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Onit Continues Accelerated Growth, Reaching 2021 Milestones While Focused on Opportunities for Expansion in 2022
HOUSTON, February 22, 2022 – Onit, Inc., a leading provider of enterprise workflow solutions including enterprise legal management and contract lifecycle management, today announced rapid growth in 2021 fueled by significant accomplishments that include closing three strategic acquisitions in five months, key launches of AI-enabled products that help corporate legal departments modernize contract management and legal invoice review and processing $8.3 billion in legal invoices across Onit and its subsidiaries.
The accomplishments speak to its continued success and innovation as it celebrated its 10th anniversary in 2021. When founded, it began with a no-code platform and a goal to disrupt the enterprise legal management market. In the past decade, Onit has evolved into a global legal technology conglomerate with enterprise legal management and contract lifecycle management technologies for corporate legal departments of all sizes.
“Each day, more than 2,800 corporate legal departments worldwide rely on Onit and its family of companies to capitalize on operational efficiencies and cost savings,” Eric M. Elfman, CEO and co-founder of Onit, said. “It’s our mission to ensure that they have sophisticated tools and experts to help build on their results, something exemplified by our 2021 acquisition strategy and product portfolio expansion. This year will find us focused on additional, untapped opportunities that will not only accelerate Onit’s growth but continue to empower our customers to modernize their legal operations and build a connected enterprise.”
Enterprise Legal Management Leadership
In 2021, Onit became one of the world’s largest enterprise legal management conglomerates with the acquisition of BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments. Together, Onit and its legal operations management subsidiaries SimpleLegal and BusyLamp processed $8.3 billion in legal invoices last year and have a shared history of more than 600 implementations worldwide.
Onit expanded its enterprise legal management solutions with the acquisition of Bodhala in September 2021. Bodhala, a legal spend analytics, benchmarking and market intelligence leader, applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates.
Continuing its commitment to product innovation, Onit debuted InvoiceAI, its AI-enabled review for both historical and real-time invoices. The product has already won a 2022 BIG Innovation Award and joins Onit’s 2021 Gold Globee award in software development for its enterprise legal management solution.
Growing Momentum for Contract Lifecycle Management
Onit continued its advancement in the contract lifecycle management market, with IDC naming it a Major Player and the launch of new AI technologies for contract management. Automate NDA uses AI to streamline and automate the entire nondisclosure agreement process, reducing the time spent on NDAs by 70%. Smart Checklists, offered as part of the ReviewAI Microsoft Word add-in, turns playbook checks into intelligent, actionable and collaborative tasks.
In 2021, the company extended its contract management market reach to midsize and smaller companies. Its acquisition of SecureDocs, which closed in 2021 and was announced in January, expanded Onit’s product portfolio with a quickly deployable contract management software. Now, customers have technologies for companies at any stage in legal operations – from newly established to worldwide operations. SecureDocs will integrate with SimpleLegal to empower greater efficiencies, transparency and intelligence for legal operations teams.
Awards
Accomplishments in 2021 continued the company’s track record of innovation and success, resulting in awards that include:
- Inc. 5000 for the sixth consecutive year
- Deloitte Technology Fast 500 for the fourth year
- Houston Business Journal’s Fast 100 and Innovation list for the fifth year
- Recognition as a finalist for the Legal Procurement Awards and the 2021 Legalweek Leaders in Tech Law Awards. Onit’s customer BT also won the prestigious Legal Innovation Award in the category of “Future of Legal Services Innovation – In-house Legal Operations” for its delivery of legal services powered by Onit’s Apptitude platform and matter management.
Subsidiary Milestones
Onit’s family of companies also reached significant milestones for 2021.
- AXDRAFT, a contract management platform, celebrated its one-year acquisition by Onit in November. The company launched QuickDocs, a stand-alone self-service contracts solution, achieved SOC2 type 2 certification and grew its team by 64%.
- Bodhala launched several new products, including document analysis and benchmarking and its Quarterly Business Review. The LegalTech Breakthrough Awards also named it the “Overall Legal Analytics Solution of the Year.”
- BusyLamp debuted its new matter management solution, Matter.Space, and achieved a net retention rate of close to 110%. Hyperion Research also recognized it as “highly innovative” and a “market leader.”
- SecureDocs enjoyed a record-breaking year in 2021, growing new customers by over 50% year on year. The company earned top-rated customer feedback and delivered continuous improvement across all products.
- SimpleLegal launched 15 new features in 2021, including its AI-enabled invoice review technology SimpleReview. SimpleReview is a finalist for the Legalweek Leaders in Tech Law Awards in the category of Legal Ops. In addition to attaining a 97% customer retention rate, G2 named SimpleLegal one of the best legal billing solutions in 2021.
Careers
Onit grew its global workforce by 30% in 2021 and will continue to hire at a faster pace in 2022. If you’re looking for an opportunity to work with an experienced team to solve fascinating problems using modern technologies, please contact us.
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.
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Onit’s InvoiceAI Wins the Business Intelligence Group’s Award for Innovative Technology Products
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.
Onit Acquires SecureDocs, Broadening Its Contract Lifecycle Management Portfolio and Market Reach
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.