategic acquisitions and divestitures, raised capital in debt and equity markets and managed multiple shareholder exits. A seasoned executive with extensive experience managing finance organizations for high-growth companies, he most recently served as CFO at Riversand Technologies, Inc. where he was responsible for overall financial operations and reporting. As CFO at Onit, York is responsible for ensuring the finance organization can help the company drive growth while capitalizing on the accelerating demand for software solutions that drive efficiency and process automation.
Joe Kazemieh was appointed Vice President of Enterprise Legal Management (ELM) solutions. For the first time, Onit’s executive staff now includes senior leaders from three major competitors. With more than two decades of experience focused on optimizing legal and risk departments and changing the way law departments and law firms work together, Joe Kazemieh will work with corporate legal department clients to optimize service delivery and develop strategies that define the value of legal services within the corporation.
Prior to joining Onit, Joe was the Executive Vice President, Sales, for a major legal services management and technology corporation, where he spearheaded the firm’s new products and initiatives focused on changing how general counsel and corporate legal departments think about legal spend management software.
Awards and Nominations
Onit was recognized by various software, legal industry and financial publications and organizations for its innovation, thought leadership and entrepreneurship in 2017. This commitment to unsurpassed technological excellence and user experience garnered the company several distinctions in 2017:
- Ranked #949 on the 5000 Fastest-Growing company list with an astounding three-year growth of 562%
- Secured a top 20 placement on the Houston Fast 100
- Won the Buying Legal Council Best Use of Legal Technology award with our customer Archer Daniels Midland (ADM)
- Ranked #14 on the Houston Business Journal’s Top B2B Software and App Developer list
- Recognized by Owler as having a top CEO (Eric M. Elfman)
- Recognized in Gartner’s Market Guide for Enterprise Legal Management solutions
Onit is the leading provider of Enterprise Legal Management (ELM) solutions for the 21st century. Brought to you by the same team that created Spend Management a generation ago, Onit is transforming the way legal departments drive operational and process improvements. By focusing on process, Onit’s solutions help customers drive tremendous gains in efficiency, accelerate transaction velocity and reduce costs. For more information, visit www.onit.com or contact 1-800-281-1330.