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HOUSTON, September 1, 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 Bodhala, the leading provider of AI-powered legal spend analytics, benchmarking and market intelligence. The acquisition creates the most complete enterprise legal management solutions on the market, allowing corporate legal departments to evolve analytics into actionable intelligence to optimize outside counsel spend.

Bodhala applies machine learning and AI to help companies source outside counsel at competitive and market-driven rates. With proven results for optimizing spend and the procurement of legal services, Bodhala complements Onit’s commitment to provide the most innovative AI offerings for Onit and SimpleLegal corporate legal customers.

“A decade ago, Onit reinvented enterprise legal management by showing how workflow and process automation could drive useful and easily adopted best practices. Today, we occupy the forefront of business process automation, AI and legal business intelligence. Our vision for the next wave of business transformation has legal departments running their operations based on actionable data,” said Eric M. Elfman, CEO and co-founder of Onit. “The acquisition of Bodhala, combined with our enterprise legal management and AI-enabled technology platforms, gives our customers the power to exponentially multiply the savings and value associated with their legal spend.”

“We founded Bodhala with the belief that great legal talent should come at market-driven prices, and we’re incredibly proud to have built the most powerful solution on the market for legal spend analytics,” said Raj Goyle, CEO of Bodhala. “We are thrilled to continue to ride this rocket ship with Eric and his team. By combining with Onit, we will be part of a family of solutions that addresses the full spectrum of corporate legal business needs. We look forward to helping legal departments work faster and spend smarter.”

Bodhala will operate as an independent subsidiary of Onit. The company represents the third acquisition for Onit in less than a year. In November 2020, Onit acquired legal AI innovator McCarthyFinch and then document automation leader AXDRAFT 30 days later. Onit also acquired SimpleLegal, a modern legal operations software provider, in May 2019.

To learn more about the acquisition, listen to the Onit podcast featuring Elfman and Goyle. Onit and SimpleLegal customers can schedule a demonstration of Bodhala by reaching out to their account managers or customer success team.

JEGI Clarity served as financial advisor to Bodhala, and OlenderFeldman served as legal advisor. Morris, Manning & Martin served as legal advisor for Onit.

About Bodhala

Bodhala, the leading legal spend analytics and management platform, provides corporate legal departments with in-depth analytics and spend optimization solutions based on real-time market intelligence. Powered by machine learning and AI, Bodhala transforms messy data into actionable, high-impact insights to help companies save up to 20% on their outside counsel spend. The company, headquartered in New York and founded by attorneys, serves clients across the Fortune 500 and critical services economy industries. Bodhala was named the 2020 Legal Spend Management Innovation of the Year by the LegalTech Breakthrough Awards and One to Watch in Legal Technology by the Financial Times. For more information, visit bodhala.com.

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, August 23, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including contract lifecycle management, enterprise legal management and business process automation, today announced it has won another listing on the 2021 Inc. 5000 list of America’s fastest-growing private companies. This year, Inc. placed Onit in the top 25% with a three-year revenue growth of 408%.

This honor follows Onit’s inclusion in the 2021 Inc. 5000 Regionals, where it ranked number 44 (up from number 70 in 2020) on the list for the Top 250 Fastest-Growing Private Companies in Texas. Onit landed on this prestigious list for the second year in a row, recording revenue growth of 273% over two years.

The award reflects the company’s continued aggressive growth. The Deloitte Fast 500, an annual ranking of the fastest-growing North American companies, ranked Onit at #190 on the list, with a three-year growth of 641% in 2020. The company also secured a top five spot on the 2021 Houston Business Journal’s Middle Market 50, with two-year revenue growth of 162.78%. This marks the second consecutive year that Onit has ranked in the top five on the list.

Companies on the 2021 Inc. 5000 are ranked according to percentage revenue growth from 2017 to 2020. The list represents a unique look at the most successful companies within the U.S. economy’s most dynamic segment, which added more than 610,000 jobs over the last three years. Not only have the companies on the 2021 Inc. 5000 been very competitive within their markets, but this year’s list also proved exceptionally resilient and flexible given 2020’s unprecedented challenges.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region and other criteria, can be found at www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc., which is available now on newsstands.

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, August 19, 2021 – Onit, Inc., a leading provider of enterprise workflow and artificial intelligence platforms and solutions, including contract lifecycle management, enterprise legal management and business process automation, today announced that it has launched a new solution called Automate NDA. Automate NDA is an easy-to-implement, best practice solution that uses AI to streamline and automate the entire non-disclosure agreement (NDA) process.

The solution combines Onit’s workflow and AI platforms, Apptitude and Precedent, to automate the drafting, review, negotiation, execution and management of NDAs at a competitive price point. All of this happens in an accessible, simplified legal portal that enables self-service where that is the approved workflow path.

“Corporate legal departments deal with anywhere between 500 and 10,000 nondisclosure agreements a year – putting a significant strain on contract professionals who are struggling with increasing amounts of work. With Automate NDA, we’re taking these high-volume, relatively low-risk contracts and reducing the time spent on them by 70%,” said Nick Whitehouse, General Manager of the Onit AI Center of Excellence.

The Challenges of NDAs

NDAs are the highest-volume contracts handled by businesses today. The average cost to draft, review, negotiate and file a single NDA is between $114 and $456¹ – an expensive and time-consuming endeavor without automation.

NDAs are often the most frequent touchpoints between the legal department and the broader organization but are regularly considered low-value work. This unfortunate dynamic serves as a great source of frustration and friction in organizations, with the legal department often finding itself in a lose-lose situation.

Automate NDA from Onit

Having been formed of best practices out of the box, Automate NDA requires minimal effort to implement and significantly speeds up the end-to-end NDA process. The powerful solution creates a single process for requesting NDAs and shows all pending and signed NDAs in a simple dashboard, allowing for much-needed visibility.

Additional features of Automate NDA include:

• Self-Service– Automate NDA can automatically generate an NDA and review third-party NDAs using your standard terms.
• Dynamic Workflows– Activities such as drafting, reviewing, approving, signing and managing obligations follow automated workflows, actioning, notifying and filing information on your behalf.
• Intake Portal – The out-of-the-box, self-service portal lets you capture additional requests and gives you powerful insights into other areas for automation.
• Record Management – All your NDAs and requests are logged and stored in an easy-to-search system.
• Dashboards and Reporting – Quickly see a snapshot of the status of all NDA requests. Reporting and metrics gathering are accessible within the Dashboard View.

Learn More about Automating NDAs

Hear more about Automate NDA from an expert and team member of the Onit AI Center of Excellence. In this podcast, Whitehouse, a former law firm chief digital officer, talks about what it does and how it works. You can also visit http://onit.com/products/automate-NDA for more information and to schedule a demonstration.

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.

¹ Based on 1-4 hours of work per each NDA and the average rate per hour for an in-house attorney of $114 according to the 2019 Association of Corporate Counsel Global Legal Benchmarking Report.

HOUSTON, July 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 added new executive leadership for product management and human resources.

Mary Fuzat joins Onit as the Vice President of Product Management. With more than two decades of software leadership experience, her focus has been on customer-impacting leadership roles that include product management and integration, cross-functional team leadership and business process optimization. Before joining Onit, she held critical product roles for Insite360 (formerly FuelQuest, LLC) and Trelligence and drove the integration of disparate solutions across multiple companies and technology platforms. Additionally, she has successfully stood up and scaled 24/7 operations for new offerings and implemented Lean Startup methodologies for mature software product lines to double revenue growth.

In her short time with Onit, she has led the development and customer debut of the company’s AI-enabled invoice review for legal spend management – InvoiceAI. InvoiceAI has already identified an average of 6-11% of unactioned errors for customer invoices submitted in 2020.

David Gray brings more than 20 years of management and executive experience in human resources, with a solid background of progressive HR responsibility across Fortune 50, technology and financial services companies. As Onit’s Vice President of Global Human Resources, he turns a strategic vision to worldwide HR operations in areas such as staff development, performance management and employee morale. His background includes multiple leadership roles in human resources, including executive vice president of human resources at Envoy Mortgage and senior vice president of global human resources at Openlink Financial.

His addition to the executive team comes at a time of extreme growth for Onit. The company has more than 400 employees worldwide, with plans to hire an additional 100 in 2021.

“Mary and David possess the talent and proven track record to accelerate Onit’s achievements in two of our most crucial areas. Their extensive experience in their respective fields, coupled with their fine-tuned business acumen and leadership, will be key drivers in taking Onit’s growth to new, unprecedented levels,” said Eric M. Elfman, CEO and co-founder of Onit.

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, July 22, 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 the Houston Business Journal has included Onit co-founder and CEO Eric M. Elfman as an honoree for its Most Admired CEO Awards.

The awards recognize CEOs based on contributions to company success, civic involvement, career achievement and more. Hundreds of CEOs were nominated, yet the Houston Business Journal only selected 50 for this award.

Elfman, an entrepreneur who has founded four companies in the last 25 years, has led Onit for more than a decade. During that time, the company has grown from a startup with two employees and $25,000 in revenue to a global organization with 450+ employees and 10,550 Fortune 500 and law firm customers. Customers have created 5,500+ Apps on its Apptitude business process automation platform. The company’s rapid, award-winning revenue growth has been recognized in the Deloitte Technology Fast 500, the Inc. 5000, the Inc. Private Titans and the Growjo 10K.

The Most Admired CEO honor is significant after the challenges of 2020. Under Elfman’s leadership, the company protected employees’ jobs, continued to hire aggressively and closed acquisitions on legal AI provider McCarthyFinch and document generation and automation platform company AXDRAFT. The company has continued to launch innovative technology for its customers, introducing four AI-based offerings since November: its AI-based platform Precedent, ReviewAI and ExtractAI for contract management and InvoiceAI for legal billing review.

Elfman is a pioneer in the creation of the Legal Electronic Data Exchange Standard (LEDES), an authority on the Uniform Task Based Management System (UTBMS) and an Ernst & Young Entrepreneur of the Year winner.

“It is an incredible honor to be recognized by the Houston Business Journal, especially in the company of other esteemed CEOs that have led Houston companies to success,” said Elfman. “A leader cannot succeed without a talented and dedicated team, so I share credit for this award with Onit’s leadership and employees who have consistently propelled Onit forward to its goals no matter what the circumstances.”

Award honorees represent several of Houston’s prominent industries, with CEOs from technology, health care systems, law firms, real estate firms and arts organizations among other fields. The Houston Business Journal will celebrate the honorees in a special section of its August 20 weekly edition and at a virtual event on August 19.

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.