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HOUSTON, September 28, 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 has acquired BusyLamp, a premier provider of legal spend and matter management software for European corporate legal departments. The acquisition creates one of the largest global enterprise legal management conglomerates, with more than 600 implementations completed worldwide by Onit and its subsidiaries SimpleLegal and BusyLamp. It also augments Onit’s formidable global reach into 140+ countries with European domain expertise and a solution well-equipped for unique considerations such as VAT, the General Data Protection Regulation (GDPR) and regional tax policies.

BusyLamp, headquartered in Frankfurt, Germany, has a broad customer base that includes many of Europe’s largest enterprises. The software company grew annual recurring revenues by more than 60% in the last 12 months, and Hyperion Research recognized it as “highly innovative” and a “market leader.” It’s award-winning legal spend management solution and recently launched matter management solution Matter.Space are used by corporate legal leaders across sectors, including the automotive, telecommunications and banking industries and their law firms. BusyLamp will operate as an independent subsidiary of Onit.

“The acquisition of BusyLamp fulfills several strategic priorities for Onit. First, it will be a valuable contributor to our continued rapid growth. Second, it embeds Onit and its solutions even more deeply into Europe. With the BusyLamp team, we have some of the brightest minds in legal operations and technology on the ground in Germany, the UK and throughout the continent – experts who understand European customers’ unique needs. We’re now one of the largest ELM software providers in the world, with software that fits any corporate legal department’s requirements regardless of size or location,” said Eric M. Elfman, CEO and co-founder of Onit. “I want to welcome the entire BusyLamp team as we work toward an exciting future.”

“Our mission at BusyLamp has always been to provide in-house counsel with the information, data, trust and tools they need to focus on the strategic management of their legal finances. By combining with Onit, we will greatly expand on this mission with a wider breadth of technology offerings, a full suite of legal and compliance solutions and immediate access to the leading legal AI and spend management experts,” commented Michael Tal, co-CEO and co-founder of BusyLamp.

“We are delighted to join the Onit family of companies and are now connected to a company with some of the most in-depth experience in our space. This will lead to further rapid growth based on a best-of-class product offering while continuing to serve our customers to the highest standards,” added Manuel Meder, co-CEO and co-founder of BusyLamp.

This acquisition represents the fourth acquisition for Onit in less than 12 months and the fifth acquisition overall. Onit announced its acquisition of legal spend analytics, benchmarking and market intelligence company Bodhala on September 1. In late 2020, Onit acquired legal AI innovator McCarthyFinch and then document automation provider AXDRAFT 30 days later. Onit also acquired SimpleLegal, a modern legal operations software provider, in May 2019.

Customers with questions are encouraged to reach out to their representatives at Onit or BusyLamp.

Marks Baughan served as financial advisor to BusyLamp, and Willkie Farr & Gallagher served as legal advisor. Osborne Clarke and Morris, Manning & Martin served as legal advisors for Onit.

Visit Onit and BusyLamp at these European Events

In-house counsel and corporate legal professionals are invited to visit with Onit and BusyLamp at the following industry events this year:

• The Alternative In-House Technology Summit (UK, October 4-5)
• Legal Innovators UK 2.0 (London, October 21-22)

About BusyLamp

BusyLamp was founded by a team of innovative lawyers passionate about optimizing the existing legal operations of large companies and enabling collaboration both within and beyond the legal departments. It offers users a modern, intuitive and more efficient solution that overcomes the challenges with existing processes. BusyLamp continues to work closely with customers to constantly improve the software, which enables legal departments to save time, control legal spend and build stronger relationships with outside counsel. For more information, visit www.busylamp.com or contact us at [email protected].

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 or call 1-800-281-1330.

HOUSTON, September 14, 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 the general availability of InvoiceAI. InvoiceAI uses artificial intelligence to help corporate legal departments increase potential savings and reduce time reviewing invoices from outside counsel and legal vendors. Onit released the news in this video announcement.

InvoiceAI debuted to Onit customers in May, with its first release focused on reviewing past invoices. Now, InvoiceAI includes both historical and real-time invoice review to maximize time and cost savings.

“In all of my decades working with corporate legal departments, I’ve rarely heard in-house counsel say they enjoy invoice review. It’s tedious, time-consuming and an area perfectly suited for AI transformation,” said Eric M. Elfman, CEO and co-founder of Onit. “InvoiceAI combs through data for potentially noncompliant charges and integrates with billing rules for corrective action. As a result, some customers are discovering up to 20% in savings. And, more importantly, it makes invoice review easier and quicker for today’s busy law departments.”

How InvoiceAI Works

Billing rules have been a tried-and-true companion for invoice review since the introduction of e-billing and legal spend management solutions. While effective, they rely on specific descriptions and context provided or not provided by in-house professionals to evaluate line items. Invoices without the exact language or terms outlined in billing guidelines may evade review and be approved for payment.

InvoiceAI, trained on millions of legal invoice charges and integrated with Onit’s enterprise legal management solution, detects additional errors that may not be flagged by billing rules and ensures that legal spend aligns with outside counsel guidelines. It looks for common areas of overpayment and charges that typically require correction or clarification, such as nonworking travel, block billing, vague descriptions and work done by improper staff class. It can then automatically adjust an invoice to comply with guidelines or bring the discrepancy to the attention of reviewers. Since it is AI-based, it is always learning, improving and working tirelessly to reduce the volume of invoices needed for review and to identify unnecessary expenses.

With InvoiceAI, corporate legal departments can:

• Reduce bill review time through better recommendations, efficiency and less manual bill review steps, allowing corporate counsel and legal professionals to focus on more strategic work.
• Review past invoices through the AI lens to see where errors and unnecessary payments have occurred historically.
• Gain insight into invoice spend trends and plan for corrective action with vendor performance scorecards and month-over-month dashboards.
• Work with Onit’s partner Sterling Analytics for third-party review, maximizing compliance while freeing even more time for in-house legal professionals.

Learn More about InvoiceAI

To learn more about what InvoiceAI can do for your legal department, schedule a demonstration or email [email protected]. Onit customers are invited to reach out to their account managers for more information.

Interested parties can also tune into this InvoiceAI podcast featuring Onit’s Matt DenOuden, Senior Vice President of Global Sales, and Mary Fuzat, Vice President of Product Management.

A History of Legal AI Excellence

Onit continues its commitment to AI innovation with this launch. In less than a year, Onit established its AI Center of Excellence and released five AI offerings for corporate legal. In late 2020, Onit introduced its AI-based platform Precedent and two AI products for contract lifecycle management, ReviewAI and ExtractAI. Onit debuted InvoiceAI in May for customers and followed it up in August with Automate NDA, an easy-to-implement, best-practice solution that uses AI to streamline and automate the entire nondisclosure agreement process.

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 or call 1-800-281-1330.