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HOUSTON, February 8, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, announced today that its InvoiceAI has won a 2022 BIG Innovation Award. The annual business awards program acknowledges organizations, products and people worldwide that bring new ideas to life in innovative ways.

InvoiceAI uses artificial intelligence to help increase savings and reduce the time corporate legal departments spend on invoice review. Manual invoice review is time-intensive and often ineffective, especially for large Fortune 500 legal departments that receive a high volume of bills from outside counsel and vendors. Enterprise legal management eases this burden by applying billing rules to enforce outside counsel guidelines. Traditional billing rules without AI rely on words and context provided by in-house teams and an invoice that uses different descriptions or wording can evade them. InvoiceAI fills that gap.

InvoiceAI looks between the billing rules to identify potentially noncompliant charges. It can automatically adjust invoices to comply with guidelines or bring the discrepancy to the attention of reviewers. Because it is AI-based, it is always learning, improving and working tirelessly to reduce the volume of invoices needed for review and identify unnecessary expenses.

“The BIG Innovation Award for InvoiceAI further validates the positive impact of AI for legal operations teams in large enterprises,” Mary Fuzat, vice president of product management for Onit, said. “Our AI for invoice review transforms highly repetitive and manual tasks into automated processes that optimize both legal spend and efficiency. In fact, some customers have found up to 20% in savings when using Onit’s enterprise legal management solution and InvoiceAI.”

“Innovation is driving the global economy across virtually all industries,” Maria Jimenez, chief nominations officer of the Business Intelligence Group, said. “We are honored to award these executives, companies and products the BIG Innovation award this year. Each has made tremendous strides at improving the lives of their community.”

Learn more about InvoiceAI here or by watching this video. You can also schedule a demonstration or reach out to [email protected] for more information.

Additional Resources

Read and subscribe to the Onit blog for the latest company and industry news. Join us on LinkedIn, follow us on Twitter or listen to our podcasts to hear the latest news on legal operations, artificial intelligence and best practices from innovators in corporate legal.

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, email [email protected] or call 1-800-281-1330.

HOUSTON, January 11, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today announced that it has acquired SecureDocs, a global software company for contract management, virtual deal rooms and electronic signatures. The acquisition, which strengthens Onit’s position as a leading, modern contract lifecycle management (CLM) provider, expands the company’s product portfolio from enterprise-level CLM to include a quickly deployable contract management solution for new and growing legal operations teams.

Since Onit launched its CLM solution in 2019, the company has won widespread acclaim from Fortune 500 customers, analysts and awards programs. Onit’s CLM streamlines inefficient and complex workflows for enterprises, resulting in up to a 52% efficiency increase and faster contract reviews. As a result, companies can shorten sales cycles and accelerate revenue generation.

ContractWorks from SecureDocs shares a parallel record of success for midsize and smaller companies. New legal operations and corporate development teams can set up contract management in minutes, quickly establishing their function and proving value. To date, SecureDocs and ContractWorks have helped customers effectively manage more than 13 million contracts and documents across 96 countries.

SecureDocs will integrate with SimpleLegal, Onit’s subsidiary and a modern legal operations software provider for rapidly scaling companies such as Instacart, Zenefits and Fender. Together, the two companies will empower businesses to harvest greater efficiencies, transparency and intelligence from legal operations while simplifying the overly manual and time-consuming workflows associated with legacy contract management practices.

“The acquisition of SecureDocs – like Onit’s acquisitions of legal CLM AI innovator McCarthyFinch and document automation leader AXDRAFT – furthers our commitment to move the industry forward and provide comprehensive and sophisticated solutions for our customers,” said Eric M. Elfman, CEO and co-founder of Onit. “We established a successful pattern with the launch of Onit’s enterprise legal management (ELM) a decade ago and the subsequent acquisitions of SimpleLegal, Bodhala and BusyLamp – extending ELM to everyone regardless of location or size. Now Onit is continuing this mission in CLM, offering a contract management solution for every company. I’m excited to welcome SecureDocs and its team to Onit as we enter the next phase of our CLM expansion.”

“SimpleLegal and SecureDocs are an ideal combination to solve the challenges faced by companies starting or establishing modernized legal operations,” said Mark Weidick, general manager of SimpleLegal. “Our shared philosophy has contributed to our mutual successes at SecureDocs and SimpleLegal. We both build simple to use and modern software to help our customers manage everything that matters in legal operations.”

“SecureDocs is thrilled about this significant step in our company history,” said Will Reynolds, CEO and co-founder of SecureDocs. Reynolds will continue to lead the company post-acquisition as general manager of SecureDocs. “We’ve found great synergy with SimpleLegal and Onit, and together, we’ll provide a more comprehensive suite of solutions to help customers streamline time-consuming processes so they can focus on strategic initiatives.”

SecureDocs joins Onit at a time of exponential growth. In the past 15 months, the company has acquired four other companies, including BusyLamp, a Europe-based provider of legal spend and matter management software; Bodhala, a legal spend analytics, benchmarking and market intelligence company; AXDRAFT, a document automation provider; and McCarthyFinch, which is now the Onit AI Center of Excellence. SimpleLegal, Onit’s first acquisition, closed in May 2019.

SimpleLegal and SecureDocs customers who would like to learn more about the acquisition can reach out to their customer success teams or account managers. You can also read more about it in this blog post.

Additional Resources

Read and subscribe to the Onit blog for the latest company and industry news. Join us on LinkedIn, follow us on Twitter or listen to our podcasts to hear the latest news on legal operations, artificial intelligence and best practices from innovators in corporate legal.

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, email [email protected] or call 1-800-281-1330.